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OECD and Saudi Arabia Signed MoU to Deepen Cooperation
At the World Economic Forum in Davos on 17 January 2024, Saudi Arabia signed a Memorandum of Understanding with the Organization for Economic Co-operation and Development (OECD), marking another significant milestone in Saudi Arabia's efforts to strengthen international cooperation. The Memorandum of Understanding covers various key areas of daily business life, including corporate governance, finance, taxation, and sustainability. The cooperation consists of joint research, exchange of information, sharing of statistical data and alignment with OECD standards through assessments and comparative analyses of policy practices. The joint signing during the prestigious World Economic Forum clearly expresses Saudi Arabia's role and commitment to proactive, open, and cooperative collaboration to address common challenges in a unified manner and promote best practices.
Although Saudi Arabia is not a member of the OECD, it has been working closely with the OECD for many years, particularly in the areas of (international) tax, the G20/OECD Inclusive Framework on BEPS, corporate governance principles, consumer protection in the financial sector, anti-corruption, and financial inclusion. Since the establishment of the OECD Initiative on Governance and Competitiveness in the MENA region, Saudi Arabia has not only been a member but has played an active and leading role in the areas of digital transformation, promotion of trade and investment integration, and fostering inclusion and competitiveness across the MENA region.
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