COLOMBIA JOINS THE OECD AND NATO

At the end of May of this year two events took place that for the Colombian, Latin American and international spheres have a strong relevance, the signing of the accession of Colombia to the Organization for the Cooperation and the Economic Development (OECD) and the Signing of the country’s entry act to the North Atlantic Treaty Organization (NATO) as a global partner.

Colombia’s entry into these two international organizations opens a new spectrum and a new panorama of opportunities for the country in terms of investment, good practices, security and economic growth. These organizations, characterized by their high standards of demand against their members and the promotion of standardization of practices that have demonstrated their effectiveness and transparency around the world, give Colombia a new impetus for development National.

The impact of the accession to the OECD, although recent, is already having some of its effects in the country following the preparatory measures that the Government of President Juan Manuel Santos had to adopt so that Colombia could be approved by the 23 Evaluation Committee of the international organization. Topics such as the progress of new copyright laws and prescription drugs, show that Colombia has been taking measures aimed at updating its legislation to respond to current economic realities, protect its internal legal system and align their domestic policy with international standards. Advances like these attract foreign capital to the country and gives security to investors who decide to enter the Colombian market, by offering better conditions for them in line with the regulations of a highly recognized international agency as is the OECD.

In terms of investment, it is important to highlight that today OECD member countries account for 75% of direct global investment and 60% of global GDP. In addition to this, emphasis should be placed on the existence of multiple funds that only contemplate investing in projects of the OECD member countries. This implies that major infrastructure works, such as the fourth-generation pathways, will find new sources of funding that before the accession were completely out of reach, the above will entail an acceleration in the speed of development of the country.

In joining NATO as a global partner, it must be said that the benefits that Colombia will receive are equally extensive and very positive for the economy and the National security. The country’s accession to an agency as relevant as NATO enhances its image in the face of the international community and allows it to reach an extensive knowledge network on best practices in the military and defense areas. The alliance allows the country to move forward on transparency of its military forces, improve its cybersecurity systems, and even confront climate change.

In summary, Colombia’s entry into the OECD and NATO allows the country to have an international letter of presentation that guarantees its good practices in multiple areas and its solid legal certainty, making the South American country even more at Reactive to foreign investment, promoting the growth of its economy and the modernization of its institutions and its national productive processes.

Colombia continues to expand its operations in  main cities of the country to meet the flow of foreign investment that entails the inclusion of Colombia in these new international organizations

References:

Guerrero, M. (2018, May 30). ¿Qué gana Colombia al convertirse en socio de la OTAN? El Espectador. Retrieved June 07, 2018, from https://www.elespectador.com/noticias/el-mundo/que-gana-colombia-al-convertirse-en-socio-de-la-otan-articulo-791683

Portafolio. (2016, October 14). Los beneficios que obtendrá Colombia por ingresar a la Ocde. Portafolio. Retrieved June 7, 2018, from http://www.portafolio.co/economia/los-beneficios-que-obtendra-colombia-por-ingresar-a-la-ocde-501013

Portafolio. (2018, June 6). La entrada a la Ocde traería más inversión en infraestructura. Portafolio. Retrieved June 8, 2018, from http://www.portafolio.co/economia/infraestructura/entrada-a-la-ocde-traeria-mas-inversion-en-infraestructura-517832

Portafolio. (2018, January 22). Colombia acelera proceso para entrar a Ocde antes de agosto. Portafolio. Retrieved June 8, 2018, from http://www.portafolio.co/economia/proceso-de-colombia-para-entrar-a-la-ocde-513505