Economy minister reaffirms Brazil’s goal of joining OECD
Brazil’s Economy Minister Paulo Guedes on Monday (Mar. 28) reaffirmed Brazil’s commitment to the guidelines of the Organization for Economic Cooperation and Development (OECD). In a meeting with the body’s Secretary-General Mathias Cormann in Paris, Guedes mentioned the government’s efforts to advance the country’s admission into the group, which combines the most industrialized economies on the planet.
Guedes is reported to have stressed that Brazil’s admission into the OECD will make a positive impact on the economic and regulatory modernization underway in Brazil. The minister underscored the work done by the Ministry of the Economy in taxes, finance, and investment.
In January, the OECD formalized its invitation for Brazil to join the organization. According to the Ministry of Economy, Brazil is in an advanced stage of convergence with the OECD, having adhered to 104 of its 251 normative instruments.
The admission process is faster than that of other countries invited or key partners—such as Argentina (51 instruments), Romania (53), Peru (45), Bulgaria (32), and Croatia (28), the ministry’s Secretariat for International Affairs reported.
Two weeks ago, the government announced the gradual reduction of the Tax on Financial Transactions (IOF) on foreign exchange, a measure required from countries seeking to join the OECD. The tax will be gradually reduced before reaching zero in 2028 for all foreign exchange transactions.
