In four years Peru could be part of the OECD

After the invitation of the Organization for Economic Co-operation and Development (OECD) to Peru so that it begins its accession process to this economic forum, the President of the Republic, peter castle, yesterday signed the letter ratifying the country’s intention to be part of the institution made up of the 38 most powerful economies in the world.

“This process will be characterized by necessary reforms in all areas and sectors that the country needs, as well as regulatory adjustments at all levels, with a view to improving our public policies,” said the president.

Not a short process

In this way, now Peru must continue to comply with the standards required by the OECD.

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In this regard, the deputy director of the Center for Tax Policy and Administration of the OECD, Grace Perez-Navarro, explained to a local radio station that the time it takes for a country to complete its accession process is four years, since it must go through in-depth reviews.

However, the official specified that this time will depend on compliance with OECD standards.

For his part, the former Minister of Economy Alonso Segura He pointed out that our country starts with an advantage, because with the OECD Country Program it has been possible to implement several recommendations. Therefore, he estimates that Peru can achieve its entry into the current government.

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“A lot of progress has been made with the Country Program, an important part of the task has already been done, it should be defined in this government. There is no reason for it to take more than 4 and a half years given the progress that has already been made,” noted Segura, who added that much will depend on what the Executive and Congress do, since the approval of several regulations will be needed to comply with this purpose.

The challenges

For the former Minister of Economy Luis Miguel Castilla, there are several challenges that the country has to become part of the OECD.

For this, he indicated that it is necessary to accelerate the implementation of the law serve, since meritocracy must prevail in public administration.

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As well as adopting policies that aim to increase labor formalization, which has been affected as a result of the pandemic.

Meanwhile, the former president of Indecopi Hania Perez de Cuellar He highlighted that the law of prior control of business concentration operations was a great step for the OECD to realize the commitment that the country had in being part of the institution.

Concerns Congress opinion

The OECD official Grace Pérez-Navarro expressed her concern about the opinion that the Congress of the Republic seeks to approve, which would limit access to bank secrecy to combat tax evasion and avoidance.

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“We are a little concerned about this proposal to change access to financial information by the call, because that is part of the tax standards of the global forum and is a fundamental international standard”, he expressed.

He specified that financial and tax transparency is key to accessing the OECD.

Peru and the route to be part of the OECD