Good morning! Today we look at the scandal created by the U.S. overlooking Brazil for OECD membership. There is also news of a billionaire windfall from an auction of oil fields, and Brazil’s consumers are gearing up for Black Friday.
U.S. ignores OECD bid for Brazil
News that the U.S. will back the memberships of Argentina and Romania to the Organization for Economic Cooperation and Development (OECD) has embarrassed Brazil. Making constant efforts to get closer to the Donald Trump government, Jair Bolsonaro’s administration had received assurances that Brazil would have the White House’s support in its ascension to the OECD.
Why it matters. The OECD has often been called a “club of rich countries” and membership essentially serves the purpose of a seal of good practices, improving reliability and trust for investors. The Brazilian government has been desperate to gain ascension to the Paris-based group, making it one of the central strategies of its foreign policy.
Form a queue. Donald Trump replied by saying that the U.S. does still support Brazil’s full membership to the OECD, and ignoring the country in a recent letter of intent to enlarge the group was purely because Argentina and Romania are ahead of...