APEC members for punishing bribery in trade

Lima, Feb 24 (IANS) Members of the Asia-Pacific Economic Forum (APEC) said here that bribery in international trade transactions should be punished.

The members voiced this view at the 22nd meeting of APEC’s Anti-Corruption and Transparency Working Group.

“Corruption can discourage foreign and domestic investment, distort competition, and prevent the proper functioning of the markets, as well as raise the cost of public services and infrastructure projects,” Peru’s Attorney General Pablo Sanchez said.

Sanchez, who was presiding over the working group, is also chief of Peru’s High-Level Anti-Corruption Commission.

“It is a challenge to safeguard the member economies of APEC with the legal mechanisms needed to prevent this criminal practice from going unpunished due to deficiencies in their legal frameworks,” Sanchez said.

The meeting, he added, offers the bloc’s 21 members a valuable opportunity to exchange best practices and experiences in the fight against corruption, and to learn about new anti-graft initiatives presented by international organizations.

APEC’s 21 members include Australia, Canada, China, Indonesia, Japan, Malaysia, Mexico, New Zealand, Peru, Russia, Singapore, South Korea and the US.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here