If 1999 was the year the world awoke to the urgent need for debt relief for the poorest countries, the challenge for the year 2000 is to unshackle the chains of debt. Having helped to secure multilateral funding for debt forgiveness, the Government now feels that the time is right for Britain to take an extra step in eliminating all bilateral debts owed to us by the Heavily Indebted Poor Countries. This includes all debt. We now hope that other creditor nations will follow our lead and make the Year 2000 one in which we begin to establish a new virtuous circle of debt relief, poverty alleviation and economic development. Like the debt burden, corruption too acts as a brake on economic development.
Corruption represents an unacceptable cost to business.
It hinders free and fair trade, distorts competition and undermines the democratic process. The Government is determined to work with partners to create a business climate to combat and deter bribery. In December 1998, the United Kingdom ratified the OECD Convention on combating the bribery of foreign public officials in international business transactions. This Convention subsequently came into force on 15 February 1999 as the culmination of three years work. I mention the Convention as one of the most important indications by the developed countries that we are not prepared to treat corruption as a necessary part of doing business in many countries.