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G8 Summit

Volume 406: debated on Tuesday 10 June 2003

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To ask the Minister of State, Department for International Development, what agreement was made at the G8 summit on the transparency of payments to governments by oil and mining companies. [118431]

At Evian, the G8 countries emphasised their determination to fight corruption which is one of the key obstacles to economic and social development. They agreed an action plan that includes piloting, on a voluntary basis, an intensified approach to transparency in countries where revenues from extractive industries (oil, gas and mining) are important.The Extractive Industries Transparency Initiative (EITI) will help develop measures to implement this Action Plan.At the EITI multi-stakeholder conference being held in London on 17 June, we will be asking those present (governments, oil, gas and mining companies, industry bodies, international institutions, investors and NGOs) to make public statements of support for a Statement of Principles and Actions and to set out how they propose to take the initiative forward.