Colombia joins the OECD

Colombia last week became the 37th member – and third in Latin America - of the Organisation for Economic Cooperation and Development.

The accession follows seven years of studies to confirm compliance with OECD standards, in areas which range from education planning to fiscal transparency.

Being part of the OECD will help Colombia guarantee inclusive and sustainable development, said President Juan Manuel Santos.

Founded in 1961 and based in Paris, the OECD is a forum which lets members evaluate and exchange social and economic policies and experience.

Most members states are economically developed, including western European countries, Canada, the United States, Australia, New Zealand, Japan and South Korea.

At $15,000 in 2016, Colombia has the lowest per-person purchasing power of any OECD country.

The other Latin American members, Mexico and Chile, were at $20,000 and $25,000, respectively.

The average for all OECD countries was $37,000.