The Asean+3 Macroeconomic Research Office (ARM) is an organization that carries out research work in the economic fields of Cambodia, Laos and South Vietnam. The main aim of the Research Office is to provide sound economic advice to the government of these countries. The main source of advice is from the United States Federal Reserve Bank. The main focus of the Research Office is on micro-economic indicators of the country along with a cross section analysis of macroeconomic data.
This research wing was established in 2021 as a preparation tool for the Asian economic summit. In the present time, it has emerged as a powerful agency that can be used in the policy formulation of both domestic and international policy. Currently, there are twenty-eight members in this committee. Among them, six are from the United States, Japan, South Korea, Australia and New Zealand. Among the six members, six are from the United States, Japan, South Korea, Australia and New Zealand. There is another member of the group from the European Union.
The Secretariat of the Asian+3 Macroeconomic Research Office is Dr. David J. Norton. Dr. Norton is a professor at the Department of International Finance of Macquay University, Australia. He has a master's degree in economics and a PhD in International Business. Dr. Norton has served as a senior adviser to the prime minister of New Zealand and to the governor of the Reserve Bank of New Zealand. Dr. Norton has extensively taught at the university and he is considered as a world authority in economic forecasting. He is one of the six members of the team that is responsible for the forecasting methods adopted by the central banks of Asia.
After the signing of the cooperation agreement in 2021, there was a rapid growth in the Asian+3 macroeconomic surveillance and coordination system involving the main Asian economic partners. After the signing of the cooperation agreement, the first steps towards the implementation of the system were undertaken. From then on, the Asian countries started using the system and after some time, it was successfully completed. At present, there are about twelve main currencies involved in the trading and the Asian+3 countries have traded largely with the US dollar, the Japanese yen, the Australian dollar, the euro, Swiss franc and the pound.
The cooperation agreement and the opening ceremony were successfully completed after four years of negotiation. Today, the economies of the Asian + 3 countries are integrating their national currencies in the trading that is taking place across the globe. This integration is expected to enhance the volume of the trading which will in turn, contribute to the boost in the global economy. In view of the fact that there is a significant chance of appreciation of the Australian dollar, a considerable amount of trading is expected to take place between Australia and Japan and this could go up to the equivalent of about USD 24 billion.
The Asian+3 countries which are involved in the trading are: China, Japan, Korea, India, Singapore, Philippines, Taiwan and the United States of America. These economies are undergoing structural changes and are creating opportunities for . . . . . . growth. The Asian+3 members are moving towards the globalization and this is being supported by the United States administration and the Federal Reserve. It is believed that there will be further integration in the coming years and the Asian+3 countries will emerge as the major trading partner of the world. The Asian+3 members are focused on achieving rapid economic growth and they have joined hands with the European Union to achieve this goal.