Full Form of OECD

The full form of OECD stands for Organization for Economic Co-operation and Development. It is an international organization of 36 member countries formed to develop and encourage world trade by making necessary policies.

• In 1948, they set up an organization named Organization for European Economic Co-operation to administer the Marshall Plan, and Robert Marjolin of France headed the same. They set it up post World War II, and it placed importance on working as a group for the economic development of the European nations.
• In 1961, the Organization for Economic Co-operation and Development was reformed and renamed OECD (Organization for Economic Co-operation and Development). The membership remained limited to the European States and was allowed to the Non-European States. The Organization for Economic Co-operation and developments headquarter is located in Paris, France, at Château de la Muette. The member countries make contributions to the Organization for Economic Co-operation and Development.

• The main objective of OECD is to promote global trade and work toward sustainable economic growth.
• To improve the standard of living of people living in member countries.
• To maintain financial stability.
• To contribute to the development of the world economy.

#1 - Member Countries

At present, there are 36 member countries. The ambassador represents each member who leads the delegation. Collectively the ambassadors constitute the council. They are responsible for decision-making and setting up goals for the organization.

#2 - Committees

Committees work for each area of the Organization for Economic Co-operation and Development. The members of the committee are normally experts from governments of the member as well as non-member countries. The committee holds meetings to discuss the economy, trade, investment, etc.

#3 - Secretariat

It is responsible for extending support to the committees and is led by Secretary-General and assisted by directorates. The members of this tier include economists, lawyers, and other professionals, who are responsible for collecting and analyzing data.

• To publish and thereby keep updated the model tax convention to allocate taxation rights among the tax jurisdictions in cross-border transactions and to avoid double-taxation. Apart from the model conventions, the OECD also publishes commentaries on the model convention for detailed interpretation by the member countries or the observer countries. It has also been publishing transfer pricing. Recently, OECD also came up with BEPS action plans.
• It maintains an online database of published books, reference material, reports, and other relevant information.
• It also publishes books frequently, which are up-to-date. Mostly, the books are in two languages, English and French. The organization also takes responsibility for releasing working papers and reference works.
• It indulges in publishing magazines, OECD Observer being an award-winning magazine by the Organization for Economic Co-operation and Development. The magazine versions are updated regularly to keep them up-to-date.
• It also carries out statistical research and publishes the results on several subjects. They publish results on the OECD data portal.
• To carry out peer review wherein the member countries supervise the performance of other member countries.
• To establish policies and rules concerning matters such as trade, investment, corruption, etc.

• It provides a great platform for countries to discuss universal problems and reach common solutions. Moreover, it works with the objective of sustainable economic growth and continues to contribute to economic development and improved living standards.
• It works towards developing international practices and finding solutions to various economic, social, and environment-related issues by working with governments, lawmakers, policymakers, and citizens.