Brazil Moves Forward to OECD Full Membership
The Brazilian President, Mr. Michel Temer, submitted a request to the Secretary General of the Organization for Economic Co-operation and Development (OECD) to start the process of Brazil’s acceptance in the Organization. This request is now pending approval of the OECD’s Council.
The new member request comes as a result of the work done under the Brazil-OECD Cooperation Agreement signed in 2015. Before requesting for full membership, the country had already engaged in several OECD agendas, such as acquired full rights status to 9 committees and programmes, as well as adhered to almost 30 OECD legal instruments. Although Brazil has been showing political interest in participating in the OECD Agenda for a while, only now, with Mr. Temer’s administration, has Brazil finally requested to join.
Brazil’s current administration anticipates that OECD membership will attract foreign investments and show investitures that the new administration is business-friendly. if Brazil’s OECD full membership is approved, Legislative changes in the sharing of banking information and transfer pricing regimes would be required.