Organization for Economic Cooperation and Development (OECD)

Definition

Interest group of 27 advanced and less advanced nations, formed in 1960 as a successor to the Organization For European Economic Cooperation (OEEC) formed in 1948. It functions as an intergovernmental-organization and aims at coordination of economic development of member and non-member countries through multilateral trade, trade liberalization, and economic reform. OECD also covers technology transfer, economic and scientific research, and international terrorism, and is one of the world's best sources of economic and statistical information. Its current member nations are Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, UK, and USA. Membership of Russia in the OECD and in its elite Group Of Seven (G7) is expected.