What is the 'International Chamber Of Commerce - ICC'?

The International Chamber of Commerce (ICC) is the largest and most diverse business organization in the world. The ICC has hundreds of thousands of member companies that represent more than 130 countries and broad business interests. The ICC's vast networks of committees and experts belong to all sectors and keep members fully informed of all issues that affect their industries. They also maintain contact with the United Nations, the World Trade Organization and other intergovernmental agencies.

BREAKING DOWN 'International Chamber Of Commerce - ICC'

The ICC fosters international trade and commerce to promote and protect open markets for goods and services and the free flow of capital. The ICC performs three primary activities: the establishment of rules, resolves disputes and advocates policy. The ICC also wages war on commercial crime and corruption to bolster economic growth, create jobs and stabilize employment and ensure overall economic prosperity. Because members of the ICC and their associates engage in international business, the ICC has unparalleled authority in setting rules that govern cross-border business. While these rules are voluntary, thousands of daily transactions abide by the ICC-established rules as part of regular international trade.

The History of the ICC

The ICC was founded in Paris, France in 1919. The organization’s international secretariat was also established in Paris, and its International Court of Arbitration was formed in 1923. The first chairman of the chamber was Etienne Clementel, the 20th century French Minister of Finance.

The ICC’s Governing Bodies

There are four primary governing bodies of the ICC. The lead governing body is the World Council, which is composed of national committee representatives. The highest officers of the ICC, the chairman and vice-chairman, are elected by the World Council every two years. 

The Executive Board provides strategic direction for the ICC. The board is elected by the World Council and is comprised of 30 business leaders and ex-officio members. The prominent duties of the Executive Board are the development of ICC strategies and policy implementation.

The International Secretariat is the operational arm of the ICC and is responsible for developing and implementing the ICC’s work program and introducing business perspectives to intergovernmental organizations. The secretary-general, who is appointed by the World Council, oversees this governing body.

The Finance Committee acts as an advisor to the Executive Board on all financial aspects. This committee prepares the budget on behalf of the board, submits regular reports, reviews the financial implications of ICC activities and oversees all expenses and revenue flows.

RELATED TERMS
  1. Uniform Rules For Demand Guarantees ...

    A set of rules developed by the International Chamber of Commerce ...
  2. Interstate Commerce Commission ...

    A body within the U.S. Department of Congress, charged with regulating ...
  3. Delivered Duty Unpaid - DDU

    Delivered Duty Unpaid is an international trade term indicating ...
  4. Incoterms

    Incoterms, which the International Chamber of Commerce publishes, ...
  5. Chamber of Commerce

    A chamber of commerce is an association or network of businesspeople ...
  6. United Nations - UN

    The United Nations (UN) international organization formed in ...
Related Articles
  1. Investing

    Cisco Exec Speaks to Trump Uncertainty at WEF

    Former Cisco CEO John Chambers says he doubled down on the market after Trump was elected.
  2. Managing Wealth

    Retired execs: How much do corporate boards pay?

    If you have the right skill set, getting a seat on a company board can be a lucrative and stimulating way to spend some of your new free time.
  3. Investing

    The Basics of Corporate Structure

    CEOs, CFOs, presidents and vice presidents – learn how to tell the difference.
  4. Tech

    More Evidence that Cryptocurrencies Are a Bubble?

    Forbes analyst Clem Chambers argues that cryptocurrencies are a bubble waiting to burst.
  5. Personal Finance

    What Is The Bank For International Settlements?

    Get the scoop on the structure and functions of the oldest global financial institution.
  6. Insights

    What Does the U.S. Secretary of Commerce Do?

    The Commerce Secretary overseas a vast business and commerce engine that drives the U.S. economy.
  7. Managing Wealth

    How To Become A Corporate Board Member

    We look at how corporate boards are constructed, and how investors can get involved.
  8. Investing

    What's the Salary of the Chairman of the Federal Reserve?

    The chairman of the Federal Reserve oversees the U.S. banking system.
  9. Investing

    What Is the World Trade Organization?

    The World Trade Organization (WTO) sets the global rules of trade. But what exactly does it do and why do so many oppose it?
RELATED FAQS
  1. What is the difference between CIF and FOB?

    Learn about the differences between FOB and CIF international trade agreements and the advantages and disadvantages for sellers ... Read Answer >>
  2. What are the costs for Free On Board (fob) shipping freights?

    Find out about free on board shipping, the obligations of parties involved and the costs each party must assume. Learn about ... Read Answer >>
  3. The Difference Between the International Monetary Fund and the World Bank

    Learn about the International Monetary Fund and the World Bank and how they are differentiated by their respective functions ... Read Answer >>
  4. How are international investment banking practices regulated?

    See which international organizations are responsible for overseeing and regulating global investment banks, including the ... Read Answer >>
Hot Definitions
  1. Ethereum

    Ethereum is a decentralized software platform that enables SmartContracts and Distributed Applications (ĐApps) to be built ...
  2. Cryptocurrency

    A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of ...
  3. Financial Industry Regulatory Authority - FINRA

    A regulatory body created after the merger of the National Association of Securities Dealers and the New York Stock Exchange's ...
  4. Initial Public Offering - IPO

    The first sale of stock by a private company to the public. IPOs are often issued by companies seeking the capital to expand ...
  5. Cost of Goods Sold - COGS

    Cost of goods sold (COGS) is the direct costs attributable to the production of the goods sold in a company.
  6. Profit and Loss Statement (P&L)

    A financial statement that summarizes the revenues, costs and expenses incurred during a specified period of time, usually ...
Trading Center