The Cook Islands is set to formally join the Asian Infrastructure Investment Bank.
The country's membership has been pending since 2017 but finance minister Mark Brown said it was now been finalised.
Speaking in parliament on Tuesday, he said joining the bank was not about borrowing more money.
"This bank may provide us with opportunities, maybe not today but maybe in 20 years time and by being a member today we can ensure that we are up to speed and that we are not left behind by any initiatives that are developed under this new bank."
The Cook Islands will be the fourth Pacific Island country to join the bank, following Vanuatu, Fiji and Samoa.
Mr Brown said the government would also employ an international tax expert to assist the Cook Islands with tax compliance to avoid being placed on an EU blacklist.