Brazil not in a hurry to join OECD, says economy minister

RIO DE JANEIRO, BRAZIL – Economy Minister Paulo Guedes said Tuesday (21) that Brazil is behind schedule in joining the OECD, the Organization for Economic Cooperation and Development, a club of wealthy countries. The statement was made at the opening event of the Brazil-OECD Week.

According to Guedes, Brazil is interested in maintaining what it sees as the positive influence of the OECD to improve its economic environment. Nevertheless, he acknowledged that the process of joining the international body is lengthy and may take some time.

“The process of joining the OECD is long and may take some time. Brazil is lagging behind; we are interested in being positively influenced by the OECD. And it is important for the OECD that Brazil joins because it is the biggest green power on the planet,” he said.

On June 10, the OECD Council approved Brazil’s roadmap to officially begin the process of the country’s accession to the organization, which is headquartered in Paris, according to Broadcast, the state group’s real-time news system. The decision was made at the ministerial level and can only be reached by consensus.

WHAT IS THE OECD GOOD FOR?

By its own account, the OECD is an international organization that promotes policy coordination and economic freedom among developed nations. The OECD was derived from the Organization for European Economic Cooperation (OEEC), established in 1948 to monitor American and Canadian contributions to the Marshall Plan.

Headquartered in Paris, the OECD was formed in 1961 and included members from democratic states such as the United States, countries in Western Europe, Japan, Canada, Australia, and New Zealand.

The organization expanded in the 1990s to include Mexico, South Korea, and Eastern European nations. In recent years, India, Brazil, China, and Indonesia also made contributions to the work agenda of the OECD.

The organization’s mission is to promote policies that will improve people’s economic and social welfare in developed nations.

The primary purpose is to improve the global economy and promote world trade. It provides an outlet for the governments of different countries to work together to solve common problems.

It includes working with democratic nations committed to improving the economy and well-being of the general population.