The Organization for Economic Co-operation and Development (OECD) on Tuesday approved a plan for Brazil to begin negotiations that will see Latin America’s largest economy join the club of wealthy nations. Two sources, who spoke to Reuters on condition of anonymity, said the start of the process would be confirmed later on Tuesday. One of the sources said that Argentina, Peru, Romania, Bulgaria and Croatia have also been approved to start talks to join the OECD. Another source said the average time to get into the Paris-based body at this stage was three to five years.

The news was originally reported by Brazilian newspaper Valor. The OECD declined to comment. Brazil’s economy ministry was not immediately available for comment.

Brazil has been waiting for years to join the forum of 38 nations of democratic countries with strong market economies. Chile, Mexico, Colombia and Costa Rica are the only Latin American countries that have managed to join. Brazil’s accession process, begun in 2017, has stalled in part due to US opposition to OECD expansion to Eastern European countries, even as the Former President Donald Trump has expressed support for Brazil’s membership.

Last October, Brazilian Economy Minister Paulo Guedes said he hoped the United States would continue to support his country’s bid to join the OECD. Brazil remained hopeful that OECD membership would boost investor confidence as it battles high inflation and unemployment and the lingering effects of the world’s deadliest coronavirus outbreak outside the United States.

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