15/12/2009 - The OECD today invited Chile to become its second member in Latin America after Mexico. Chile will formally accept this invitation when an Accession Agreement is signed in the presence of Secretary-General Angel Gurría and President Michelle Bachelet on 11 January 2010 in Santiago.
The invitation to Chile to become the Organisation’s 31st member comes at a time when the OECD is expanding its relations with the region. In addition to acknowledging Chile’s efforts to develop its market-based economy, it confirms the OECD’s determination to explore new frontiers to help governments address world economic challenges while championing the highest standards in public policy.
Andrés Velasco, Minister of Finance of Chile receives the letter of invitation from Secretary-General Gurría
“For the OECD, the accession of Chile is a great contribution in our drive to expand our global reach and to transform the Organisation into a more plural and inclusive institution that will play an increasingly important role in the global economic architecture,” OECD Secretary-General Angel Gurría said at a ceremony at OECD headquarters in Paris (read the speech in full).
“This new membership not only opens a new chapter in the enlargement of the Organisation. It also confirms our global vocation as “the club of countries that promote and foster best practices”,” he added, quoting Chile’s President Bachelet.
Chile’s accession to the OECD comes at a moment when governments the world over are looking for new ways to cooperate in order to address global challenges in trade, financial services, the environment and numerous other areas.
''As a middle-income South American country, we will bring a new perspective to the OECD’s debate on global economic and social development,” Chilean Finance Minister Andrés Velasco said. “The invitation to join the OECD is a recognition of the successful policies that Chile has been putting in place for the last two decades. We look forward to sharing Chile's recent experiences on issues such as pension reform, bank regulation, counter-cyclical fiscal policy and social equality.”
Chile began its path to accession in 2007 as one of five countries, along with Estonia, Israel, the Russian Federation and Slovenia, that were invited by OECD ministers to begin accession talks. In parallel, the OECD has broadened its reach to engage with major emerging economies, including Brazil, China, India, Indonesia and South Africa.
“Emerging, developing and advanced economies need to work together to address the global challenges of our time,” Mr. Gurría said, at a meeting of the OECD’s governing Council of ambassadors that formalised the invitation. “We welcome Chile as we continue to reach out to Latin America and to enhance our engagement, in particular, with Brazil. Chile, together with Mexico, will become a key driver of OECD co-operation with this region.”
Watch video about Chile's accession to the OECD
As an OECD member, Chile will participate in all areas of the OECD’s work, from economic and financial policy to education, employment and social affairs. It will join with other OECD countries to share experiences and best practices, setting new standards and developing new governance mechanisms for its economy and society more broadly.
During two years of accession negotiations, Chile was reviewed by some 20 OECD Committees with respect to OECD instruments, standards and benchmarks. The invitation to take up membership confirms that Chile is taking appropriate steps to reform its economy including in the areas of corporate governance, anti-corruption, and environmental protection.
Notes to editors
>> Full details of the Chilean path to OECD accession will be provided on the occasion of the signature of the Accession Agreement in Santiago, Chile, on 11 January 2010.