At the heart of international business are rules, norms, standards and tools that help facilitate the daily flow of global commerce.
The International Chamber of Commerce (ICC) has three main activities:
- Rule Setting
Because its member companies and associations are themselves engaged in international business, ICC has unrivaled authority in making rules that govern the conduct of business across borders. Although these rules are voluntary, they are observed in countless thousands of transactions every day and have become part of the fabric of international trade.
Writing rules for business
At the heart of international trade are rules, norms, standards and tools that help facilitate the daily flow of global commerce, the life-support system of cross-border trade and investment. In its historic rules-writing function, ICC has developed a large array of voluntary rules, guidelines and codes to facilitate business and spread best practices. These rules help reinforce business self-regulation, provide an invaluable service to businesses across the globe and are used in billions of dollars’ worth of transactions every year. The UCP 600 Uniform Customs and Practice for Documentary Credit are widely used in international finance.
ICC commissions are specialized working bodies composed of business experts who examine major issues of interest to the business world. They prepare policy products, including statements to contribute to intergovernmental discussions, as well as rules and codes to facilitate international business transactions.
ICC, through these commissions, makes policy in: arbitration, banking, commercial law, competition, corporate responsibility and anti-corruption, e-Business, IT and telecoms, environment and energy, intellectual property, marketing and advertising, taxation, trade and investment, and customs and trade facilitation.
The strength and legitimacy of ICC policy statements and rules are derived from the fact that they are developed through extensive consultation with member companies. ICC’s normal consultative procedure requires policy documents first to be adopted by one or more commissions, in consultation with national committees, and then approved by the Executive Board, before they can be regarded as official and public ICC positions.