What is the full form of OECD
OECD: Organization for Economic Co-operation and Development
OECD stands for Organization for Economic Co-operation and Development. It is an intergovernmental economic organization with 36 member countries. It was established in 1961 to promote economic growth and world trade. The member countries of OECD are committed to democracy and the market economy and collectively provide a platform to compare policy experiences, resolve common issues, identify good practices, and coordinate their domestic and international policies.
Most of the members of OECD are the world's largest economies with a very high Human Development Index (HDI): Brazil, China, India, South Africa, and Indonesia. These countries participate in the OECD's daily work, policy discussions in OECD Committees, regular OECD surveys, and more. The member countries are represented by their ambassadors, who are part of the OECD Council, which monitors and advises on OECD work as described in the OECD Convention.
How to become an OECD member country?
It is not an easy task for a country to become an OECD member. A country who wants to become its member is required to adhere to the mission and values of OECD and should be able to take on the responsibilities and requirements of the active membership. Furthermore, the country may apply or be invited to open an accession process by the OECD Council. In this process, an accession roadmap is developed to determine terms, conditions, and processes.
Then a technical review is carried out to evaluate the policies and practices of the country with respect to OECD best practices and its ability to implement OECE standards. The country must implement a series of measures in order to align with OECD requirements and must approve membership domestically before becoming a member.
OECD works throughout member countries at the regional level, mainly through regional initiatives which help facilitate policy benchmarking and exchange of information and good practices across a particular geographical area.
The organization also has a Development center which facilitates policy dialogue for and with emerging economies. It also provides expert analysis to the debate on development policy to help decision makes find policy solutions to promote growth and improve the living standards in developing countries or emerging economies.
Furthermore, OECD also hosts the Sahel and West Africa Club (SWAC). It is an international platform that aims to promote regional policies to improve the economic and social well-being of people in the Sahel and West Africa.