Colombia is the third Latin American country to join the OECD

Global Business

Colombia has become the third Latin American country, after Chile and Mexico, to join the OECD.

President Santos has praised the move, as a fast-track to the country’s modernization.

CGTN’s Michelle Begue reports.

Joining the OECD, an organization of the strongest economic powers throughout Europe, Asia and the Americas, was one of the last goals for Colombia’s outgoing President Juan Manuel Santos.

“To enter this organization is an important step to modernize our country, to enter the big leagues we are being compared to the best to be the become the best,” said Santos.

Colombia will be the third Latin American member to enter the organization. Germany’s Deutsche Welle reported, the OECD Secretary-General Angel Guria said, “the ascension of Colombia “will contribute to efforts to transform the OECD into a more diverse and inclusive institution.”

The OECD has been described by some as the gold standard on issues such as corruption, education, and foreign aid. Colombia’s enrollment was subject to reviews on standards in politics, employment, the environment and economics.

Analyst Jorge Gonzalez says while Colombia has huge gaps in education, corruption, and widening inequality between the rich and poor, joining the club means the chance to elevate its standards.

“Compared to these other members we are not doing well, but this will help with Colombia’s internal debates which are very important and forces us to compare ourselves which is crucial,”he added.

Before joining the organization, Colombia had to make important changes to its legislation to bring its policies in line with the OECD standards.

While Professor Gonzalez says Colombia has much to improve on, it did win its spot in the club, due to its relatively stable economy.

“Colombia is a country that despite its difficulties, it has been able to maintain a certain stability in the management of inflation and employment, we still have a long way to go in formalizing our jobs, but compared to Latin America