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

The International Chamber of Commerce is the largest, most diverse business organization in the world. The ICC has hundreds of thousands of member companies from more than 100 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: establishment of rules, dispute resolution and policy advocacy. 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 early-20th-century French politician.

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 it is comprised of 30 business leaders and ex-officio members. The executive board's prominent duties 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 flow.

  1. Interstate Commerce Commission ...

    The Interstate Commerce Commission regulated the economics and ...
  2. International Commerce

    International commerce is trade between companies in different ...
  3. Incoterms

    Incoterms, which the International Chamber of Commerce publishes, ...
  4. Free Carrier - FCA

    Free carrier is a trade term specifying a delivery location for ...
  5. Nomination Committee

    A nomination committee is a committee that acts as part of an ...
  6. Energy And Commerce Committee

    The Energy and Commerce Committee is a committee of the United ...
Related Articles
  1. 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.
  2. Tech

    More Evidence that Cryptocurrencies Are a Bubble?

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

    What Is the Bank for International Settlements?

    Headquartered in Basel, Switzerland, Founded in the 1930's the Bank for International Settlements (BIS), is a bank for central banks.
  4. Investing

    Cisco Ex-CEO Addresses Trump Era's Looser Rules

    John Chambers highlights the importance of deregulation and tax reform for the startup sector.
  5. Investing

    The Basics of Corporate Structure

    CEOs, CFOs, presidents and vice presidents – learn how to tell the difference.
  6. Financial Advisor

    How to Follow Investment Committee Best Practices

    More plan sponsors are forming investment committees to fortify their fiduciary standards. These are best practices for investment committees to follow.
  7. Investing

    How Globalization Affects Developed Countries

    The increase in communications technology has companies competing in a global market.
  8. 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?
  9. Taxes

    What IRS Form 990 Tells About a Nonprofit

    Want a picture of an organization's activities? This annual form, open to the public, sums up everything from salaries paid to missions accomplished.
  10. Insights

    IMF, WTO and World Bank: How Do They Differ?

    Understand what IMF, WTO and the World Bank are, how they differ, and why some people question their motives.
  1. 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 >>
  2. Globalization and International Investment

    Learn how globalization impacts international investment and transforms economies around the world. Understand the implications ... Read Answer >>
  3. Who is Responsible for Shareholders Interests?

    Several parties are supposed to be responsible for protecting and managing shareholders' interests, including the company's ... Read Answer >>
  4. What agencies oversee U.S. financial institutions?

    Discover the specific responsibilities of some of the major regulatory agencies that oversee financial institutions and markets ... Read Answer >>
  5. Do nonprofit organizations have working capital?

    Discover why financial reserves in the nonprofit world are equivalent to working capital used by for-profit businesses, and ... Read Answer >>
  6. How Are Global and International Funds Different?

    In English, 'global' and 'international' tend to be used interchangeably—hence the confusion. Read Answer >>
Trading Center