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ICC is unique in the wealth of business
expertise it brings to its activities. Business executives from some of
Nigeria's best companies and organisations make inputs to ICC policy
statements, standards, rules and other instruments and ensures that they
are respected throughout the world.
The issues
that cut across the work of ICC Commissions are becoming more important than
ever. Trade, investment, e-business, intellectual property, transport, the
environment - all these can be tackled only through close cooperation among
working groups.
ICC promotes an open international trade and investment system and the
market economy. Its conviction that trade is a powerful force for peace and
prosperity dates from the organization's origins early in the 20th century.
The small group of far-sighted business leaders who founded ICC called
themselves "the merchants of peace".
Given that its member companies and associations are themselves engaged in
international business, ICC has unrivalled authority in making rules that
govern the conduct of business across borders. Although these rules are
voluntary they are observed in countless thousands of transactions every day
and have become part of the fabric of international trade.
ICC also provides essential services, foremost among them the ICC
International Court of Arbitration, the world's leading arbitral
institution.
Within a year of the creation of the United Nations, ICC was granted
consultative status at the highest level with the UN and its specialized
agencies.
Business leaders and experts drawn from the ICC membership establish the
business stance on broad issues of trade and investment policy as well as on
vital technical and sectoral subjects. These include financial services,
information technologies, telecommunications, marketing ethics, the
environment, transportation, competition law and intellectual property among
others.
Today it groups thousands of member companies and associations from more
than 146 countries. National committees in the world's major capitals
coordinate with their membership to address the concerns of the business
community and to convey to their governments the business views formulated
by ICC.
Demand for arbitration under ICC rules continues to rise after their first
major revision in 20 years came into force at the beginning of 1998. The
updated rules make the system more flexible and user-friendly.
Climate change
At the climate change negotiations in Buenos Aires in November 1998,a
100-strong business delegation headed by ICC advocated voluntary business
initiative for reducing green house gas emissions.
Competition and trade
As barriers to international trade come down, concern has increased about
the impact of private and state measures that limit competition on the
free flow of goods and services. ICC opened up a business-government
dialogue with the OECD and the WTO on the link between competition and
trade policy.
Customs modernization
Business is stepping up its effort through ICC to promote simplified and
modernized customs procedures.
Cybercrime
In response to widespread demand from business, ICC Commercial Crime
Service has set up a special unit to combat cybercrime. The unit will
respond to companies' concerns about the new capabilities that advances in
communications technology are placing in the hands of criminals.
Direct marketing
An-update edition of the ICC International Code of Direct Marketing takes
account of the intense competition generated by global economic
integration. These self-disciplinary rules point the way to further
international harmonization of marketing practices and are a reference for
legal and administrative bodies.
Documentary credits
An international certification programme for documentary credit
practitioners has been launched in conjunction with other leading
financial institutions. Certifications in the worldwide programme are
based on the results of examinations held every six months.
Domain names
ICC campaigned to ensure that business, the biggest investor in the
internet, plays a key role in administering the domain name system.
Pointing out that business-to-business e-commerce is the fastest growing
part of the Internet, it pressed for protection of the Internet's
integrity and brand names.
Electronic commerce
ICC led the way in drawing up a Global Business Action Plan for Electronic
Commerce that has been submitted to OECD ministers. Backed by more than 50
business organizations, the plan describes all the main business
self-regulatory initiatives designed to create trust in e-commerce.
Euro
Bankers and business worldwide received guideline on how ICC rules relate
to the Euro's use in international trade. A formal ICC document describes
how the Euro will affect ICC rules on documentary credit practice,
collection, bonds and bank-to-bank reimbursements.
Financial Services
[CC has provided the first forum bringing together all financial
convergence for the industry.
International Organizations
The ICC Geneva Business Dialogue in September 1998 paved the way for
greater business input to economic decision-making by the UN and other
international government organizations. It promoted cooperation between
the public and private sectors in creating a frame-work of rules for the
global economy.
Internet
ICC issued model contract clauses to protect the privacy and fundamental
rights of individuals when their personal data are transferred across
borders. Once incorporated in a contract, the clauses are fully
enforceable for the contracting parties.
Investment guides
In a joint project with UNCTAD, ICC enlisted support from 30 major
companies in launching a bench-marking process that will help six least
developed countries to attract foreign investment. The scheme covers:
Bangladesh, Madagascar, Mali, Ethiopia, Uganda and Mozambique.
Model contracts
Publication of the ICC Model International Sale Contract gives importers
and exporters an authoritative legal standard for the sale of goods
worldwide. Among other tools,the model contract draws on Incoterms,the ICC
standard definitions for international tradeterms.
Trade finance
The first complete rules on international standby practices are now in
force. Prepared by ICC and the Institute for Banking Law and Practice, the
rules provide a framework within which practitioners can draft standby
letters of credit correctly.
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