Investor Presentaiton
Annual Report
AR
2022
SUMMARY
WHO WE
ARE
OUR
STRENGTH
AND
OUR
RESOURCES
OUR
RESULTS
Relationship
Brazilian accession to the OECD and adherence to its Codes
In January 2022, Brazil received an invitation letter from
the OECD to open discussions on the accession process to
become a full member of the organization. The OECD is
dedicated to promoting global standards for public policy on
a range of topics including economic, financial, trade, social
and environmental issues.
Brazil has participated in OECD meetings since 1996. In
2007, it joined the Extended Engagement Program and, in
2012, it was promoted to Key Partner. In 2015, Brazil signed
a cooperation agreement with the OECD and, in mid-2017,
the country became the first key partner to formally request
accession to full membership of the OECD.
Once Brazil is confirmed as a full member of the OECD, it
will have a voice and vote within the organization, starting to
influence its actions and definitions, shaping global debates,
and ensuring that the specificities of the Brazilian economy
can be considered in the establishment and the review of
standards recommended by the entity.
A necessary condition for a given country to become a full
member of the Organization is its adherence to the OECD
Codes, legal instruments covering several thematic areas.
Currently, the OECD has 266 Codes in force. Adherence to
them signals that the country applies the best international
practices, already enshrined and shared by the 38 members
of the organization.
Brazil is the non-member country that has adhered to
the largest number of OECD instruments, 117 in all, 46 of
them with the BCB's contribution. In 2022, it adhered to
the Capital Movements Liberalization Code and the Capital
Liberalization Code of Intangible Current Operations,
related, respectively, to international financial flow
(payments and transfers between countries, for example)
and provision of cross-border services (consultancy, legal
services, etc).
From the perspective of foreign counterparts, including
investors, adherence means better understanding of the
Brazilian regulatory framework, lower cost of adapting
to the country's particularities and greater perception of
legal certainty in international operations. It is important to
highlight that the evolution of Brazilian regulation on foreign
exchange and international capital, naturally already in line
with the development and greater internationalization of
the Brazilian economy, had synchronism and converged
with the OECD recommendations, which resulted in mutual
benefits within the scope of adherence to the two Codes
mentioned.
The accession process to the OECD still requires effort
and coordination, as it also involves adherence to other
instruments and a formal position by the OECD committees
on the regulations and rules in Brazil. The accession also
depends on a parliamentary referendum, duly ratified and
promulgated, of the invitation from the OECD Council.
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