MercoPress. South Atlantic News Agency

Brazil still committed to joining OECD, Minister Guedes tells the group

Brazil remains interested in concluding and signing the Mercosur-European Union Trade Agreement, Guedes said

Brazil's Economy Minister Paulo Guedes Monday reaffirmed in Paris his country's commitments to the guidelines of the Organization for Economic Cooperation and Development (OECD).

In a meeting with OECD Secretary-General Mathias Cormann, Guedes highlighted the efforts of President Jair Bolsonaro's administration to advance the country's accession process to the group, which brings together the most industrialized economies on the planet.

Guedes stressed that Brazil's accession to the OECD will contribute positively to the process of economic and regulatory modernization underway in Brazil. The minister pointed out the work done by the Ministry of Economy in the tax, financial and investment areas.

In January, the OECD formalized the 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 the 251 normative instruments of the international body.

According to the ministry's Secretariat of International Affairs, the adhesion process is faster than that of other countries invited to join the group or that act as key partners, such as Argentina (51 instruments), Romania (53), Peru (45), Bulgaria (32) and Croatia (28).

Two weeks ago, the government announced the gradual reduction of the Tax on Financial Transactions (IOF) on foreign exchange, a measure required from countries that want to join the OECD. The tax will be reduced in stages until it is zeroed out in 2028 for all foreign exchange transactions.

Guedes also held an encounter in Paris with International Chamber of Commerce (CIC) Secretary-General John Denton. During the meeting, the Brazilian minister mentioned the ongoing agenda of regulatory and commercial reforms aimed at cutting down bureaucracy and stimulating foreign trade. He also highlighted the arrival of foreign investment resulting from the concessions program.

According to the Economy Ministry, Guedes also said that Brazil remains committed to sustainable development and remains interested in concluding and signing the Mercosur-European Union Trade Agreement.

(Source: Agencia Brasil)