Category: News

U.S. Secretary of State John Kerry commends APEC efforts to develop ethics for businesses

Remarks by U.S. Secretary of State John Kerry during the APEC CEO Summit in Bali, Indonesia on 7 October 2013.


"When we talk about rules, predictability, and the sanctity of contracts, we cannot forget that corruption corrodes our markets by raising the cost of doing business, it brews uncertainty, it creates inefficiency, it undermines good governance, and it frightens away capital. Put simply, it slows down growth. It doesn’t speed it up. It doesn’t expand growth, and it certainly doesn’t meet the standards of a world that is increasingly looking for more transparency and accountability. It creates a fragile system instead of a strong one.

President Obama and I commend APEC for its close work with the private sector to develop ethics for businesses large and small. And we also commend APEC’s recent work to shine a light on money laundering and illegal trade, including wildlife trafficking. Our economies – simple, bottom-line – our economies will not reach their full potential and we will not meet the demand of all those young people looking to us for good choices, for the future. We will not do that unless we eliminate criminal enterprises that undermine the legitimacy of what we are all trying to achieve, and the rules by which we are all trying to work."

See video clip here (20:30-22:30):


« APEC Ministers encourage stakeholders to implement APEC's principles for codes of business ethics | Home | Health Laws and Places Forum (Philippines): FDA Adopts Business Ethics for Biopharmaceutical Sector »