ICC News

20 May 2020 ICC has warned that proactive government interventions will be needed to ensure the market can power an economic rebound in the wake of the COVID-19 crisis. ICC estimates a possible US$ 5 trillion of trade credit will be needed to enable a rapid recovery from the COVID-19 crisis Business body warns that trade financing gaps risk hampering a global recovery – impacting the survival chances of small businesses Despite early scaling of support measures in response to COVID-19, further public backing for trade credit needed to prime conditions for a trade-driven economic rebound In a new paper issued today, ICC

12 May 2020 ICC – the institutional representative of over 45 million businesses – has called for action to tailor financial support measures to the needs of micro-, small- and medium-sized enterprises (MSMEs) in the context of the COVID-19 pandemic. In an open letter to finance ministers published today, ICC Secretary General John W.H. Denton AO said that without adequate and immediate fiscal interventions a significant proportion of MSMEs may be unable to weather the COVID-19 crisis – with potential systemic implications for employment and the functioning of global supply chains. Highlighting the crucial role that MSMEs play in the functioning

7 May 2020 ICC has issued 10 recommendations for how governments can use trade to help micro-, small- and medium-sized businesses (MSMEs) weather the COVID-19 storm. Underscoring the vital role can trade play in helping small business stay afloat and driving a rapid economic recovery, the 10 ways for governments to use trade to Save our SMEs statement calls on governments to take urgent action to Save Our SMEs. It comprises recommendations for an immediate response to limit the damage caused by the COVID-19 pandemic and short- to mid-term recommendations to mitigate further damage and level the trading playing field to enable MSMEs to

6 May 2020 ICC Trade Register reflects on the impact of COVID-19 on global trade, while affirming trade finance’s decade-long low-risk profile.  Highlights In 2019, global trade flows declined 2% from US$ 18.5 trillion to US$ 18.1 trillion, underpinning a trade finance revenue pool of US$ 46 billion. ICC Trade Register data confirms default rates from 2008-2018 are low across all products and regions surveyed. The report can be used as a reference point for policymakers when considering how to support trade and trade financing during, and after, the COVID-19 crisis. ICC has released its 2019 Trade Register Report, revealing COVID-19’s

6 May 2020 ICC has partnered with International SOS, the world’s largest medical and security services firm, to launch the new ICC AOKpass mobile app, to provide trusted recognition of individuals’ COVID-19 compliance status. Co-developed by Singapore-based startups AOKpass and Perlin, the app will allow consumers, workers and businesses to more safely and quickly resume commercial activity in the context of the COVID-19 pandemic. At all times, users maintain full control over their medical information, which is stored securely and privately only on their device. Development of ICC AOKpass comes as many governments and businesses explore how to allow immune and low-risk individuals to

5 May 2020 What steps can micro-, small- and medium-sized enterprises (MSMEs) take to protect their business from cybercriminals looking to take advantage of increased online operations as a result of COVID-19? A new ICC paper, published today, highlights the increased risk to MSMEs of cyber-attacks due to the COVID-19 crisis and sets out concrete steps that can be taken to enhance the security of their operations and workers. Published as part of a range of resources and tools aiming to help small businesses navigate stay afloat during and post-pandemic, the free-to-download guide underscores the importance for companies to be able

30 April 2020 As COVID-19 continues to threaten lives and livelihoods, action is needed from governments, private sector leaders and international institutions to ensure the continued viability of our MSMEs. ICC has launched a one-stop shop for policy recommendations, resources and support to Save Our SMEs (SOS). The new portal launched today as part of a global campaign to #SaveOurSMEs, which aims to keep micro-, small, and medium-sized enterprises (MSMEs) afloat during the COVID-19 crisis and support their rapid recovery post-pandemic. Some of the most severe economic impacts of the pandemic are being felt by MSMEs, which account for up to

27 April 2020 ICC and the World Customs Organization (WCO) have issued a joint statement calling for increased action on customs and trade facilitation to ensure an effective response to the COVID-19 pandemic. In a joint statement, issued today, ICC Secretary General John W.H. Denton AO and WCO Secretary General Kunio Mikuriya say effective trade facilitation – based on international standards – will play a central role in enabling business continuity and renewed economic growth. The statement calls for a coordinated customs response to the COVID-19 crisis – including through active participation in multilateral efforts and an open dialogue with neighbouring

24 April 2020 The International Chamber of Commerce (ICC) commemorates World Intellectual Property (IP) Day, by recognising the role that IP plays in encouraging innovation and creativity. Taking place every 26 April, World IP raises awareness on how copyrights, patent systems, trademarks, and designs contribute to economic growth and innovation. This year, World IP Day will explore how a balanced and robust IP system can contribute to a green economy and encourage climate-friendly innovation to shape a net zero future. To mark the occasion, ICC spoke with Bertrand Piccard, founder of Solar Impulse Foundation, and David Nabarro, special envoy to the

23 April 2020 ICC has issued a collection of rapid response measures by trade finance banks to keep trade finance and trade flowing in the face of COVID-19. Trade and trade finance operations require significant back-office operations to process paper-based transactions. With shipping, in-person contact and travel all increasingly disrupted as a consequence of the COVID-19 pandemic, financial institutions have been putting in place measures to enable transactions and the continuity of trade. Collating data from ICC, the International Trade and Forfaiting Association (ITFA) and the Bankers Association for Finance and Trade (BAFT), ICC’s Digitalisation Working Group has published a practical