MercoPress. South Atlantic News Agency

US endorses Chile's bid to become OECD member

United States Treasury Secretary Henry Paulson endorsed Chile's bid to become the second Latin American nation, after Mexico, to enter the Organization for Economic Cooperation and Development.

''We're very supportive of Chile's entry into the OECD,'' Paulson told reporters in Santiago, where he ended a four- day trip to Latin America that also included stops in Brazil and Uruguay. Paulson discussed the issue with his Chilean counterpart, Andres Velasco. Chile, where the government predicts economic growth of 5.8% this year, was one of five countries invited by the Paris-based OECD to start talks on joining the club in May. The other countries were Russia, Israel, Estonia and Slovenia. Paulson said Chile would likely have to make it easier for authorities to monitor bank accounts to guard against money laundering to gain entry. The U.S. also wants to complete a tax treaty between the two countries. ''One of the things the OECD looks at is the way the banking system works and bank secrecy laws,'' Paulson said. ''I believe it will take legislation in Chile'' to get a tax treaty, Paulson said. ''Perhaps the OECD negotiation will be an impetus for that legislation