Trade for prosperity

ICC sets out business case for deal on emissions trading at COP26

ICC Secretary General John W.H. Denton AO has called on climate ministers to finally conclude a robust and workable rulebook to operationalise Article 6 of the Paris Climate Accord on international carbon markets., ahead of COP26 discussions next month.

A crucial component of the Paris Agreement, Article 6 has the potential to significantly raise climate ambition and action, and lower costs, through greater private sector engagement and more widespread finance, technology and expertise to catalyse climate action.

Scaling up women-led small businesses in Africa

The Women Traders in the AfCFTA, a partnership formed by ICC, UPS, Trade Law Centre (Tralac), and West Blue Consulting, met at Expo 2020 Dubai to support women-led SMEs in Africa.

Launched in February 2021, the partnership offers capacity building programmes and tools, including co-developed trade and information portals called “e-Trade Hubs,” advocates for enabling public policy, and creating electronic guidelines to help women entrepreneurs scale-up and digitise their businesses.

The one-day event brought together AfCFTA entrepreneurs, innovators and business leaders – both in-person and virtually – to discuss shared challenges, obstacles, and success stories. Taking place on October 16, 2021, the event offered a platform to celebrate inspirational development journeys, showcase innovative products and services, and create new network opportunities for upscaling businesses and entering new marketplaces.

ICC calls for coherent and coordinated implementation  of international tax agreement

ICC has responded to a decision taken today by G20 Finance Ministers to endorse the agreement broached by 136 members of the Organisation for Economic Cooperation and Development (OECD) Inclusive Framework last week, calling for rapid clarity regarding the application and implementation of the proposed rules to address the tax challenges of the digitalisation of the economy.

ICC Secretary General John W.H. Denton AO said: “The agreement marks an important step in establishing a revised international tax framework for the 21st century. The fundamental architecture and parameters of the agreement reached through the OECD set a solid foundation to modernise the global taxation system – however coherent and coordinated implementation is imperative to ensure the reforms are administrable for both tax administrations and taxpayers and will not impose double taxation on international business which creates undue friction for investment.”

New Steering Committee appointed to lead ICC Banking Commission

ICC has today announced a number of new appointments to lead the work of its Banking Commission – the leading standard-setting body for international trade finance transactions. Lynn Ng of ING becomes new Commission Chair.

As part of a number of changes implemented by ICC to strengthen the institutions’ work in this domain, the new leadership of the Commission will consist of a single Steering Committee comprising a Chair and 12 Vice-Chairs – each appointed for initial three-year terms.

The Steering Committee will work with the ICC Global Headquarters team to provide strategic direction for ICC’s work on trade, supply-chain and export finance – overseeing the delivery of a range of new and enhanced projects in areas such as digitalisation, sustainability and the capital treatment of trade assets.

ICC announces formation of new Industry Advisory Board (IAB) to support the Digital Standards Initiative

ICC has today announced the formation of a new Industry Advisory Board (IAB) to support the growing mandate of the ICC Digital Standards Initiative (DSI). Gerard Hartsink has been appointed Chair of the Board.

As part of our drive to promote inclusion and create opportunity for all parties involved in the international supply chain, the International Chamber of Commerce (ICC) launched the Digital Standards Initiative (DSI) in 2020 in partnership with the Asian Development Bank and the Government of Singapore to establish a globally harmonised, digitalised trade environment.

The new Industry Advisory Board will work under the auspices of the DSI Governance Board and will comprise 30 industry leaders from a broad range of industry verticals and geographical regions who share a passion for solving key challenges facing international trade digitisation efforts. Members include strategic organisations such as GS1, WCO, IPCSA, SWIFT, GLEIF, BIMCO, FIATA, DCSA, Freight and logistics, Banks, Retailers and Commodity companies.

Piracy and armed robbery incidents at lowest level in decades

The ICC International Maritime Bureau (IMB) has reported the lowest number of reported piracy and armed robbery incidents for the first nine months of any year since 1994.

IMB’s latest global piracy report recorded 97 incidents of piracy and armed robbery for the first nine months of 2021 – the lowest level of reported incidents since 1994. In 2021, IMB’s Piracy Reporting Centre (PRC) reported 85 vessels boarded, nine attempted attacks, two vessels fired upon and one vessel hijacked.

Reported incidents are down to their lowest level in decades, but violence against seafarers has continued with 51 crew kidnapped, eight taken hostage, five threatened, three injured, two assaulted and one killed, according to the latest IMB statistics.

While the reduction of reported incidents is a welcome, IMB PRC warns that seafarers must remain vigilant as violence against crew remains high in many areas of the world.

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