Organisation for Economic Co-operation and Development (hereafter referred to as the "Organisation") Aims to promote policies aimed at:

A.

To achieve the greatest possible expansion of the economy and employment and a higher standard of living in the Member States, while maintaining financial stability, thereby contributing to the development of the world economy;

B.

Contribute to healthy economic development in member countries, as well as non-members, in the process of economic development;

C.

To contribute to the expansion of world trade on a multilateral and non-discriminatory basis in accordance with international obligations.

In order to achieve these objectives, Members agree, both individually and jointly:

A.

Ensure the efficient use of their economic resources;

B.

In the scientific and technological field, to ensure the development of their resources, to encourage research and to promote vocational training;

C.

To follow policies designed to ensure economic growth and internal and external financial stability, and to avoid the development of situations that could endanger their economies or that of other countries;

D.

Continue efforts to reduce or eliminate barriers to trade in goods and services, as well as current payments, and to maintain and expand the release of capital movements;

E.

To contribute to the economic development of Member and non-member countries in the process of economic development by appropriate means and, in particular, the contribution to these countries of capital, taking into account the importance of Their economies providing technical assistance and expanding opportunities for their export products.

In order to achieve the objectives set out in Art. 1 and to fulfil the commitments listed in Art. 2, the Members agree.

A.

To keep each other informed and to provide the Organization with the information necessary to carry out its tasks;

B.

To consult on an ongoing basis, to conduct studies and to participate in mutually agreed projects;

C.

To cooperate closely, if necessary through coordinated action.

The Contracting Parties to this Convention shall be Members of the Organization.

In order to achieve its objectives, the Organization may:

A.

Make decisions that, unless otherwise provided, bind all Members;

B.

Make recommendations to Members;

C.

Conclude agreements with its Members, non-member States and international organizations.

Unless the Organization decides otherwise unanimously for special cases, decisions shall be taken and recommendations shall be made by mutual agreement of all Members.

2. Each Member shall have one vote. If a Member abstaining from voting a decision or recommendation, such abstention does not preclude that decision or recommendation, which is applicable to the other Members but not to the abstaining Member.

3. No decision may bind a Member as long as it has not complied with the requirements of its constitutional procedure. The other Members may agree that this decision shall apply provisionally between them.

A Council, composed of all Members, is the body from which all acts of the Organization emanate. The Council may meet in sessions of ministers or permanent representatives.

Each year, the Council appoints a President chairing the ministerial sessions and two Vice-Presidents. The President may be nominated for an additional year following his first term of office.

The Council may establish an Executive Committee and any subsidiary body necessary to achieve the objectives of the Organization.

1. A Secretary-General responsible to the Council shall be appointed by the Council for a period of five years. It shall be assisted by one or more Deputy Secretaries-General or Deputy Secretaries-General appointed by the Council, on the proposal of the Secretary-General.

2. The Secretary-General shall chair the Council at the sessions of permanent representatives. It shall assist the Council in any necessary form and may submit proposals to the Council or any other body of the Organization.

The Secretary-General shall appoint the relevant staff to the functioning of the Organization in accordance with the organizational plans approved by the Council. The Staff Regulations are subject to the approval of the Council.

2. In view of the international nature of the Organization, the Secretary-General, Deputy Secretaries-General or Deputy Secretaries and staff shall not seek or receive instructions from any of the Members of the Organization or from any Government Or authority outside the Organization.

Under the conditions it is for the Council to determine, the Organization may:

A.

Expressing wishes to non-member states and organizations;

B.

Establish and maintain relations with non-member states and organisations;

C.

Invite non-member Governments and organizations to participate in the activities of the Organization.

Representation in the Organisation, of the European Communities established by the Treaties of Paris and Rome as of 18 April 1951 and 25 March 1957 is defined in an Additional Protocol N ^O 1 to this Convention.

(1) This Convention shall be ratified or accepted by the signatories in accordance with their respective constitutional requirements.

2. Instruments of ratification or acceptance shall be deposited with the Government of the French Republic, designated as the depositary Government.

3. This Convention shall enter into force:

A.

Either before 30 September 1961, as soon as the instruments of ratification or acceptance have been deposited by all the signatories;

B.

Either on 30 September 1961, if at least 15 signatories have deposited these instruments, and with respect to those signatories, and with respect to any other signatory upon the deposit of its instrument of ratification or acceptance;

C.

Either after September 30, 1961, but no later than two years after the signature of this Convention, as soon as these instruments have been deposited by fifteen signatories, and with respect to those signatories, and with respect to any other signatory as soon as The deposit of its instrument of ratification or acceptance.

4. The signatories who have not deposited their instruments of ratification or acceptance at the entry into force of the Convention may participate in the activities of the Organization under the conditions to be determined by agreement between the Organization And those signatories.

The reconstitution of the European Economic Cooperation Organisation will take effect upon the entry into force of the Convention, and its objectives, bodies, powers and names will therefore be those provided for in the Convention. The legal personality of the Organisation for Economic Cooperation will continue in the Organisation, but the decisions, recommendations and resolutions of the European Organisation for Economic Cooperation require The approval of the Council to be applicable after the entry into force of this Convention.

The Council may decide to invite any Government prepared to assume the obligations of membership to accede to this Convention. This decision must be taken unanimously; however, the Council may accept unanimously, in a particular case, the possibility of abstention, on the understanding that, notwithstanding the provisions of Art. 6, the decision then applies to all Members. Accession shall take effect upon the deposit of the instrument of accession with the depositary Government.

Any Contracting Party may terminate, as far as it is concerned, the application of this Convention by giving one year's notice to that effect to the depositary Government.

The headquarters of the Organization shall be in Paris, unless the Council decides otherwise.

The legal capacity of the Organization and the privileges, exemptions and immunities of the Organization, its officials and representatives of its Members with it are defined in the Additional Protocol N ^O 2 to this Convention.

Each year, in accordance with a Financial Regulation adopted by the Council, the Secretary-General shall submit to the approval of the Council an annual budget, accounts and any annex budget requested by the Council.

2. The general expenses of the Organization, as approved by the Council, shall be allocated in accordance with a scale which shall be adopted by the Council. The other expenditure shall be financed on the basis set by the Council.

Upon receipt of the instruments of ratification, acceptance, accession or notice of withdrawal, the depositary Government shall provide communication to all Contracting Parties and to the Secretary-General of the Organization.

In witness whereof, The undersigned Plenipotentiaries, duly authorized, have signed at the bottom of this Convention.

Done at Paris, on 14 December mil nine hundred and sixty, in English and in French, the two texts being equally authentic, in a single copy which shall be deposited with the depositary Government, which shall communicate a certified copy thereof to all Signatories.

(Suivent signatures)