A Ministerial Council Meeting of the Organisation for Economic Cooperation and Development was held in Paris May 13-14.
Ministers from members and non-member economies participated in the 2-day meeting, discussing issues such as the economic outlook, the strengthening of growth in an era of demographic change, health financing, sustainable development, and OECD reform.
On this last point, in a release at the conclusion of the meeting, it was reported that Ministers welcomed the recent agreement to a number of measures concerning the future” role and governance” of the OECD, including:
· a strategy for enlargement and for strengthening relations with non-OECD economies;
· the establishment of a new decision-making method for special cases; and
· the amendment to the scales of contribution by Members to the budget of the Organisation.
Importantly, there was support for further reallocation of resources to high priority work “informed by a strengthened evaluation process”.
Some countries called on the OECD to develop a more strategic approach to its work with non-member economies, in order to increase its global impact
Other issues discussed at ministerial level included **Trade**. Ministers supported a multilateral trading system, noting that positive results on the Doha Development Agenda will help renew and strengthen trust in that system. There was determination to reach basic agreements on frameworks for key issues of the Doha Agenda by July of this year.
Acknowledging the need to rebuild and maintain public trust in companies and financial markets, Ministers warmly welcomed the recent agreement to a revised version of the **OECD’s Principles of Corporate Governance**. *(See April 22nd industry news report)*. In this connection, Ministers encouraged the wide dissemination and active use of the Principles, and a sustained policy dialogue among governments and other concerned parties.
**Financial Action Task Force**
OECD Ministers congratulated the FATF on its significant achievements in combating money laundering and terrorist financing; specifically, the successful revision of its Forty Recommendations and the issuance of the Eight Special Recommendations – and the relevant guidance for their implementation. Ministers welcomed the decision of their FATF colleagues to extend the mandate of the Task Force for a further eight years in order to deepen and expand its vital work.