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Role of Organisations in Economic Cooperation and Development

Are you an economics student who has an assignment to write on the international market, the forces, and international trade? Then you should definitely be aware of what Organisation for Economic Cooperation and Development is, why does it exist, and what is its role in defining how the economies conduct trade. My Assignment Services is going to answer all these questions.

Let a marketing assignment help expert explain all the associated parameters.

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.

Canada

10 April 1961

United States

12 April 1961

Japan

28 April 1964

United Kingdom

2 May 1961

Denmark

30 May 1961

Iceland

5 June 1961

Norway

4 July 1961

Turkey

2 August 1961

Spain

3 August 1961

Portugal

4 August 1961

France

7 August 1961

Ireland

17 August 1961

Belgium

13 September 1961

Germany

27 September 1961

Greece

27 September 1961

Sweden

28 September 1961

Switzerland

28 September 1961

Austria

29 September 1961

Netherlands

13 November 1961

Luxembourg

7 December 1961

Italy

29 March 1962

Finland

28 January 1969

Australia

7 June 1971

New Zealand

29 May 1973

Mexico

19 May 1994

Czech Republic

21 December 1995

Hungary

7 May 1996

Poland

22 November 1996

Korea

12 December 1996

Slovak Republic

14 December 2000

Chile

7 May 2010

Slovenia

21 July 2010

Israel

7 September 2010

Estonia

9 December 2010

Latvia

1 July 2016

Lithuania

5 July 2018

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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