The PBEC Steering Committee and Board of Directors adopted on November 21, 1997 the PBEC Statement on Standards for Transactions Between Business and Governments, which includes PBEC action recommendations for both business and government.

The Statement referenced the ongoing negotiations in the Organization for Economic Cooperation and Development and urged member economies to adhere to the OECD Convention when it was concluded. On November 22, 1997 in Paris, the Organization for Economic Cooperation and Development finalized, after years of negotiation, the groundbreaking Convention on Combating Bribery of Public Officials. The Convention was formally signed by twenty-nine OECD members (including seven from the Asia Pacific region) on December 17, 1997. Five non-OECD members (list attached) have also signed the Convention, which is targeted to enter into force by the end of 1998.

PBEC congratulates the OECD for this path breaking agreement, which, when implemented, will strengthen good governance and corporate integrity, promote economic efficiency and development, and provide direct benefits to consumers around the world through lower prices for goods and services. These benefits will be maximized through the broadest possible participation in the agreement.

PBEC welcomes the support for the Convention by the five non-OECD signatories. PBEC urges all economies in the Pacific region to sign and ratify the Convention and to commence effective implementation as early as possible. PBEC member companies commit themselves to support early ratification by their governmental authorities.

The PBEC statement also contains support for regional activity to enhance transparency in government procurement. The APEC Government Procurement Experts Group has already agreed to certain elements on the principle of transparency. PBEC applauds these efforts and urges APEC to move forward to develop a regional agreement on transparency on government procurement.

Endorsed by the PBEC Steering Committee 05/24/98
Adopted by the PBEC Board of Directors 05/24/98