The Organization for Economic Cooperation and Development (OECD) announced that Colombia has formally become an OECD Member as of April 28, 2020. Colombia is the 37th country to do so in the Organization’s near 60-year history.
According to the OECD, Colombia has now completed its domestic procedures for ratification of the OECD Convention and deposited its instrument of accession. This brings to a successful conclusion an accession process that began in 2013.
“Colombia is an important market for many companies, and we commend Colombia on successfully concluding this lengthy process and committing to the high standards of the OECD,” said USCIB Senior Director for Trade, Investment and Financial Services Eva Hampl. As the official voice representing U.S. business in this process, USCIB was actively involved in providing input into Colombia’s accession process via Business at OECD (BIAC), the official business voice at the OECD.
OECD Member countries formally invited Colombia to join the Organization in May 2018, following a five-year accession process during which it underwent in-depth reviews by twenty-three OECD Committees and introduced major reforms to align its legislation, policies and practices to OECD standards. These spanned the breadth of policy fields including labor issues, reform of the justice system, corporate governance of state-owned enterprises, anti-bribery, trade, and the establishment of a national policy on industrial chemicals and waste management.