MEF: Peru is the first candidate in the region to access the OECD

The Minister of Economy and Finance, Alex Contrerasrevealed that Peru has the first option in the region to become the 39th nation to join the Organization for Economic Cooperation and Development (OECD).

As part of his presentation before the Special Commission for Monitoring the Incorporation of Peru into the Organization for Economic Cooperation and Development (CESIP – OECD) of Congress, the head of the MEF reiterated that the objective is to complete the accession by 2026.

This September, the OECD has presented its first report regarding the economic situation of Peru as a candidate. The hurdle to overcome will be 24 committees including investments, governance, financial markets, competencies, among others, one of the most important being the “Economic and Development Review Committee”, in charge of the final recommendation.

“Something that the president of the OECD himself has pointed out is that of the Latin American countries that are applying, such as Brazil, Argentina and Peru, ours is ahead […] Peru’s trade openness index is one of the highest, it is above the world average, only below the US, Japan and Chile,” he indicated.

In this sense, Contreras Miranda said that the South American nation must still work to close the informality gaps (management that is still far from the good fiscal management highlighted by the OECD), its main obstacle to entering this select group of economically organized nations.

It should be noted that, to access the OECD, a series of legal instruments must be met that can be divided into four large groups: international agreements, decisions, recommendations and declarations, as explained by the MEF.

“This low collection capacity and effectiveness of the State translate into infrastructure gaps that end up impacting the citizen and generating a lack of social protection. The report is very clear, we need to reduce informality, Peru has one of the highest rates worldwide,” the minister asserted.