OECD Full Form | What is the Full Form of OECD



OECD Full Form - Organization for Economic Co-operation and Development

 Organization for Economic Co-operation and Development

Organization for Economic Co-operation and Development

  • OECD stands for Organization for Economic Co-operation and Development.
  • It's an intergovernmental economic organization with 36 member countries.
  • It had been established in 1961 to market economic process and world trade.
  • The member countries of OECD are committed to democracy and also the free enterprise and collectively provide a platform to match policy experiences, resolve common issues, identify good practices, and coordinate their domestic and international policies.
  • Most of the members of OECD are the world's largest economies with a really high Human Development Index (HDI):Brazil, China, India, South Africa, and Indonesia. These countries participate within the OECD's daily work, policy discussions in OECD Committees, regular OECD surveys, and more.
  • The member countries are represented by their ambassadors, who are a part of the OECD Council, which monitors and advises on OECD work as described within the OECD Convention.

History

  • In the year 1948, the OECD originated as the Organisation for European Economic Co-operation (OEEC), led by Robert Marjolin of France, to help administer the Marshall Plan (which was rejected by the Soviet Union and its satellite states).
  • This would be achieved by allocating United States financial aid and implementing economic programs for the reconstruction of Europe after World War II.
  • In the year 1961, the Organization for Economic Co-operation and Development was reformed and renamed as OECD (Organization for Economic Co-operation and Development).
  • The membership no more remained limited to the ECU States and was allowed to the Non-European States also.
  • The Organization for Economic Co-operation and developments headquarter is found in Paris, France, at Chateau de la Muette.
  • The member countries make a contribution to the Organization for Economic Co-operation and Development.

How to become an OECD member country?

  • It is not a simple task for a country to become an OECD member.
  • A country who wants to become its member is required to stick to the mission and values of OECD and will be ready to combat the responsibilities and requirements of the active membership.
  • Furthermore, the country may apply or be invited to open an accession process by the OECD Council.
  • During this process, an accession roadmap is developed to work out terms, conditions, and processes.
  • Then a technical review is administered to evaluate the policies and practices of the country with reference to OECD best practices and its ability to implement OECE standards.
  • The country must implement a series of measures so as to align with OECD requirements and must approve membership domestically before becoming a member.
  • OECD works throughout member countries at the regional level, mainly through regional initiatives which help facilitate policy benchmarking and exchange of information and good practices across a specific geographical area.
  • The organization also features a Development center which facilitates policy dialogue for and with emerging economies.
  • It also provides expert analysis to the talk on development policy to assist decision makes find policy solutions to market growth and improve the living standards in developing countries or emerging economies.
  • Furthermore, OECD also hosts the Sahel and West Africa Club (SWAC). It's a world platform that aims to market regional policies to enhance the economic and social well-being of individuals within the Sahel and West Africa.


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