The OECD, which currently has 38 members, said there was no timeline for each nation to enter the club, and their progress would depend on adhering to the organization's best practices while also facing an evaluation by more than 20 committees.
A source in Brazil, speaking on condition of anonymity, said the average time to enter the Paris-based body at this point was three to five years.
The OECD publishes data, puts out best practices and economic guidelines while also granting its members the international cachet of belonging to a club of countries with high levels of income and human development.
It seeks to advocate for economic transparency, free trade and democracy.
Brazil's Economy minister, Paulo Guedes, told a news conference that about a third of the OECD's requirements for joining had already been met by the government. He said Brazil was working on the final steps, which include the approval of the new exchange rate framework and a pledge to reduce taxes on international financial transactions.
Speaking alongside Guedes, Foreign Minister Carlos Franca said he had created a special unit dedicated to dealing with those requirements to win OECD membership.
Brazil has been waiting for years to join the forum for democratic countries with solid market economies. Chile, Mexico, Colombia and Costa Rica are the only countries in Latin America that have managed to join.
Brazil has held out hope that joining the OECD would boost investor confidence as it battles high inflation and unemployment, as well as the lingering impact of the world's deadliest coronavirus outbreak outside the United States.
The news was originally reported by Brazilian newspaper Valor.
