Information on missed opportunities is not quantifiable. But there is no doubt that corruption negatively impacts companies. This Convention is not a panacea, but what we are talking about is adopting an international agreement that promotes accountability and transparency and will lead to more predictable rules for U.S. companies doing business abroad. It will help level the playing field for U.S. business. There is no question that corruption has a harmful effect on developing countries.
Corruption discourages foreign investment and disrupts normal business practices.
It undermines respect for governmental institutions and fosters organized crime. Examples of the tremendous costs of corruption on governments and citizens reveal how expensive this problem is. In a speech last year, Vice President Gore spoke of the case of Guatemala where third-party procurement monitoring has helped reduce corruption in the Ministry of Health. The corrosive influence of corruption hinders the full development of the countries of the Hemisphere and limits opportunities for U.S. companies. The U.S. must do all it can to address this critical issue.