|Unit 4.3-International Regulations|
The International Chamber of Commerce was founded in 1919 with a goal to serve world business by promoting trade and investment, open markets for goods and services, and the free flow of capital. ICC activities cover a broad spectrum--resolving disputes through arbitration, making the case for open trade and the market economy system, helping business become self-regulated, fighting corruption, and combating commercial crime.
ICC model contracts make life easier for small companies that cannot afford high legal costs by providing templates.
- ICC is a pioneer in business self-regulation of e-commerce.
- ICC codes on advertising and marketing are frequently reflected in national legislation and the codes of professional associations.
- ICC has direct access to national governments all over the world through its national committees. The organization's Paris-based international secretariat feeds business views into intergovernmental organizations on issues that directly affect business operations.
- The ICC also sets rules and standards:
- Arbitration under the rules of the ICC International Court of Arbitration is on the increase. Since 1999, the Court has received new cases at a rate of more than 500 a year.
- ICC's Uniform Customs and Practice for Documentary Credits (UCP 500) are the rules that banks apply to finance billions of dollars worth of world trade every year.
- ICC Incoterms are standard international trade definitions used every day in countless transactions.