Bribes and hidden trade barriers among APEC members

[pioneer]

Bribes and hidden trade barriers are costing APEC member states at least 148 billion US dollars in lost economic activity, according to a World Bank report published Monday.

The report, released for an Asia-Pacific Economic Cooperation (APEC) summit in Sydney, said some poorer countries could increase trade by a quarter to 50 percent if they could eliminate bad practice.

At the same time, it said companies also badly need more transparent and predictable rules to reduce the uncertainty of trading.

The World Bank said APEC economies generally had a good record on reducing regular trade barriers such as tariffs but called for more action to address 'hidden' barriers and 'unofficial payments' or bribes.

source: forbes.com