On December 9, the President of the Republic promulgated at law that stipulates the terms for Colombia’s accession to the Organization for Economic Cooperation and Development (OECD). The law is a requirement for the formalization of Colombia’s membership of the OECD. The law must now be reviewed by the Constitutional Court. The remaining initiatives, which bring Colombian legislation into line with that of other OECD members, are expected to be debated once Congress reconvenes in March 16.
Colombia has been in negotiations to join the OECD since 2013, though the latter only approved its entry May 25 this year. Former President of the Republic Juan Manuel Santos signed the country’s accession agreement May 30, whilst still in office, so as to kickstart the process. Joining the OECD has been one of the priorities of Santos’s government, for whom “the accession process has set in motion processes of institutional reforms and has triggered very important internal reflections”.
The OECD was created in 1961 with the objective of promoting world trade and economic development. It currently has 37 member countries, of which – save for Colombia – only two are in Latin America and the Caribbean: Mexico (since 1994) and Chile (since 2010).