About this Section
This industry includes activities of international organisations such as the United Nations and the specialised agencies of the United Nations (UN) system, regional bodies etc., the International Monetary Fund (IMF), the World Bank, the World Customs Organisation (WCO), the Organisation for Economic Co-operation and Development (OECD), the Organisation of Petroleum Exporting Countries (OPEC), the European Communities (EC), the European Free Trade Association (EFTA) etc.
This industry also includes activities of diplomatic and consular missions when being determined by the country of their location rather than by the country they represent.
Industries within this Section
- Activities of extraterritorial organisations and bodies
About the industry
According to NACE Rev. 2, "Activities of Extraterritorial Organizations and Bodies" has one division, one group and one class.
Unlike most industries included in the NACE classification, extraterritorial organizations and bodies, mainly provide non-market services and engage in non-market transactions. Consequently, their non-market output can be measured roughly by adding up their costs, including: intermediate consumption, compensations of employees, consumption of fixed capital and other taxes on production.
The class level activities of Extraterritorial Organizations and Bodies include the activities of international organizations, such as the United Nations and the specialized agencies of the United Nations system, regional bodies etc., the International Monetary Fund (IMF), the World Bank, the World Customs Organization (WCO), the Organization for Economic Co-operation and Development (OECD) , the Organization of Petroleum Exporting Countries (OPEC) , the European Communities, the European Free Trade Association etc.
This class also includes the activities of diplomatic and consular missions when being determined by the country of their location rather than by the country they represent.
Extraterritorial organizations and bodies
The activities of Extraterritorial Organizations and Bodies can be outlined as follows.
Extraterritorial organizations and bodies provide platforms that are instrumental for advanced international cooperation in a wide-ranging areas including, global peace, human rights, equal opportunity, international trade, economic development, economic growth and financial and economic stability, extreme poverty, sustainable economic development, protecting environment. Their wide-ranging main activities include, establishing peaceful relations among member nations, providing basic human needs and humanitarian aid for the underprivileged members of the global community, regulating international trade and interactions among sovereign states.
Paradigm shift in international politics of post-cold war era
The largest and most influential universal organizations such as the United Nations, IMF and World Bank used to act mainly in concert with the interests of the nations, which controlled the largest portion of the global wealth. In the post-cold war era, however, technological advances facilitating international trade, transportation and communication along with developing economies growing integration with the global economy fostered faster economic growth in the developing world. Rising income levels and living standards as well as growing access to the internet, faster and cheaper international travel and communication facilitated spread of knowledge and information around the world and played a significant role in narrowing the income and wealth gap between the developed and developing world. Such developments eventually tipped the balance of power in favor of the developing countries in the arena of international cooperation.
The past two decades saw increasing interdependence of national economies, distribution channels, capital and labor markets. Emerging and developing economies benefited from unparalleled increase in international trade and inflow of capital and technology as they integrated with the global economy.
- 1 Oct 2019
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