Why in News?
In September 2025, Israeli Finance Minister Bezalel Smotrich visited India, signing a new Bilateral Investment Agreement with Finance Minister Nirmala Sitharaman. It replaces the 1996 pact, aims to boost trade, investment, and is India’s first treaty with an OECD country.
Description:
- Type: International organization of 38 countries committed to democracy and market economy.
- Members: Typically, democratic nations supporting free-market economies.
- Established: 14 December 1960 by 18 European countries + USA + Canada.
- Headquarters: Paris, France.
- Objective: Shape policies to foster prosperity, equality, opportunity, and well-being for all.
- Functions:
- Publishes economic reports, forecasts, analyses, and statistical databases.Works to eliminate bribery and financial crimes worldwide.
- Maintains a “blacklist” of uncooperative tax havens.
- Membership & Relations:
- India is not a member but has working relationships with OECD.
- Key Focus Areas: Economic growth, social welfare, anti-corruption, taxation transparency, policy guidance.
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