Calls corruption highly detrimental to global trading system
Washington, DC – In testimony delivered today before the Senate Foreign Relations Committee, National Foreign Trade Council President and USA*Engage Co-Chair Bill Reinsch called on the Senate to quickly ratify the UN Convention on Corruption as recommended by the Administration.
“This is the first truly global anticorruption effort. It empowers those committed to reform with tools to root out corruption. At the same time, by recognizing the high standard to which we already hold U.S. firms, it raises the bar for other countries without imposing new obligations on us,” Reinsch said in his testimony, which focused on the need for quick ratification by the Senate.
“In order for this treaty to be implemented in a way that will truly root out corruption and benefit American companies, the United States must play a leadership role,” said Reinsch. “And that means that the Senate must act now to ensure that the United States speaks with the strongest possible voice in international forums.”
Detailed language for the Convention was negotiated by the Administration in consultation with the business community. In his testimony, Reinsch commended the skills of the negotiators and praised the Convention, which he pointed out:
“Corruption in the trading system hurts people around the world and impedes growth by siphoning money from productive uses,” stated Reinsch. “It also disadvantages U.S. firms who are held to a higher standard than are many of their international competitors. Senate ratification of this Convention will be an important step forward to ensure that this treaty is implemented and monitored in a way that benefits both U.S. companies and investment regimes around the world.”
Indicating the business community’s strong support for the Convention, NFTC and nine other organizations, including the Business Roundtable, National Association of Manufacturers, and U.S. Chamber have issued a letter calling for timely Senate action. This letter and Mr. Reinsch’s testimony can be found on the NFTC and USA*Engage websites at http://nftc.org/newsflash/newsflash.asp?Mode=View&articleid=1796&Category=All
USA*Engage (www.usaengage.org) is a coalition of small and large businesses, agriculture groups and trade associations working to seek alternatives to the proliferation of unilateral U.S. foreign policy sanctions and to promote the benefits of U.S. engagement abroad. Established in 1997 and organized under the National Foreign Trade Council (www.nftc.org), USA*Engage leads a campaign to inform policy-makers, opinion-leaders, and the public about the counterproductive nature of unilateral sanctions, the importance of exports and overseas investment for American competitiveness and jobs, and the role of American companies in promoting human rights and democracy world wide.
The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.