The International Chamber of Commerce is a global business association that promotes cross-border business.
The International Chamber of Commerce (ICC) was founded in 1919, after the First World War. Likewise, it has been dictating standardized regulations for business since 1933. Thanks to its work, it has come to represent 45 million companies in more than 100 countries. Precisely because of this same representativeness, it is a consultative entity of the first order of the United Nations.
Mission of the International Chamber of Commerce
The ICC’s mission is the promotion of international trade and investment. In this sense, they support measures such as multilateralism and contribute to the standardization of commercial processes. Trade is considered a fundamental way for development and the eradication of poverty. They also contribute to conflict resolution and compliance with the rules of all its members. Although its services can also be used by companies that do not belong to its Council.
Finally, they have the objective of promoting economic prosperity and opportunities for all equally. They establish themselves as the highest representation of the private sector on the international stage.
Importance of the International Chamber of Commerce
The promotion of trade, investment, the flow of capital and trade openness deserves a joint effort by the private and public sectors. The ICC, being one of the most important business associations in the world, is in charge of fulfilling part of this task.
This organization also contributes to the standardization of processes and regulations to streamline trade. The organization even facilitates the mediation of conflicts through organizations under its control, such as the International Court of Arbitration. This court allows individuals, governments and companies to resolve their conflicts with neutral and reliable agreements without going through the most complex legal dispute.
Governing bodies of the International Chamber of Commerce
The ICC has three governing bodies which are as follows:
- World Council: The highest governing body of this organization and responsible for making the most relevant decisions. It is similar to the general assembly of other international organizations.
- ICC Executive Board: Responsible for developing ICC strategies and action programs. It is made up of different committees such as: Ex officio, Governance, Finance, Nominations and Human Resources, Policy Commissions, and Global Networks.
- Presidency and General Secretariat: They are elected by the World Council to enforce the work program of the organization.