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SECO has a broad-based commitment to the drafting and dissemination of rules and standards for economic governance and lends its support to both the public and private sectors.
Economic governance refers to all forms of control and steering mechanisms to promote an economy that functions with legitimacy, responsibility and transparency. Implementing these rules contributes to a stable economy that fosters both growth and employment. Economic governance is also an effective means of preventing corruption. It comes into play at three levels:
1. International organisations like the IMF, the World Bank or the WTO are gaining
in importance in global economic governance.
2. At a national level, the emphasis is on the responsible and transparent management
of public finances and the efficient regulation of the business environment.
3. Rules of conduct for the private sector are needed wherever state regulations are
not efficient or barely exist, as is the case in many developing and transition countries.
In this respect, initiatives for improving corporate social responsibility and
corporate governance are of particular relevance.
As a cross-cutting theme, promoting and reinforcing economic governance in the partner countries lies at the heart of international economic cooperation and encompasses all priority themes. It is an essential factor in realising SECO's strategic goals of integrating the partner countries into the global economy and promoting sustainable economic growth. To this end, SECO has a broad-based commitment to the drafting and dissemination of appropriate rules and standards, and lends its support to both the public and private sectors.
SECO is especially active in the development of international instruments and in cooperating for the prevention of corruption. A key area of engagement is the Extractive Industries Transparency Initiative (EITI), a coalition of governments, companies and civil society groups working to improve transparency and accountability in the notoriously corrupt oil, gas and mining industries in developing countries.
Going forward, more incentive systems for green growth will be encouraged, and increased efforts will be made to step up economic liberalisation and compliance with recognised labour regulations. This will help to reduce the extreme economic inequality in some partner countries.
In implementing economic governance, SECO promotes the natural synergies which exist between the instruments of foreign economic policy and international economic cooperation. At the same time, SECO also seeks to cooperate with other relevant players in the federal government and supports open, rules-based economic systems that are also clearly in Switzerland's own interest.
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