The OECD officially welcomed Costa Rica as its 38th member country on May 25.
Costa Rica completed the process for ratification of the OECD convention and deposited its instrument of accession, the multinational group said. The process began in April 2015.
OECD member countries invited Costa Rica to join the organization a year ago in May 2020, after it completed a five-year process during which time it introduced reforms to conform its legislation and practices with OECD standards. One such change was the establishment of a register of shareholders to ensure tax transparency, the OECD said.
“We are delighted to welcome Costa Rica into the OECD family at a time when multilateralism is more important than ever,” OECD Secretary-General Angel Gurría said. “We have been impressed that the cross-party commitment to OECD accession that we witnessed during the accession process continued into the ratification phase, despite the pandemic.”
Costa Rica will be the fourth member country from the Latin America and Caribbean region to join following Mexico, Chile, and Colombia, according to the OECD.
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