Colombia is currently engaged in the formal accession process to become a full member of the Organization for Economic Cooperation and Development (OECD). As OECD committees review Colombia’s status, sharing OECD best practices and standards as well as helping to identify areas for further reforms, the Business and Industry Advisory Committee (BIAC) developed a statement on Colombia’s accession discussion, which has been submitted this month to the OECD Secretariat and relevant bodies.
The statement provides business perspectives on Colombia’s readiness for OECD membership, analyzing the country’s market access, corporate governance, labor market reform, anti-corruption and pharmaceutical and health care issues.
Economic projections for Colombia point to a positive outlook, characterized by a high growth rate of 4.2 percent, falling unemployment and the lowest level of inflation in more than 50 years. But despite Colombia’s impressive economic rise – due in large part to the country’s strong reform agenda – challenges remain that need to be addressed in order to ensure the sustainability of its growth trajectory, according to the BIAC statement.
BIAC and the National Business Association of Colombia recommend the following reform priorities for the country’s accession to the OECD: “The development of Colombia’s capital markets; an improved education system that meets labor market needs; greater commitment to implementing trade agreements and greater efficiency in customs; a level playing field for competition; increased investment in science, technology and innovation; reduced costs for transportation and logistics; and significant efforts to reduce tax evasion and informality.”
BIAC asserts that Colombia’s accession process represents a critical opportunity to disseminate OECD instruments, standards and good policy practices to one of Latin America’s leading economies, while also allowing Colombia to share its policy experiences with OECD member countries.
Staff contact: Justine Badimon