ASEAN+3 Macroeconomic Research Office (AMRO)

ASEAN+3 Macroeconomic Research Office (AMRO)

The ASEAN+3 Macroeconomic Research Office (AMRO) is an international organization established in 2011 to support the effective operation of the Chiang Mai Initiative Multilateralization (CMIM). Its members include the ten ASEAN countries, along with South Korea, China, and Japan. AMRO is headquartered in Singapore.

 

 

Under normal conditions, AMRO produces reports analyzing macroeconomic trends and outlooks for the region as a whole as well as for individual member economies. During periods of crisis, it conducts in-depth macroeconomic assessments of countries requesting support and provides policy recommendations. AMRO also assists CMIM decision-making bodies and monitors whether member countries comply with the conditions required for CMIM fund disbursement.

 

 

At the time of its establishment, AMRO operated as a private legal entity under Singaporean law. However, in order to enhance regional cooperation and strengthen its surveillance functions, member countries agreed in May 2013 to transform AMRO into an international organization. This transition was formally completed in February 2016, when the AMRO Agreement entered into force.

 

 

As a result, the regional financial safety net—comprising CMIM and AMRO—has been significantly strengthened. AMRO has also expanded its institutional capacity, including the ability to formally cooperate with other international organizations such as the International Monetary Fund (IMF).

 

 

AMRO’s operating expenses are allocated in proportion to CMIM contribution shares. Eighty percent of the total costs are borne by South Korea, China, and Japan, while the remaining 20 percent is shared by ASEAN member states. Within the 80 percent portion, the costs are further divided among South Korea, China, and Japan in a ratio of 1:2:2.

Related terms: ASEAN+3, Association of Southeast Asian Nations (ASEAN), Chiang Mai Initiative (CMI)