U.S. support for Brazil’s bid to become a member of the Organization for Economic Cooperation and Development (OECD) would be beneficial for both countries, indicated Brazil-U.S. Business Council Executive Director Cassia Carvalho (photo) in an oped piece published by political news site The Hill.

Carvalho wrote, “Brazil would bene-fit immensely from the support of the United States for its accession…a move that would shape the country’s economic reform agenda and set Brazil’s future on a clear path toward a market-oriented economy and private sectorled development.”

Brazil formally applied for OECD membership earlier this year. The application is now under review by the organization. Brazil would benefit from membership through compliance with high international standards for business practices, transparency and economic policy. Brazil is the world’s ninth largest economy.

The U.S., in turn, is a major investor in Brazil, with cumulative investments of $64 billion in 2016, and would benefit from modernizing reforms in Brazil made necessary by OECD membership. These cover a wide range, including trade, taxation, investment, rule of law and intellectual property protection.

Carvalho also wrote, “This is an opportunity that cannot be passed by.” She added, “U.S. support would strengthen the hand of (Brazilian) reformers and benefit U.S. companies that view Brazil as an increasingly important market.”