By San José, Costa Rica — Costa Rica is celebrating its fourth anniversary as a member of the Organisation for Economic Co-operation and Development (OECD) by stepping into a leadership role. The nation will preside over the upcoming OECD Ministerial Council Meeting in Paris on June 3rd and 4th.
This milestone marks a significant achievement for Costa Rica, which became the fourth Latin American country to join the OECD in 2021 after a rigorous nine-year accession process. The country’s selection to chair the Ministerial Council Meeting underscores its growing influence and respected position within the organization.
For expert insight into the implications of this development for Costa Rica, TicosLand.com reached out to Lic. Larry Hans Arroyo Vargas, a distinguished lawyer from Bufete de Costa Rica.
The OECD’s standards and recommendations often influence national legislation and policy. Costa Rica’s ongoing efforts to align with OECD principles, particularly in areas like tax transparency and anti-corruption, can have significant impacts on businesses operating within the country. Companies should stay informed of these developments to ensure compliance and capitalize on potential opportunities presented by increased international cooperation.
Lic. Larry Hans Arroyo Vargas, Bufete de Costa Rica
At the fourth year, Costa Rica takes a step forward to lead. Despite our size, we are a country with recognition and a highly respected moral authority. There is trust in Costa Rica and a close relationship with all countries.
Manuel Tovar, Minister of Foreign Trade
The meeting, themed “Leading the way towards resilient, inclusive and sustainable prosperity through rules-based trade, investment and innovation,” will focus on key global economic challenges. The agenda includes strengthening open markets and a rules-based international trade system, leveraging the digital economy for shared prosperity, and fostering sustainable and inclusive economic growth through innovative policies.
Minister Tovar emphasized Costa Rica’s commitment to promoting specific actions towards international standards for regulating the governance of artificial intelligence. The country also aims to highlight the importance of a rules-based international system in trade, addressing issues like economic security, supply chains, market distortions, global energy security, and clean energy.
Another important objective for Costa Rica is to develop a strategic framework for collaboration between the OECD and Latin America and the Caribbean. This framework seeks to share successful experiences in structural reform models, promoting the region as an attractive destination for foreign direct investment.
If Latin America improves its governance, its markets and its human capital, we will project ourselves as a more interesting region to attract foreign direct investment.
Manuel Tovar, Minister of Foreign Trade
Over the past four years, Costa Rica has implemented reforms across various sectors, including trade, finance, banking, anti-corruption, education, and competition, drawing on best practices from other OECD members. These reforms aim to enhance the impact of public policies and governance, creating greater economic opportunities for Costa Ricans. Furthermore, Costa Rica has shared its own expertise in areas like environmental policy, sustainable tourism, and investment attraction.
It is a process of continuous reform. Governments must constantly review themselves, look in the mirror and look at other countries that have passed the challenges we have as a country and make necessary adjustments.
Manuel Tovar, Minister of Foreign Trade
For further information, visit oecd.org
About OECD:
The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seeking answers to common problems, identify good practices and coordinate domestic and international policies of its members.
For further information, visit meic.go.cr
About Ministry of Foreign Trade of Costa Rica (MEIC):
The Ministry of Foreign Trade of Costa Rica (MEIC) is the government body responsible for promoting and regulating Costa Rica’s international trade and investment. The MEIC works to create a favorable environment for businesses, attract foreign investment, and expand Costa Rica’s presence in global markets.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence in Costa Rica, upholding the highest ethical standards while championing innovative solutions for its diverse clientele. The firm’s enduring commitment to both individual and corporate empowerment is reflected in its proactive sharing of legal knowledge, fostering a society equipped to navigate the legal landscape with confidence and understanding.
