PARIS – The Organisation for Economic Co-operation and Development (OECD) and the Inter- American Development Bank (IDB) have agreed to collaborate more closely in generating and promoting good practices and public policy that will favor economic and social development in Latin America and the Caribbean.
The Secretary General of the OECD, Angel Gurría, and the President of the IDB, Luis Alberto Moreno, signed the Memorandum of Understanding at the International Economic Forum for Latin America and the Caribbean, an annual event held in Paris organized jointly organized by both institutions.
Chile was invited to become a member country of the OECD in December 2009. When it joins, there will be 20 nations holding membership in both institutions (31 member countries in the OECD and 48 in the IDB.1
In addition, the OECD has a Development Center where seven Latin American countries members of the IDB participate with full-fledged membership—Brazil, Colombia, Costa Rica, Chile, the Dominican Republic, Mexico and Peru.
“We have a long history of cooperation with OECD, in a variety of sectors which we hope to continue strengthening,” said Moreno. “We participate in several OECD networks and working groups, including those of the Development Assistance Committee,” he added.
The Secretary General of the OECD, Angel Gurría, stated that this agreement “will strengthen our capacity to jointly advise on key issues affecting the development of Latin America, such as economic and social policy, the drive for innovation and the battle against climate change.”
Other areas of cooperation in which the two organizations share efforts include competitiveness, education, fiscal policy, economic research, policy and strategy related to innovation, statistics, quality of life, assistance for development, and governance.
In addition to jointly hosting the International Economic Forum for Latin America and the Caribbean, the IDB and the OECD since 2003 partner in the organization of the annual Latin American Competition Forum.
The Memorandum of Understanding comes as a response to the Paris Declaration on Aid Effectiveness, which encourages international institutions and multilateral development banks to work together in coordination, aiming at better synergies, and seeking to avoid duplication of work.
The MOU replaces a joint declaration of priorities subscribed April 7, 2003.
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1 The countries holding membership in both organizations are Germany, Austria, Belgium, Canada, Chile, Republic of Korea, Denmark, Spain, the United States, Finland, France, Holland, Italy, Japan, Mexico, Norway, Portugal, the United Kingdom, Sweden and Switzerland. Two member countries of the IDB, Israel and Slovenia, are candidates for OECD membership. Additionally, the Paris-based organization has granted enhanced engagement status to Brazil and China, two other IDB member countries.