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ICC welcomes G20 pledge to complete Doha Round by 2011

03 January 2011

The International Chamber of Commerce (ICC) welcomes the commitment of the Seoul G20 Summit to complete the Doha Round by 2011 and other measures to ensure that trade can make a meaningful contribution to the global economic recovery and job creation.

Private sector crucial to attaining development goals, ICC Secretary General tells UN

02 April 2010

ICC Secretary General Jean Rozwadowski has underscored the crucial role of the private sector in attaining the internationally agreed set of targets to halve extreme poverty known as the Millennium Development Goals (MDGs).

ICC releases guidelines on sanction clauses in trade related products

26 March 2010

The ICC Banking Commission Task Force on Anti-Money Laundering today released guidelines on sanction clauses in trade related products, including letters of credit, documentary collections and guarantees.

G20 must take action to fight protectionism and support trade finance to keep trade flowing

01 April 2009

Leaders of the G20 countries must coordinate their national policies to end the global recession, support a monitoring system to honour previous promises to reject protectionism, and restore trade financing to more normal levels, the International Chamber of Commerce (ICC) said today.

“Trade is the lifeblood of the global economy and the world needs more of it at this critical moment, not less,” said ICC Chairman Victor K. Fung. “The G20 summit in London provides the perfect opportunity for the international community to reassert its confidence in the multilateral trading system, which spurred the phenomenal economic growth of recent years and pulled hundreds of millions of people out of extreme poverty. At this time of world crisis we call on the G20 leaders to harness the political will to adopt policies ensuring job creation and long-term economic growth,” Mr Fung added.

ICC said the need for a credible monitoring system to combat protectionism was underlined by a recent World Bank study showing that since the G20 Summit in Washington last November, 17 of the G20 countries have adopted 47 measures restricting trade. Increases in tariff and non-tariff barriers as well as discriminatory public procurement policies, for example, require careful monitoring.

Lowest global economic index in history

18 February 2009

The world economic climate index fell for the sixth consecutive quarter

The world economic climate index fell for the sixth consecutive quarter, dropping 10 percentage points to reach its historically lowest level since the introduction of the World Economic Survey in 1981, according to the ICC and the Ifo Institute for Economic Research, who conduct the survey.

The index, based on a survey of 1,035 economic experts in 92 countries, fell to 50.1 points compared with 60.0 points in the fourth quarter of last year. “Overall, the data confirm a global recession,” the survey concluded.

The January climate indicator declined in the Euro area, the United States and Asia. Economies cooled in Central and Eastern Europe, weakened in Latin America, and deteriorated in CIS countries. “Although the economic expectations for the next six months have not been further downgraded, they remained clearly negative on a global average,” the report said.