Business calls for bold action to support private sector-led growth at OECD Consultation in Japan

Business calls for bold action to support private sector-led growth at OECD Consultation in Japan

At a consultation that was held in Tokyo today, the Business and Industry Advisory Committee to the OECD (BIAC) called on the Organisation for Economic Co-operation and Development (OECD) and on the government of Japan to promote policies that facilitate open and efficient markets and lead to more sustainable growth.

BIAC, representing the leading business organisations in OECD countries, pointed to the importance of trade and investment as major engines of the world economy.

“We are at a crossroad for our economies and business”, said BIAC Chair Phil O’Reilly. “Much has been said about ways to distribute income and wealth in our societies, but not enough concerning the question how we better encourage entrepreneurship, investment, and employment. We are prepared to support an OECD agenda that will promote structural reforms in OECD countries to strengthen the resilience of our economies and societies”.

Katsutoshi Saito, BIAC Vice Chairman and Chairman of Dai-Ichi Life Insurance Company Ltd, underlined the need for a “more co-ordinated approach to financial regulation that is conducive to economic growth, financial stability and investment”.

Peter Robinson, President of the United States Council for International Business, explained that the “implementation of the WTO Bali package is pivotal to strengthening international trade. The challenge for 2014 and beyond will be for governments to develop policies that reflect the needs and realities of the contemporary trade environment. The OECD has an important role to play in providing the economic analysis on global value chains that illustrate the positive impact of trade policies for our economies and societies”.

Founded in 1962 as an independent organisation, the Business and Industry Advisory Committee to the OECD (BIAC) is the officially recognised representative of the OECD business community. BIAC’s members are the major business organisations in the OECD member countries and a number of OECD observer countries.

For more information, contact Maud Garnier, BIAC Communications Manager.

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8 Apr, 2014

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