Colombia welcomed on Friday the announcement it will join the Organization for Economic Co-operation and Development (OECD). Colombia’s president, Juan Manuel Santos, said the move is an important step to further modernize the South American nation.
According to a government statement, the OECD council “unanimously” approved the nation’s entry into the international trade group. Colombia is the third Latin American country to join the OECD, following Mexico and Chile. Other larger economies such as Brazil, Latin America’s largest economy, and Argentina have also requested to join the economic organization.
Argentina has a $545 billion economy in terms of GDP, while Brazil’s GDP reaches about $1.8 trillion. Colombia’s GPD is worth $282 billion.