*Por Ana Paula Abritta
Recently, Brazil officially declared its request to join the Organization for Economic Cooperation and Development (OECD) by means of a letter signed by Foreign Affairs Minister, Aloysio Nunes and Finance Minister Henrique Meirelles.
Considered a Key Partner of the organization, Brazil is eager to achieve its accession through a mild and fast process. It´s known that the Brazilian government expects to achieve the membership within 3 years. If approved, Brazil would become the biggest emerging market member of the group and the third from Latin America, after Mexico and Chile.
The fact that Brazil could be the only Brics country to be part of OCDE would put it in a strategic position regarding the world´s market. Thus, the government’s intention is to raise the credibility level and support the reforms necessary to guarantee the economy´s growth. Joining the OECD would be a sign to investors that Brazil is committed to modernize its rules and with structural reforms, improving the country’s attractiveness to foreign investment.
The Brazilian Institute of Geography and Statistics (IBGE) announced a growth in the GDP of 1% in the first quarter of 2017. Though the index remains at a negative rate, it already shows a small consequence of the measures adopted by the government and stands out as in the right path. The necessary upgrading Brazil would have to adhere regarding tax rules and transparency policies to comply with OECD’s standards, are also seen as measures to help at the credibility enhancement of the country and its public policies.
The approach of Brazil with the organization is another step taken by the Government aiming at strengthening ties with developing countries. Though the process started with Lula and was strengthen with Rousseff, who signed an agreement between Brazil and the organization, the continuity delves into the current administration´s preference for relations with developed countries. Overall, the required changes would face tough resistance from Brazil’s bureaucracy, but it´s a necessary price to pay, once the country needs to regain its confidence and international trustworthiness.