The U.S. support for Brazil’s candidacy to become a member of the Organization for Economic Cooperation and Development (OECD) would be beneficial for both countries, indicated the executive director of the Brazil-U.S. Business Council, Cassia Carvalho (photo), in an opinion piece published by the political news site The Hill.
Carvalho wrote: “Brazil would immensely benefit from U.S. support for its accession… a measure that would shape the country’s economic reform agenda and set Brazil’s future on a clear path towards a market-oriented economy and private sector-led development.”
Brazil formally requested membership in the OECD earlier this year. The request is now under review by the organization. Brazil would benefit from membership by adhering to high international standards for business practices, transparency, and economic policy. Brazil is the ninth-largest economy in the world.
The U.S., in turn, is a major investor in Brazil, with accumulated investments of $64 billion in 2016, and would benefit from the modernization reforms in Brazil made necessary by OECD membership. These reforms cover a wide range, including trade, taxation, investment, rule of law, and intellectual property protection.
Carvalho also wrote: “This is an opportunity that cannot be missed.” She added: “U.S. support would strengthen the position of reformists (in Brazil) and benefit American companies that see Brazil as an increasingly important market.”