Organization for Economic Cooperation and Development (OECD)

Organization for Economic Cooperation and Development (OECD),

Definition of Organization for Economic Cooperation and Development (OECD):

  1. Interest group of 27 advanced and less advanced nations, formed in 1960 as a successor to the Organization For European Economic Cooperation (OEEC) formed in 1948. It functions as an intergovernmental-organization and aims at coordination of economic development of member and non-member countries through multilateral trade, trade liberalization, and economic reform. OECD also covers technology transfer, economic and scientific research, and international terrorism, and is one of the worlds best sources of economic and statistical information. Its current member nations are Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, UK, and USA. Membership of Russia in the OECD and in its elite Group Of Seven (G7) is expected.

  2. An organization formed in 1961 to assist the economy of its member nations and to promote world trade. Its members include the industrialized countries of western Europe together with Australia, Japan, New Zealand, and the US. Its headquarters are in Paris.

Meaning of Organization for Economic Cooperation and Development (OECD) & Organization for Economic Cooperation and Development (OECD) Definition