Optimism for Costa Rica's OECD Membership

After the Legislative Assembly ratified the country's accession to the Organization for Economic Cooperation and Development, the business sector is of the opinion that this will help consolidate the institutional reforms needed to make the State more efficient.

Tuesday, May 18, 2021

The Assembly informed that by approving in the second debate the bill 22.187, which contains the agreement on the terms of accession, the deputies gave the green light to Costa Rica's accession to the Organization for Economic Cooperation and Development (OECD).

The news was well received by the business sector, since joining this organization could make viable a series of institutional transformations that the country needs to advance in key issues for economic development.

Check out the "System for monitoring markets and the economic situation in Central American countries" by CentralAmericaData.

Enrique Egloff, president of the Chamber of Industries, told Crhoy.com that "... 'the incorporation to such an important group of countries will allow us to advance in institutional reforms necessary to make a more efficient State, following the best practices of the most developed nations. The continuous improvement and the high standards of the OECD in terms of public policies will improve the country's competitiveness and the conditions for economic reactivation and employment generation'."

For the Costa Rican Chamber of Exporters (Cadexco), being part of 37 economies, among them strategic economic powers, will facilitate links with important markets for international trade and improve the positioning of the exportable supply.

According to Melissa Marin, Tax Manager at Grant Thornton, "... in the midst of the current situation, this is great news for the social and economic development of Costa Rica, which, hopefully, will allow us to face the crisis we are going through in the future in a better way".

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Less Competence, Higher Prices

July 2020

Due to weak competition in the local market, the prices of goods and services in the basic basket are significantly higher in Costa Rica than in nearby countries.

A report by the Organization for Economic Cooperation and Development (OECD), called the "Economic Study on Costa Rica", concludes that consumers in the country pay higher prices for milk, rice, vehicles and Internet services.

Costa Rica Joins the OECD

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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.

Businessmen in Costa Rica Favor Entry to OECD

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The benefits to the country's competitiveness are to be found exactly in the requirements demanded of the public policies needed to join the OECD.

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Pressure from the OECD and the Free Trade Zones

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Given the commitment by Costa Rica to make its tax system more transparent, the private sector reiterated the need to change the rules for the Free Trade Zones.

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