PARIS, Jan. 11 (Xinhua) -- The Organization for Economic Co-operation and Development (OECD) confirmed Monday Chile's access to the Paris-based bloc, according to a statement released on its website.

    OECD Secretary-General Angel Gurria and Chilean Finance Minister Andres Velasco endorsed the accession document in Chilean capital Santiago.

    Chile will formally become OECD's 31st member and its first in South America once its parliament ratifies this agreement, the statement said.

    "The 'Chilean way' and its expertise will enrich the OECD on key policy issues," Gurria said during a signing ceremony in Santiago.

    Chile began its accession talks with the OECD in May 2007.

    With Mexico as a full member, OECD will expand its cooperation with Latin American countries after Chile formally joins the organization.

    OECD said four other countries - Estonia, Israel, the Russian Federation and Slovenia - are currently negotiating to join in.