Colombia is set to be the third Latin American country in the Paris-based economic group. President Juan Manuel Santos praised the membership as key to the country’s efforts to modernize.
The Organization for Economic Cooperation and Development (OECD) announced on Friday that Colombia would be officially invited to join the group.
The Paris-based economic organization was founded in 1961 and has traditionally included industrialized nations, though in recent years it has extended its membership to emerging economies.
“The accession of Colombia will contribute to our efforts to transform the OECD into a more diverse and inclusive institution, which will ensure our relevance in the years and decades ahead.” OECD Secretary-General Angel Gurría said, welcoming the new addition.
Five years in the making
Colombia began its applicaiton process in 2013. As part of the requirements, 23 OECD committees conducted an in-depth evaluation of the country. Additionally, the Colombian government had to introduce major reforms to align its legislation, policies and practices to OECD standards.
The OECD entry marks a new achievement for outgoing President Juan Manuel Santos, whose administration undertook the challenge during his first term in office.