Chilean president signs document for OECD membership_English

Chilean President Michelle Bachelet (R) shakes hands with Angel Gurria, Secretary-General of the Organization for Economic Co-operation and Development (OECD), in Santiago, capital of Chile, on Jan. 11, 2010. Michelle Bachelet on Monday signed a document for Chile's membership of the Organization for Economic Cooperation and Development (OECD). (Xinhua/Jorge Villegas)
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SANTIAGO, Jan. 11 (Xinhua) -- President Michelle Bachelet on Monday signed a document for Chile's membership of the Organization for Economic Cooperation and Development (OECD).

The document still needs the ratification of the National Congress. With parliamentary approval, Chile will become the OECD's first member in South America.

At a signing ceremony, Bachelet said the membership would help Chile improve its competitiveness and productivity.

She also said OECD membership was "a powerful signal that Chile is a very stable and reliable country, which will imply more foreign investments and better financing conditions."

Angel Gurria, Secretary-General of the Organization for Economic Co-operation and Development (OECD), is seen during a signing ceremony for Chile's membership of the OECD in Santiago, capital of Chile, on Jan. 11, 2010.(Xinhua/Jorge Villegas)

Angel Gurria, Secretary-General of the Organization for Economic Co-operation and Development (OECD), is seen during a signing ceremony for Chile's membership of the OECD in Santiago, capital of Chile, on Jan. 11, 2010.(Xinhua/Jorge Villegas)
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Meanwhile, the OECD said in a statement that the OECD has strengthened its ties with Latin America with new membership for Chile and Mexico and growing cooperation with Brazil.

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