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Brazil should seize the opportunity during its presidency of the G20 to join the OECD, says CFR

Brazil should become a bridge between the developed world and the so-called Global South, says economist from CFR.

“Brazil should use the prominence offered by its rotating presidency of the G20 to accelerate its accession process to the Organization for Economic Cooperation and Development (OECD), argues the Council on Foreign Relations (CFR), a foreign policy think tank based in New York with an office in Washington. It has storng ties with the deep institutions of the US.

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The article, authored by economist Heidi Crebo-Rediker, Senior Adjunct Fellow at CFR, also states that the United States should support Brazil in its ambition to become a bridge between the developed world and the so-called Global South.

“President Lula’s priority for global governance appears to be the reform of the United Nations (UN) and its Security Council, but this is unlikely to occur during Brazil’s presidency of the G20,” she evaluates.

“Although this ambition has its value, as does reforming institutions created after Bretton Woods, a more effective short-term opportunity to become this bridge would be to conclude negotiations for entry into the OECD.

This also aligns with American interests, given the Biden administration’s focus on supporting the strengthening of ties between market democracies.”

She assesses that Brazil has a “unique and symbolic” two-year window to conclude its accession, between this year and 2025, when it assumes prominence in the G20, but also in COP30 – to be held in Belém – and in the BRICS summit.

The economist notes that the country is a great candidate for the OECD, given that it began the accession process in 2017, holds a prominent position as a market democracy in South America, and has implemented an extensive list of reforms, many of which are aligned with OECD practices, such as transfer pricing rules and tax reform.

Membership in the organization, in turn, would bring significant benefits to Brazil in the eyes of global investors, helping the private sector integrate into global value chains, especially within the transitioning economy and carbon neutrality emissions.

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Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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