The OECD, comprised of 34 major countries, is a comprehensive economic organization that deals with such issues as the global economy, developmental support, education, health and environmental protection, etc. It undertakes analyses, provides policy recommendations and formulates regulations within its major areas of activity. Its global outreach program has broadened to include 70 nations outside its membership.
Korea signed the Convention founding the Organization for Economic Cooperation and Development on December 12, 1996. The ROK government thereby pledged its full dedication to achieving the Organization's fundamental aims. The benefits of the OECD membership are many. Through its country surveys and comparable statistical and economic data, the OECD provides its member countries with tools to analyze and monitor their economic, social and environmental policies. Countries can access all of the research and analyses conducted by the Secretariat.
In addition to its economic intelligence functions, the OECD is a forum where countries can discuss and share national experience, identify best practices and find solutions to common problems. The OECD has working relationships with over 70 non-member economies, and members benefit from dialogue and consultations with all players on the world scene.
Also, in May 2004, the OECD opened a Regional Center for Competition in Seoul in cooperation with the Korea Fair Trade Commission and the OECD. The Seoul Regional Center for Competition expands the OECD's work on competition in the Asian region and helps the authorities concerned to develop and implement effective competition law and policy in their countries.
In May 2011, in order to provide a practical framework for governments to boost economic growth and protect the environment, the OECD adopted the OECD Green Growth Strategy Synthesis Report. In this process, Korea contributed to improving the report more valuable by sharing the Korea's experience which was acquired through Korea's Green Growth policies.
Country statistical profile: Korea Korea's Activities within the OECD : 2012
Korea has continuously reinforced its role as a middle power through its active participation in the Ministerial Council Meeting, Russia's accession to the OECD, and enhancement of relations with crucial economic partners, so called 'Key Partners' (China, Indonesia, India, Republic of South Africa, and Brazil).
The Ministerial Council Meeting was held in Paris on May 23-24, 2012, under the theme, "All on Board: Policies for Inclusive Growth and Jobs", reflecting the focus on economic growth and employment around the world. In addition, the meeting adopted the "OECD Strategy on Development" including future OECD strategies. Korea contributed to building the development strategy as a co-chair of the special working group in the OECD development strategy. Bark Tae-ho, Minister for Trade, participated in the meeting as a chief delegate and expressed a plan to invest US$800 thousand in the "East Asia Green Growth strategic project" in an effort to implement the OECD development strategy.
On the other hand, OECD member countries not only made progress on Russia's accession to the OECD through twenty-two commissions, but also discussed ways to engage Key Partners such as China and Indonesia. While holding interagency meetings with regard to Russia's accession to the OECD, the Korean government collected views from the private sector including companies conducting business in Russia. In addition, Korea strengthened diplomatic activities to enhance China's status to the OECD by holding three meetings to enhance cooperation with China in 2012(March, July and November) as chair of the Informal Reflection Group of China.
In addition, Korea implemented follow-up measures of the Phase 3 evaluation on Korea of the OECD Anti-bribery Convention (Convention on Combating Bribery of Foreign Public Officials in International Business Transactions). The Korean government reviewed its progress in the OECD recommendations through consultations among relevant government agencies including the Ministry of Foreign Affairs and Trade, Ministry of Justice, Anti-corruption & Civil Rights Commission and National Tax Service. Korea reported its measures for implementation of the recommendations to the Working Group on Anti-bribery of the OECD in October. Korea has served as a role model by implementing the Anti-bribery Convention of the OECD as well as participating in the G20 Anti-corruption Working Group.