The Anti-Corruption Action Plan set out at the Seoul G20 marks a paradigm shift in the fight against corruption, by recognizing the need for public-private partnership and the proactive role played by the private sector. Corruption is an intolerable impediment to the efficiency of the global economy, to fair competition and to sustainable global development. Bribery erodes the integrity of markets, distorts fair competition and reduces the benefits of globalization for industrialized and developing countries alike. Failure to address corruption undermines the effectiveness of G20 efforts across its entire agenda. The B20 fully supports this initiative and will participate through a closed G20/B20 interaction and framework to combat both the demand and supply sides of corruption.
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