The Senate Plenary approved on May 30th the international agreement on Brazil’s greater involvement in the Organization for Economic Co-operation and Development (OECD).
Bill #59/2019 institutionalized the country’s participation in various OECD forums and established the mechanisms to define future guidelines. It will reinforce the coordination of the Brazilian government’s participation inside the organization, handled by an interministerial work group, supervised by the Ministry of External Relations.
Bill #59/2019 institutionalized the country’s participation in various OECD forums and established the mechanisms to define future guidelines. It will reinforce the coordination of the Brazilian government’s participation inside the organization, handled by an interministerial work group, supervised by the Ministry of External Relations.
On May 23rd, the United States officially declared their support for Brazil’s entry in the OECD. Donald Trump had already suggested, during President Bolsonaro’s trip to the US last March, that his government would back up Brazil’s demand. Rapporteur Senator Antonio Anastasia highlighted that the entity encourages its members to adopt converging standards in commercial, financial, environmental and social matters. He estimates that the internalization of the accord should be helpful to Brazil during the country’s integration process as a full OECD member.
The Plenary also approved an accord about the amendment to voting powers in the International Financial Corporation (IFC), an organ of the World Bank, in favor of developing countries. This alteration increases the participation of basic votes from 1.88% to 5.55%. As such, the voting power of developing nations, like Brazil, increased from 33.4% to 44.1%. Basic votes are distributed equally among member states, while share votes are distributed proportionally based on the capital held by each country. According to Rapporteur Senator Antonio Anastasia, this agreement is “favorable to Brazil”, as it will hold 2.27% participation in the IFC.
