Organisation for Economic Co-operation and Development (OECD): Functions and Achievements
Organisation for Economic Co-operation and Development (OECD) is an inter-governmental organization founded in 1961 to accelerate the economic progress and world trade. It is very unique organization where 34 Democracies work together with market economies and 70 non-member economies promote economic growth, prosperity, and sustainable development.
The organization provide good platform where the government of different economies can compare policy experiences, build consensus on common problem and identifications of good practices, coordination among domestic and international policies.
Functions of OECD
The setting of the OECD reflects the peripheral discussion forum based on the policy research and analysis that helps governments in order to shape their policies that may lead to a formal agreement among member governments or be acted on in domestic or other international stages.
The Secretariat’ of OECD carries out the work of the Organization. The work of the Secretariat parallels the work of committees; with each directorate (or department) supporting one or more committees, as well as committee working parties and sub-groups. The Secretariat’s work is oriented by OECD members whose representatives participate in OECD committees and working parties.
Achievements of OECD
OECD member countries contributes about 63 percent of world GDP, three-quarters of world trade, 95 percent of world official development assistance, over half of the world’s energy consumption, and 18 percent of the world’s population.
Together with its sister agencies, the International Energy Agency (IEA) and Nuclear Energy Agency (NEA), the OECD helps countries – both members and non-members – reap the benefits and confront the challenges of a global economy by promoting sound energy policies that further: economic growth; energy security; free markets; the increasingly safe, clean, and efficient use of resources to reduce environmental impacts and preserve our climate; and science and technology innovation.