OECD
The Organisation for European Economic Cooperation (OEEC) was created after World War II to manage American and Canadian aid for Europe's reconstruction. In 1961, the OEEC became the Organization for Economic Cooperation and Development (OECD). The current mission of the OECD is to promote policies that will improve the economic and social well-being of people around the world. The OECD covers economic and social issues including macroeconomics, trade, development, education and science and innovation.
OECD Member Countries
The OECD provides its members with a forum in which governments can work together to share experiences and seek solutions to common problems. Its foreronner was created by 18 European countries and the United States and Canada. Today the OECD consists of 34 countries, including members characterised as emerging economies. Additionally, the OECD works closely with several countries from Asia, Africa, Latin America and the Caribbean to further shape its work.
The 34 OECD member countries are: Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.
The OECD Guidelines for Multinational Enterprises are supported by all 34 of the OECD Member countries and 9 non-Member adhering countries (Argentina, Brazil, Colombia, Egypt, Latvia, Lithuania, Morocco, Peru, and Romania).
What is the OECD Investment Committee?
The Investment Committee was formed in April 2004 following the merger of the Committee on International Investment and Multinational Enterprises (CIME) and the Committee on Capital Movements and Invisible Transactions (CMIT). Members of the Committee are delegates from OECD member countries. As signatories to the OECD Declaration and Decisions on International Investment and Multinational Enterprises Argentina and Brazil participate in Investment Committee meetings as Observers and additionally Colombia, Egypt, Latvia, Lithuania, Morocco, Peru, and Romania participate in Investment Committee meetings relating to the Declaration and Decisions.
The OECD Investment Committee is responsible for the OECD liberalisation instruments in the field of international investment and services. It interprets and implements the 1976 Declaration and Decisions on International Investment and Multinational Enterprises and is the guardian of the Codes of Liberalisation of Capital Movements and Current Invisible Operations.
The Committee: 1) promotes the liberalisation of policies towards international capital movements, international direct investment and multinational enterprises (MNEs), and trade in services; 2) fosters international co-operation in these fields and 3) promotes better understanding of the policy issues at stake. In pursuit of these goals, the Committee:
- provides a forum for discussion of current issues among policy makers and administrators from Member countries and participating non-Member countries. Views are also exchanged with business, labour, non-member countries and other groups through consultation procedures, roundtables and conferences;
- monitors the observance of the "rules of the game" set out in the OECD Codes of Liberalisation and the Declaration and Decisions on International Investment and Multinational Enterprises and provide a forum for dispute resolution under these instruments; and prepare, when necessary, statements of "clarifications" or interpretation of the rules of the game for which they are responsible, including the Guidelines for Multinational Enterprises;
- conducts country-by-country or horizontal "peer reviews" of policies relating to the instruments and make recommendations to promote liberalisation;
- assesses whether candidates for OECD Membership are willing and able to meet the obligations of the OECD instruments;
- develops new rules of the game where necessary and appropriate;
- prepares critical analysis of trends in investment flows and a wide range of policy issues for consideration by policymakers, and where appropriate for publication to a wider audience.
Further information about the Committee, including the chairmanship and
vice-chairmanship(s); membership, observers or other participants; date of
creation, duration and mandate, can be found in the Directory of Bodies under
Financial and Enterprise Affairs.
The Investment Committee and the OECD Guidelines for Multinational Enterprises
The OECD Guidelines are one part of a broader OECD investment instrument - the Declaration on International Investment and Multinational Enterprises. Observance of the Guidelines is guided by National Contact Points (NCPs) for the OECD Guidelines set up by OECD and adhering governments. The OECD Investment Committee has the oversight responsibility for the Guidelines.
TThe Investment Committee assists NCPs with carrying out their activities and makes recommendations on how they can improve their performance. The Investment Committee cannot pronounce itself on the question whether a particular company has or has not respected the Guidelines in any given case, which weakens the corrective function of the supervisory mechanism of the Guidelines. In the case of non-observance no sanction can be imposed upon a member country or company.
If there is a dispute about the applicability of the Guidelines, the Investment Committee may be asked to consider an amendment to the text or a clarification of a particular clause. This clarification can be sought by member countries, advisory committees TUAC or BIAC and since 2011 by OECD Watch. The Investment Committee is not a tripartite review committee. BIAC, TUAC and OECD Watch have a mere consultative function. Besides the clarification task, the Investment Committee conducts periodic reviews of the experiences with the provisions of the Guidelines.
OECD Investment Committee website
