U.S., 33 Countries Sign Bribery Pact

The United States and 33 other countries signed a convention aimed at eradicating bribery in international business. Secretary of State Madeleine Albright, speaking at the signing ceremony in Paris, called the accord “a victory for good government, fair competition and open trade.” Washington has been a driving force behind the agreement reached by members of the Organization for Economic Cooperation and Development and five additional countries. But even some of those signing the accord admit to its shortcomings, while praising it as a first effort to end the widespread practice of kickbacks to win contracts. The accord makes bribery of foreign public officials an extraditable offense.