Role of Organisations in Economic Cooperation and Development

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1. How the Organisation for Economic Cooperation and Development was formed?

You all know what mass destruction was there after both the World Wars, right? So, Europe was quite torn up till the time World War II ended. That is when Canada and the United States of America decided to take a step forward and help reconstruct Europe and bring it back on track. For that, a framework called the Marshall Plan was formulated.

To assist implementation of the Marshall Plan, the Organisation for European Economic Cooperation (OEEC) was made in April 1948. The operations were carried out from Château de la Muette in Paris, France. Once the work was done in 1949, the focus shifted on economic issues.

This is when some countries thought that the body can go global and work for a much larger goal. The US and Canada were brought in as full members and OEEC was promoted to become the body that will deal with the economic issues in Europe and Atlantic and assist less developed countries. The convention was signed in 1960 and OEEC officially became Organisation for Economic Cooperation and Development (OECD).

Too much history lesson? It is important to know how OECD was formed before you can answer what OECD is.

2. What is the Organisation for Economic Cooperation and Development?

The Organisation for Economic Cooperation and Development is an organisation working between governments of 36 countries. Founded in 1961, it is a convention of various countries who work for economic development and world trade.

The job role of OECD is to -

• Provide an opportunity to compare policy experiences

• Investigate solutions for frequent dilemmas

• Analyse acceptable practices

• Coordinate local and global regulations for members

3. List of the member countries of OECD

20 countries were the founding members of the OECD when they signed the Convention on the Organisation for Economic Cooperation and Development on 14 December 1960.

At the present date, there are 36 signatory members of the Organisation for Economic Cooperation and Development. The names and their date of their sign-up are mentioned below.

4. What is the purpose of OECD's existence?

The aim of Organisation for Economic Cooperation and Development is to advocate policies which will aid to not only upgrade the economic well-being of the people but also the social well-being of the people across the globe.

Their existence cover the following domains -

• Working with the countries to understand their economic, environmental and social driving factors

• Evaluation of productivity

• Global trade and investment flow analysis

• Analysis of present data to forecast future trends

• Setting international standards of tax, agriculture, etc.

• Creating healthy finances that will act as a foundation for sustainable economic growth

• Creating new ways for growth using innovation

• Helping develop emerging economies

5. Issues in the online purchase as identified by OECD

The online market is dark and full of terror. It has been observed that the online sale of products that are of harm to the consumers are being sold. OECD puts it into 3 categories.

1. The products that have been prohibited from sale or have been recalled from the market due to potential error

2. Improper labelling of the product and insufficient safety warnings

3. Products that do not meet the safety standards

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