Australian Trade Minister welcomes Chile into the OECD

Australian Trade Minister Simon Crean has welcomed Chile's accession to the Organization for Economic Co-operation and Development (OECD) on Wednesday.

Chile is one of the most economically dynamic countries in Latin America delivering rising living standards and attracting major foreign investment, Crean said, "Australia strongly supported Chile's decision to seek OECD entry right from the start of the process in 2007."

"There is no better confirmation of our close bilateral relationship than our high quality Free Trade Agreement, which entered into force in March 2009."

"Chile is Australia's third-largest trading partner in Latin America and a close ally in the Cairns Group, WTO, APEC and the Trans-Pacific Partnership," said Crean.

The OECD recognizes countries that have attained a relatively high level of development and shared a commitment to the market economy and democracy. Chile is scheduled to formally accept the invitation to join the OECD on 11 January, 2010.