The Organization for Economic Cooperation and Development (OECD) has formally invited Chile and four other nations to start OECD membership talks, government officials said on Wednesday.
"The process implies an autonomous negotiation with each nation which could last for years and might not end with the nation joining, although there is no precedent for the latter," the organization said in a statement.
"This is good news, Chile is joining an honorable group. Like in the Davis Cup, where we are in the World Group, it is where the best teams are," said Andres Velasco, the nation's finance minister.
"The invitation recognizes Chile's good practice: the OECD says that Chile's economic policies represent an example for the region," he added.
Russia, Israel, Slovenia and Estonia were also invited. The organization is also considering possible memberships for countries like Brazil, India, Indonesia and South Africa during its annual ministerial meeting held in Paris on Tuesday and Wednesday.
The 30-member OECD was founded in 1961 to coordinate economic and social policies. Headquartered in Paris, it is one of the most influential world forums on economy, education and environment.