Highlights from the business at OECD General Assembly 2025: Delivering prosperity through economic cooperation

The meeting focused on the critical issues facing the global business community in 2025. Representing Thailand's private sector, the Committee on OECD Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) attended this pivotal event. This follows the JSCCIB's recent membership as an observer in BIAC, which began in October 2024.

As we enter 2025, business leaders are confronted with an increasingly fragmented and unpredictable global scenario. Geopolitical tensions are rising, and unilateral actions risk breaking international ties. Amid these disruptions, one principle remains clear: “Business thrives on a predictable, rules-based international order.” For decades, the OECD has provided unique value to market-based democracies, promoting evidence-based policy guidelines to foster private sector-led growth, employment, and open markets. However, with globalization under threat, the path forward on key issues — including tax, tariffs, trade, and sustainable transition — remains uncertain.

This year, the Assembly underscored the importance of economic cooperation and the OECD's role in reinforcing “economic competitiveness.” It emphasized the need for collaboration with businesses to reduce uncertainty, volatility, and constraints. This article highlights three priority themes of recommendations that emerged from the Assembly.

1.    Raising Business Competitiveness: The meeting stressed the need to enhance business competitiveness in OECD countries through structural reforms to reduce barriers, bureaucracy, and regulatory burdens. The OECD's role in providing evidence-based analysis and policy recommendations is crucial for driving these reforms. The recent Business at OECD Economic Policy Survey highlights significant business constraints, including labor market tightness due to vacancies and skill mismatches, trade and investment barriers, energy price volatility from geopolitical risks, excessive regulatory red tape, and a lack of incentives for research and development.

2.    Shaping Future Industries: Innovation and technological advancement are essential to addressing global challenges. The Assembly called for government policies that create favorable conditions for business potential. The OECD's role should emphasize the risks of overreliance on government-driven strategies. A market-based foundation is crucial for gaining a competitive edge in emerging industries, rather than engaging in an industrial policy race. The OECD's role in setting standards and providing guidance on emerging technologies was also emphasized, along with the need for international cooperation to address cybersecurity threats and promote trusted data flows.

3.    Fostering Open, Fair, and Competitive Markets: The Assembly reiterated the importance of open and fair markets for the global economy. Participants expressed concerns about the rise of protectionist policies and economic nationalism, noting that de-globalization poses serious risks to progress made through multilateralism. The OECD has been urged to advocate for the benefits of international trade and investment and work towards eliminating tariff and non-tariff barriers. As a community committed to open, fair, and competitive markets, the Assembly also discussed the importance of sustainable supply chains and the OECD's role in promoting environmental sustainability through trade policies.

The BIAC General Assembly 2025 provided valuable insights for fostering economic cooperation and sustainable growth. The Thai government has embarked on its journey towards OECD membership by self-assessing and preparing the “Initial Memorandum: Preliminary Self-Assessment against OECD Legal Instruments” on 26 addressed issues for submission to the OECD, tentatively by the end of 2025. This document will outline the alignment of Thailand’s legislation, policies, and practices with OECD legal instruments, including those already adhered to. This process will later initiate technical discussions to strengthen the country's position for implementing significant reforms based on OECD recommendations.

The coming reform process, involving public, private, and citizen cooperation, represents a hopeful step forward for Thailand. The active participation of Thailand's private sector as an observer member of BIAC is crucial in this roadmap, advocating for relevant issues such as regulatory simplification, digital transformation, sustainable finance, and sound corporate governance. By aligning with OECD standards, Thailand can hopefully enhance its competitiveness, build a stronger, more resilient nation, and eventually contribute to a more stable global economy.

Author: Thitima Chucherd, Ph.D.

Head of macroeconomics research

Economic Intelligence Center, Siam Commercial Bank PLC. (SCB EIC)

eic@scb.co.th | SCB EIC Online : www.scbeic.com