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Trade defaults rise due to COVID-19 but overall performance not significantly out of line with longer-term range
17 June 2021 ICC – along with partners Boston Consulting Group and Global Credit Data – has published interim findings from its Trade Register on the performance of short-term trade and supply chain finance assets from 2019 and 2020. Preliminary analysis of the data for these assets has identified an increase in defaults across most trade finance products in 2020, which is likely at least in part attributable to the effects of the COVID-19 pandemic on economic activity – and related shifts in demand and
What is the importance of the United Nations’ Guiding Principles on Business and Human Rights?
15 June 2021 Ahead of the 2019 United Nations (UN) Business and Human Rights Forum, the International Chamber of Commerce (ICC) is reaffirming its longstanding commitment to the the United Nations’ Guiding Principles on Business and Human Rights (UNGPs). At this year’s UN Business and Human Rights Forum in Geneva on 25-27 November, ICC will join participants from government, business and civil society to establish a constructive approach for advancing human rights. Despite calls for a treaty-based approach, ICC remains convinced that the UNGPs are the best
”Monday Arbitration Day” Campaign (6/7)
14 June 2021 The sixth session of the ”Monday Arbitration Day” Campaign will focus on the costs in international arbitration. During this session it is provided a general overview on what constitutes the cost of arbitration and the effective management of an arbitration. Arbitrators’ fees and case administration account for a much smaller proportion of the overall costs in an ICC Arbitration. Significant work has already been done by the ICC Commission on Arbitration and ADR to help keep party costs under control. It includes
Weak G7 commitments on vaccines pose major downside risk to world economy
11 June 2021 The International Chamber of Commerce (ICC) has issued a warning that G7 leaders risk imposing major costs to the global economy absent of a step-change in their approach to managing the Covid-19 pandemic. Reports ahead of the Carbis Bay summit have indicated that the UK and the United States will pledge in the region of 600 million doses of proven vaccines to emerging economies over the next two years. But ICC – the institutional representative of more than 45 million businesses –
”Monday Arbitration Day” Campaign (5/7)
7 June 2021: BLOG Arbitral Tribunals This fifth session of the ”Monday Arbitration Day” Campaign will focus on the appointment of the arbitral tribunal. We are providing a general overview on the appointment of the arbitral tribunal by taking into consideration the provisions of the International Chamber of Commerce (ICC) Rules of Arbitration 2021, in force since 1 January 2021. On 19 May 2016, ICC signed an Equal Representation in Arbitration Pledge, calling for enhanced diversity in international arbitration. The ICC Court of Arbitration is
ICC responds to G7 deal on taxation
6 June 2021 ICC Secretary General John W.H. Denton AO has issued a statement in reaction to a G7 deal on taxation. ICC Secretary General John W.H. Denton AO said: “Effective international tax reform is a matter of considerable importance to global business. This must serve the dual need of restoring public finances and reinvigorating local economies in the wake of COVID-19. International coherence will play a pivotal role in meeting these imperatives. “Today’s commitment from the G7 is a very welcome step forward in