As more countries in Europe and Latin America apply for membership with the Organization for Economic Cooperation and Development (OECD), the Business at OECD (BIAC) Executive Board issued a statement this week noting, in part, that a commitment to open markets should guide any decision to the opening of accession negotiations.
The letter emphasizes: “the accession process should encourage countries to improve their business environment and engage in the necessary reforms,” noting that “more than ever, business depends on an enabling environment to support trade and investment in global markets.”
The OECD has yet to respond to the applicant countries (Argentina, Brazil, Peru, Bulgaria, Croatia, and Romania) as OECD enlargement on this scale raises important questions on the mission and governance of the organization. For countries that will receive a positive response, acceding to the OECD entails a multi-year review process where all 25 major OECD committees evaluate, in confidential sessions, the policies of the candidate country and the improvements it must make to fully apply the body of OECD instruments and standards.
USCIB Director for Investment, Trade and Financial Services Eva Hampl will be providing input on behalf of U.S. business into this process. “USCIB members have significant business interests in many of these markets,” said Hampl. “These future accession processes provide an opportunity to ensure a high standards and a level playing field for our companies.”