Last updated: 12 january, 2010 - 17:46 GMT

Chile joins the OECD's economic club

Chilean President Michelle Bachelet

Chile is leaving underdevelopment behind and is walking steadily towards becoming a developed nation in a few more years

Chilean President Michelle Bachelet

Chile is to become the 31st member of the Organization for Economic Cooperation and Development (OECD) after OECD secretary-general Angel Gurria and Chilean President Michelle Bachelet signed an accord this week.

Chile will formally become an OECD member - the first from South America - once its parliament ratifies the agreement.

Being a member of the right club can be important in life, and there are few global clubs as prestigious as the OECD.

It gives a kind of recognition that your country's economy, and level of development are up to the mark.

Chile's finance minister, Andres Velasco, is, understandably, pleased, especially as other Latin American economies, like Argentina and Venezuela are looking a bit shaky at the moment.

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First broadcast on World Business News

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