What is the International Chamber of Commerce (ICC)?
Based in Paris, France, the International Chamber of Commerce (ICC) is an organization comprised of more than six million members from countries around the world, tasked primarily with representing and helping to establish rules that affect and govern the interests of individuals and organizations in every part of private enterprise.
The Basic Functions and Activities of the ICC
In its capacity as the world’s foremost business organization, the International Chamber of Commerce functions in three primary capacities:
- As an advocate for policies that benefit members in every area of business
- Establishing rules that help members achieve such policies and adhere to them
- Solving disputes between members
The companies and associations that make up the ICC are all engaged in business activities of some sort, often with one another. For this reason, the ICC exerts overarching power when it comes to creating the rules and policies that govern how business transactions are completed as far as international business is concerned.
The rules are not mandatory; however, every member and all companies and organizations working with the ICC follow the existing rules, because they tend to represent the best possible outcomes for all involved parties. Many of the rules established by the ICC are incorporated into regular trading processes, including the trading done in the stock markets.
Who the ICC Supports
Ultimately, the International Chamber of Commerce supports its members and associates. However, in setting the groundwork for fair and profitable trade and business between nations, the ICC ends up supporting any firm that seeks out deals or trade with another country.
The ICC also works closely with a number of governmental agencies by lending expertise and establishing a presence through representatives at places such as the World Trade Organization (WTO), the United Nations (UN), and even at the G20 summits.
The International Chamber of Commerce was created shortly after World War I when real regulation or security concerning international trade and business interests was not existent. Over the years, the ICC became a foundation on which rules of ethical and profitable trade between nations could be established.
The rules the ICC laid down in its earliest years are the principles it stands on today, principles that influence almost every area of business and trade around the world.
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