Costa Rica Close to Joining the OECD

After the country has completed the 22 required assessments called for in the roadmap, in the coming months the organization's Council should take the decision to invite the country to formally become a member.

Tuesday, March 31, 2020

The Organization for Economic Cooperation and Development (OECD) issued its formal opinion favorable to the work that the country has been doing to address the recommendations provided by this committee since 2016, in areas such as macroeconomic and fiscal stability, inclusive economic growth, increased productivity and promotion of competition, among others.

From the Ministry of Foreign Trade's press release:

San José, March 31st, 2020. The Economic and Development Analysis Committee (EDRC) of the Organization for Economic Cooperation and Development (OECD) discussed the results of the OECD Economic Survey of Costa Rica 2020 on March 19. Based on this discussion, the committee issued on Tuesday its formal opinion favorable to the work that the country has been doing to address the recommendations provided by this committee since 2016, in areas such as macroeconomic and fiscal stability, inclusive economic growth, increased productivity and promotion of competition, among others.
 
Upon the approval of this Committee, Costa Rica completed the 22 evaluations required according to the roadmap, to complete the technical work of its process to join the OECD. The criteria of these 22 committees will now be analyzed by the OECD Council, which in the coming months should decide to invite the country to formally become a member of the organization. The latter would take place through the signing of the OECD Convention and its subsequent ratification by the Legislative Assembly, after which the instrument would have to be deposited with the French authorities.
 
At the EDRC session on March 19, all the delegates from the member countries and the Costa Rican delegation participated remotely following the recent events related to the pandemic caused by the Covid-19 outbreak and the declaration of "Alert 3" in France, the OECD headquarters country. This was the first time in the history of this committee that a session was held using digital media.
 
In this regard, the Minister of Foreign Trade, Dyala Jiménez, national coordinator of Costa Rica's process to join the OECD, indicated that "without a doubt the EDRC's decision to leave the session open is a recognition of the enormous effort and inter-institutional coordination work that the country has been carrying out, thanks to which we were able to approve a record number of key reforms in a relatively short time. The approval of the 22 committees at the midpoint of his presidential term is a commitment by President Alvarado to the country, and also a common goal that we set with the Legislative Branch. We are very happy to fulfill that commitment."
 
The EDRC's work is aimed at improving the countries' economic performance based on three central elements: macroeconomic and fiscal stability; inclusive policies that help reduce the gaps; and strengthening the fundamentals of the economy that allow for sustained and sustainable long-term growth. For this reason, all member countries of the organization undergo an evaluation by this committee every two years, which allows them to identify adjustment needs and areas for improvement in economic and social policies.



More on this topic

Costa Rica Joins the OECD

May 2020

After 5 years of managing the admission to the Organization for Economic Cooperation and Development, the Council of the organization agreed to formally extend the invitation to the Central American country to become the 38th member.

The incorporation will allow the country to participate in more than 300 committees and groups to decide on equal terms in the development of innovative solutions to common challenges, such as the emergency in the face of COVID-19, issues associated with climate change and the fourth industrial revolution, among others, reported the Costa Rican presidency.

Honduran Economy: Good Forecast for 2020

November 2019

According to the IMF, Honduras has experienced a moderation in economic growth in recent quarters, but a recovery is expected next year.

Honduras has made significant progress in implementing its economic program, which aims to foster inclusive growth through prudent macroeconomic policies and structural and governance reforms, according to the international organization's report.

Panama and the Automatic Exchange of Tax Information

July 2016

The government has informed the OECD of its intention to join the Convention on Mutual Administrative Assistance in Tax Matters.

From a statement issued by the Ministry of Foreign Affairs in Panama:

After a thorough analysis of international expectations regarding the best national interests and extensive consultation with members of the private sector that are involved in CANDSIF, Panama informed the Organisation for Economic Co-operation and Development (OECD) of its intention to be part of the Convention on Mutual Administrative Assistance in Tax Matters (known as "MAC"). 

Costa Rica: OECD Requirements Welcomed

July 2015

The roadmap to be followed by the country for entry into the block, has renewed hopes of businessmen for modernization, fiscal discipline, competitiveness, transparency and legal certainty.

Following the adoption by the Organization for Economic Cooperation and Development (OECD) of the roadmap to be followed by Costa Rica to be accepted as part of the block, Prensalibre.cr reports that "...As the first step of the program, Costa Rica must submit an initial memorandum which establishes its position regarding 250 legal instruments of the OECD. Following this, experts from the organization will carry out technical reviews and collect information through questionnaires and official visits to the country. "

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