AMRO, OECD partner on ASEAN+3 growth and financial stability

From L to R: AMRO Director Toshinori Doi and OECD Secretary-General Mathias Cormann

SINGAPORE – The ASEAN+3 Macroeconomic Research Office (AMRO) and the Organisation for Economic Co-operation and Development (OECD) have announced a new strategic partnership to support economic growth and financial stability in the ASEAN+3 region.

The partnership is supported by a Memorandum of Understanding (MoU) signed last August 13 by AMRO Director Toshinori Doi and OECD Secretary-General Mathias Cormann at a ceremony in AMRO’s headquarters in Singapore.

“AMRO and the OECD share the common purpose of supporting economic growth, promoting financial stability, and advocating multilateral cooperation in the ASEAN+3 region,” Mr. Doi said.

“In this period of heightened uncertainty, I am confident that the two organizations will leverage on each other’s comparative advantages to broaden and deepen our knowledge of key structural and thematic issues affecting our member economies,” he added.

Mr. Cormann, meanwhile, said the OECD greatly values the ASEAN+3 co-operation process.

“The Memorandum of Understanding the OECD and AMRO signed today will further strengthen our co-operation, including through exchanges on the regional economic outlook, tax and infrastructure policy, and in relation to international capital flows,” he said. “It was great to meet with AMRO Director, Toshinori Doi, to discuss our work together with concrete measures under this new framework.”

Taking effect since August 13, the MoU covers a five-year period from 2021 to 2026. Under the partnership, AMRO and the OECD will explore opportunities for greater cooperation in the areas of macroeconomic surveillance, research on thematic issues, and the capacity building of ASEAN+3 members. The agreement also demonstrates the joint commitment by the organizations to promote regional economic and financial stability, as well as sustainable and inclusive growth.

AMRO and the OECD have collaborated in co-organizing the Asian Regional Roundtable, an annual event that seeks to promote dialogue on key issues affecting Asia. The two organizations have also shared information and knowledge on ASEAN+3 economies.

This year marks the 10th and 60th year of AMRO’s and OECD’s inception, respectively. Both international institutions commit to advancing their collaboration to the next stage.

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