Other Economic Development Organizations
• Organization for Economic Cooperation and Development (OECD) – The OECD is an international organization of 35 countries with the propose of fostering economic development and international trade. The objective of the organization is to develop common policies and understanding with regard to international trade practices. It provides model policies for countries to implement and facilitates the negotiation of treaties among participant countries.
⁃ Note: The Nuclear Energy Agency is a sub-organization of the OECD. It focuses on promoting the development, advancement, and use of nuclear power for peaceful purposes.
• World Customs Organization (WCO) – The WCO is an international organization of member governments focused on the development of international model rules and instruments to facilitate international trade. It focuses on the aspects of international trade commonly enforced through a country’s customs agency.
⁃ Note: The WCO administers the international harmonized system and WTO customs valuation and rules of origin procedures.
• Organization of Petroleum Exporting Countries (OPEC) – OPEC is an intergovernmental organization of 14 oil-producing nations. It negotiates oil production policies among member nations with the purpose of stabilizing oil markets, including the supply, demand, and prices stabilization.