Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-06-12-Speech-3-403-000"
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"en.20130612.48.3-403-000"2
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"This vote is history in the making. 70% of the world's extractive industry will be covered, and the European Union will have led the way in setting a new global standard for transparency. The new rules will become a major new weapon in the global fight against corruption, ensuring that citizens of resource-rich countries can hold their governments to account for the exploitation of their natural resources. The transparency obligation will force companies to disclose the payments they make to governments on a country-by-country basis in their financial accounts. This greater transparency in the extractive sector means that it can now be known if companies are paying the right price for the resources they extract and if they are making a contribution to the development of these countries and helping to lift their citizens from poverty. For example, in Niger it is estimated that, since 1960, between 14.5 and 21 billion euros of potential revenue have been lost because of unfair deals, and in 2008, exports of oil, gas and minerals from Africa were worth roughly nine times the value of international aid to the continent: USD 393 billion as opposed to USD 44 billion. Yet many communities in resource-rich countries remain trapped in poverty."@en1
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