Organisation for Economic Co-operation and Development – OECD
- Blog|International Tax|
- 3 Min Read
- By Taxmann
- Last Updated on 22 January, 2021
What is OECD?
OECD or the Organisation for Economic Co-operation and Development is a group of 36-member countries which was formed to discuss and develop the economic and socialpolicy amongst themselves. It preferably has democratic countries as its member who tends to support free market economies.
Background of OECD:
To overcome the aftermath of World War II, OEEC (Organization for European Economic Co-operation) was established in 1948, which rendered the post war reconstruction of the continent. This group ever since its formation emphasized the importance of working together for various economic developments and this would tend to avoid further warfare. OEEC was primarily focused on European Countries and in 1961, United States and Canada also joined them, thus was renamed to OECD. Ever since then fourteen more counties have joined this forum. It is headquartered in Paris, France.
The Mission of the OECD:
The primary mission of OECD is to promote the economic policies which tend to improve social wellbeing of the people around the world. It provides a sort of forum where various governments of these member countries can work around and share their experiences in order to seek solution to various common problems that drives the economic progress of their countries. These governments then work to understand the various drives for their economic and social well being in terms of productivity and global trade flows and investments. They also tend to analyze various data collected so far and it helps them to predict the future trend through it. These also work in order to setup international standards on wide range of things rights from agriculture to safety while including chemical products. OECD also tend to investigate day to day issues that affects human in their daily lives which may include things like how many of them pay taxes and what is their disposable income. Also, how different countries tend to educate the kids in their arena towards every developing modern lifestyle and what is the different pension systems deployed in various member countries to take care of their old age citizens. Based on these real-life experiences, OECD tends to recommend various policies that would improve the quality of lives of these member country citizens through various business and Industry Advisory Committees and Trade Union Advisory Committees. OECD also have active contacts in various other civil society organizations and tend to bring around changes in positive way which is backed by various democratic institutions towards wellbeing of its citizens.
OECD’s mission could be summarized under below mentioned areas, where they work with the government around the world to make earth a better place to live-
- OECD work towards restoring the confidence in various markets and turn them into a functional unit.
- OECD work towards re-establishing the healthy public finances in order have sustainable future economic growth.
- OECD foster new sources for the growth of innovation and supports environment friendly strategies towards development of emerging economies.
- OECD ensures that the people of all ages must work towards developing skills in order to work productively in order to satisfy themselves in the jobs of tomorrow.
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