The Organisation for Economic Co-operation and Development (OECD) said on Friday its 37 members had approved Costa Rica's application to join the group and that a formal membership agreement will be signed in the coming days.

"We are delighted to welcome Costa Rica to the OECD family at a time when multilateralism is more important than ever," the group's secretary-general, Angel Gurria, said in a statement.

Chile, Mexico and Colombia are the only current Latin American OECD members. Colombia joined last month.