President Carlos Alvarado on Friday promulgated Costa Rica’s agreement to join the Organization for Economic Co-operation and Development (OECD) as the country is now set to become the 38th member of the bloc.

The deal was approved by Congress on Monday, a necessary step, according to the laws of the Central American country, for Costa Rica to join the France-based organization.

“Today is an important step in the home stretch of a country project that has enjoyed broad national consensus across three public administrations since 2012. Achieving this goal has been a national effort and being an active member and determined by the OECD will also require joint work. Alvarado said.

Costa Rica has yet to deposit the instrument of ratification at the French Embassy in San José, which will be done in the coming days. According to the government, the registration fee is 1,500 million colones (approximately $ 2.4 million).

In this way, Costa Rica will be the 38th member of the OECD and the fourth Latin American country to join the organization, along with Mexico, Colombia and Chile.

Inclusion will allow a more efficient process to carry out reforms and promote a culture of constant improvement in public policies, according to the authorities.

In 2012, Costa Rica officially notified the OECD of its interest in joining and, in 2015, began the assessment process.

Then he had to adjust several laws in 22 areas related to trade, health, agriculture, education, science and technology and public governance.

After meeting all the requirements, Costa Rica was finally invited to join the OECD in May 2020.

Founded in 1961, the OECD is dedicated to promoting policies for economic and social well-being. Its member countries move 60% of world trade and represent 80% of world GDP.