What is economic cooperation?

Today, economic cooperation is one of the most important challenges to be addressed in the sphere of vertical cooperation between nations. Although it tends to be used as a synonym for financial cooperation, business cooperation and even productive cooperation, there are a number of characteristics that help to clearly define the concept of economic cooperation. Discover them in detail below.

Fundamentals of international economic cooperation

Broadly speaking, economic cooperation is a form of economic relationship between nations that seeks greater flexibility in economic transactions and whose final objective is to favor the economic growth of the participating countries.

In Europe, the body in charge of ensuring that all countries jointly solve certain economic challenges derived from interdependence and globalization is theOrganization for Economic Cooperation and Development (OECD). Among other things, its objective is to promote policies aimed at:

  • Ensuring economic growth and financial stability
  • Encourage the expansion of financial services and international investment
  • Promote relations between governments to work on strengthening multilateral and non-discriminatory trade
  • Carry out international agreements and decisions to establish the rules of the game that allow progress towards a globalized economyand controlled

Likewise, it is convenient to bear in mind that economic cooperation is possible thanks to the action of international cooperation, which lays its foundations in the achievement of certain objectives, such as promoting the economic and social development of countries that are at a disadvantage. and offer humanitarian aid to citizens of less developed or conflict countries,

Leave a Comment