Alice Slayton Clark Archives

OECD Continues to Review Colombia Accession

Published on June 1, 2015

As the Organization for Economic Cooperation and Development continues its review of Colombia’s accession process, USCIB and other business groups have raised concerns about the country’s market access. Specifically, industry is concerned about the country’s policies on alcoholic beverages, pharmaceutical and healthcare products, and scrapping incentives.

USCIB worked with the Business and Industry Advisory Committee to the OECD to produce one-page issue papers that were shared with OECD Trade Committee government officials, outlining Colombia’s policies:

The next OECD trade committee meeting will take place in November, at which point the Trade Committee will review whether Colombia has made any adjustments to its market access policies.

USCIB Extols Importance of Investor-State Rules

Published on May 28, 2015
Shaun Donnelly (center) at the Barcelona Centre for International Affairs
Shaun Donnelly (center) at the Barcelona Centre for International Affairs

USCIB’s Shaun Donnelly, vice president for investment and financial services, took the U.S. trade agenda to Spain last week, advocating for the benefits of the Transatlantic Trade and Investment Partnership (TTIP) and debunking myths about Investor-State Dispute Settlement (ISDS).

Donnelly spoke with business and university groups about the U.S.-EU trade deal and especially about ISDS, which remains controversial in Europe, at the invitation of the U.S. Embassy in Madrid and the Consulate General in Barcelona. He gave the keynote at an all-day conference on May 27 on “TTIP Negotiations: Caught Between Myth and Reality” hosted by leading Spanish think tank CIDOB (Barcelona Centre for International Affairs).

On May 28, Donnelly traveled to Madrid where he spoke at the U.S.-Spain Council‎, the IE Business School, the Foundation for Research in Law and Business, and at a young entrepreneurs association. He also did a radio interview for the U.S. Embassy’s website.

Donnelly, a retired State Department economic officer, former ambassador, and former USTR trade negotiator, has done five TTIP and ISDS public-speaking tours around Europe for the State Department and U.S. embassies over the last 18 months.

Also last week, the European Union Parliament’s trade committee backed a resolution in support of TTIP, including a provision on ISDS.

Angel Gurría Re-elected Secretary General of the OECD

Published on May 26, 2015
L-R: Peter Robinson (USCIB); Angel Gurría (OECD); and Charles Heeter (former BIAC Chairman and USCIB board member); at a 2006 USCIB reception welcoming Gurria as new OECD S-G).
L-R: Peter Robinson (USCIB); Angel Gurría (OECD); and Charles Heeter (former BIAC Chairman and USCIB board member); at a 2006 USCIB reception welcoming Gurria as new OECD S-G).

Angel Gurría was re-elected secretary general of the OECD on Tuesday, May 26, with a renewed mandate.

“USCIB congratulates Secretary General Gurria on his reelection,” said USCIB President and CEO Peter Robinson. “Through our affiliation with the Business and Industry Advisory Committee to the OECD, we have appreciated the opportunity to work with the Secretary General in providing private sector views to the OECD. We look forward to continuing that relationship during his third term.”

The unanimous decision by the 34 member countries of the OECD to renew secretary general Angel Gurría’s mandate for the period 2016-2021 was an acknowledgment of his work to shape a more relevant, inclusive and open organization.

“I am honored and humbled by the trust and confidence the members have bestowed upon me, and look forward to continuing to transform the OECD into a cutting-edge international organization to promote better policies for better lives,” said Gurría.

Read the full OECD media release.

Kim Kit Ow Named to Lead ICC Academy

Published on May 6, 2015
Kim Kit Ow
Kim Kit Ow

The International Chamber of Commerce (ICC) has named former ICC Regional Director for Asia, Kim Kit Ow, as Managing Director of its recently launched ICC Academy.

With extensive experience both as a practicing lawyer and in-house counsel, Ow will be responsible for overseeing day-to-day operations of the new Academy, established by ICC to deliver market-leading professional education.

“I am thrilled to take up the challenge of leading this pioneering initiative from ICC,” Ow said. “My overarching priority is to ensure effective implementation of the Academy’s strategy so that our important work of bridging the global skills gap and making quality professional education accessible worldwide can begin and be sustained for many years to come.”

Ow holds a law degree from the National University of Singapore and was called to the Singapore Bar. She began her career in a leading Singapore law firm, practicing as a disputes resolution lawyer. Subsequently she moved into the banking and finance sector, working for both private and public bodies including Credit Suisse and the Monetary Authority of Singapore.

In 2009, Ow became regional director, Asia for the ICC International Court of Arbitration and ICC Dispute Resolution Services where she was responsible for promoting ICC’s dispute resolution services.

“Providing quality education on a global scale begins with quality management,” said John Danilovich, ICC Secretary General and ICC Academy Chairman. “With her extensive professional experience and in-depth knowledge of ICC’s unique value proposition, I have no doubt that Ow is the right person to lead this exciting venture and help drive the ICC Academy into the next phase of its development.”

The ICC Academy is headquartered in Singapore where Ow will lead a team of Academy staff liaising closely with ICC headquarters in Paris to develop and distribute ICC Academy products and services worldwide.

Follow the ICC Academy on Twitter @TheICCAcademy

Visit the ICC Academy official website

Staff contact: Eva Hampl 

More on USCIB’s Banking Committee

Activity Heats Up Around Investor-State Dispute Settlement

Published on May 6, 2015
Cecelia Malmstrom, EU Trade Commissioner
Cecelia Malmstrom, EU Trade Commissioner

Investment protections and especially Investor-State Dispute Settlement (ISDS) arbitration have emerged as a controversial and hotly debated provision of the Transatlantic Trade and Investment Partnership (TTIP) negotiations underway for nearly two years between the United States and the European Union. Criticism by anti-trade activists of ISDS has been intense in Washington, Brussels and around Europe where trade has not previously been as controversial or politicized as in Washington.

“New EU Trade commissioner Cecelia Malmstrom find herself in the spotlight, trying to walk a twisted tightrope with very challenging strands of political, ideological, and even a few substantive elements,” said Shaun Donnelly, USCIB’s vice president for investment and financial services. “She has her hands full.”

TTIP is a free trade agreement being negotiated by the United States and the European Union which, if agreed, is expected to create jobs and grow the economies on both sides of the Atlantic. ISDS is a legal instrument that allows investors to file claims against a foreign government.

Before unveiling to EU Trade Ministers and the European Parliament this week, Commissioner Malmstrom was in Washington on Monday to huddle with USTR Michael Froman, consult on the Hill and deliver a public speech at the Center for Strategic and International Studies. During the discussion at CSIS, ISDS figured prominently, with Malmstrom only hinting generally at approaches she would be proposing this week in Brussels.

“The Commissioner’s performance at CSIS was quite impressive but there are still more questions than answers on how the EU and the U.S. will handle ISDS in TTIP,” said Donnelly. “USCIB will continue to lead business communicate advocacy on both sides of the Atlantic for a strong Investment Chapter, including strong ISDS provisions, at the heart of TTIP.”

USCIB and member company representatives attended a panel at the Center for Strategic International Studies (CSIS) on May 5 where Malmström spoke about the European Commission’s proposal to revamp ISDS. Prior to Malmström’s speaking engagement at CSIS, Donnelly participated in an informal briefing for Congressional staff with Linda Dempsey (National Association of Manufacturers) and Scott Miller (CSIS) under the auspices of the Congressional TTIP Caucus.

USCIB has long been strongly advocating for investment protections in TTIP and America’s other trade agreements. Last week, USCIB joined over 60 business associations urging Congress to include investment protections, particularly investor-state dispute settlement (ISDS), in Trade Promotion Authority legislation. USCIB staff also made a strong business case for ISDS at speaking engagements at a TTIP stakeholders forum in New York on April 23, and at a seminar on Transatlantic energy issues in Washington, D.C..

In addition, earlier last month Eva Hampl, USCIB’s director for investment, trade and financial services, spoke on a panel on The Impact of Investor-State Dispute Settlement (ISDS) in TTIP at an International Investment Symposium hosted by the International Chamber of Commerce Young Arbitrators Forum, where she emphasized the importance of investment with Europe, since the EU-U.S. trade relationship is the largest in the world.

Read a new Congressional Research Service report on U.S. investment agreements.

Donnelly, a retired State Department Economic Officer/former Ambassador/former USTR trade negotiator, has, over the last 18 months, done five TTIP and ISDS public speaking tours around Europe for the State Department and U.S. embassies.  Donnelly is headed to Barcelona and Madrid in late May to carry USCIB messages on TTIP, investment, and ISDS.

USCIB Comments on U.S.-China Investment Relationship

Published on May 6, 2015

Blue sky and white clouds, ancient Chinese architectureUSCIB submitted recommendations on behalf of the American business community to the U.S.-China Joint Commission on Commerce and Trade (JCCT), the primary forum for addressing bilateral trade and investment issues and promoting commercial opportunities between the United States and China.

USCIB supports efforts to improve the business environment for both U.S. and Chinese companies. In a statement submitted on April 30, USCIB urged both governments to move ahead on a high-standard U.S.-China Bilateral Investment Treaty and made the case for using the full range of multilateral forums available to work toward improved commercial relations.

The recommendations highlighted specific member concerns that can be efficiently addressed through high-level dialogue afforded by the JCCT process. These concerns included:

  • Anti-monopoly law (AML)
  • Audiovisual
  • Certification, Licensing and Testing Barriers
  • Express Delivery Services (EDS)
  • Government Procurement
  • Intellectual Property Rights
  • Regulatory Environment
  • Standards
  • State-Owned Enterprises
  • Technology Policy

“USCIB appreciates the commitment to ongoing dialogue the United States and China have made in the JCCT process over the years and encourage continued commitments to focus efforts on improving the business environment for both U.S. and Chinese companies,” the report noted.

Read USCIB’s recommendations.

Chambers Rally for Nepal Quake Relief

Published on May 5, 2015

nepal_sourceFollowing the disastrous earthquake that struck Nepal on April 24, ICC World Chambers Federation (WCF) is rallying its chamber members and the global business community to make donations to “Operation Relief” – an initiative of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to provide support for relief efforts and for victims.

To support ongoing earthquake relief operations, financial support to receive wire transfers for the initiative is being channeled through FNCCI’s partnership with Everest Bank.

Conveying condolences on behalf of the world business organization and its network, ICC Secretary General John Danilovich said: “ICC stands ready to assist chambers in their ongoing relief effort in any way that we can. Our thoughts are with the people of Nepal and everyone affected by the terrible loss of life and widespread damage caused by the earthquake.”

Nepal was hit by an earthquake that caused major devastation across the country, including the capital city of Kathmandu. The huge infrastructure damage and the significant loss of lives that resulted from the catastrophe have brought unbearable pain and sorrow not only to victims and their families but the entire nation as well.

Reaching beyond their individual neighborhoods, the global network of chambers, with the support of their respective business communities, helps rebuild disaster affected communities close to and far from their own shores, bringing not only immediate assistance when disaster strikes, but remaining and working with local stakeholders to reconstruct businesses and restore economies.

“Chambers of commerce are often the first to respond when disaster strikes,” said WCF Director Anthony Parkes. “As a natural network with important connections, contacts and local knowledge they are able to act quickly to transmit aid and support to their communities where and when it is needed the most.”

Organizations in neighboring countries to Nepal have already begun lending their support, as well as other ICC WCF partner organizations such as Junior Chamber International through its initiative Operation Hope.

ICC WCF encourages donations to “Operation Relief.” More information regarding the relief program and how to contribute can be found on the dedicated Facebook page “FNCCI: Operation Relief”

The Federation of Nepalese Chambers of Commerce and Industry is a member of the ICC World Chambers Federation; Confederation of Asia Pacific Chambers of Commerce & Industry and SAARC Chamber.

USCIB Promotes Investor Protections at ICC YAF Symposium

Published on April 30, 2015

On April 6, Eva Hampl, USCIB’s director for investment, trade and financial services, spoke on a panel on The Impact of Investor-State Dispute Settlement (ISDS) in the Transatlantic Trade and Investment Partnership (TTIP) at an International Investment Symposium hosted by the International Chamber of Commerce Young Arbitrators Forum (YAF), Georgetown International Arbitration Society and The Institute of International Economic Law.

Discussing the issue with panelists ranging from practitioners to scholars and academics, Hampl emphasized the importance of investment, particularly with Europe, America’s largest trading, and the significance of investment protections and ISDS as an integral part of economic growth and development.

ICC Rallies Business to Voice Priorities for G20

Published on April 23, 2015
ICC and USCIB Chairman Terry McGraw
ICC and USCIB Chairman Terry McGraw

The International Chamber of Commerce (ICC) called on global business leaders to intensify discussions with G20 governments and to emphasize priorities for trade, investment and servicing small- and medium-sized enterprises (SME) to grow the economy and generate jobs.

ICC Chairman Terry McGraw addressed 350 global business leaders gathered in Washington D.C. for a special B20 plenary session co-hosted by the World Bank Group. In his keynote speech, McGraw urged fellow business leaders to step up the dialogue with the G20 and press for adoption of B20 recommendations on trade and investment and on stimulating the contribution of smaller businesses to the global economic recovery.

“We must remember that the G20 is a coalition of 20 individual member governments,” said McGraw. “To ensure that governments hear and understand our priorities, we need to take a horizontal approach that addresses individual circumstances across the G20.

The high-level B20 plenary session featured interventions from IMF Managing Director Christine Lagarde, Word Bank Group President Jim Yong Kim, Deputy Prime Minister of Turkey Ali Babacan, and Rifat Hisarciklioglu, chair of B20 Turkey. Lagarde, who has participated in B20 meetings annually since 2011, when the G20 was held in France, reiterated the importance of business contributions to the G20 agenda and called for “continuing dialogue between the B’s [B20] and the G’s [G20].”

Babacan emphasized the importance of business engagement in the G20 process. “Governments alone cannot create growth or employment. No matter how much you increase government spending, no matter how much central banks go through a monetary expansion process, if the private sector is not onboard it is not realistic to expect sustainable growth, it is not realistic to expect real job creation. So B20 is very important for us and business involvement in our G20 agenda is of utmost importance,” he said.

The B20 plenary was preceded by the inaugural meeting of the B20 International Business Advisory Council (IBAC) which is chaired by Muthar Kent, CEO and chairman of the Coca-Cola Company and comprises CEOs and business association heads from each of the G20 countries.

“The objectives of IBAC are to ramp up our communications with G20 government officials and to improve continuity between [G20] Summits,” said Kent. “I’m happy to be able to support Turkey’s Presidency of the G20 and B20 and to advance the economic reform agenda that will be critical to increasing global growth, growth in trade, growth in job creation and growth in inclusiveness.”

B20 Turkey also invited ICC to serve as its international secretariat for the IBAC, to be chaired by ICC Secretary General John Danilovich.

“ICC has had an historic responsibility to convey business priorities to national and intergovernmental officials for decades,” explained Danilovich. “Serving as the IBAC Secretariat is a natural extension of this role and draws upon our experience as strategic partner to the B20 since the Seoul Summit in 2010. Our job will be to ensure that business priorities are included in the deliberations of the G20, as a collective body for global economic governance and in national capitals.”

The B20 meetings in Washington also included breakout sessions for the six B20 policy task forces: Infrastructure and Investment, Trade, Employment, SMEs, Anti-Corruption, and Finance. The meetings were used to provide mid-point assessments of priorities across the task forces and to begin finalizing the recommendations that will be presented to G20 leaders in advance of the Antalya Summit in November.

ICC G20 CEO Advisory Group deputies met ahead of the Task Force meetings to align priorities and outline a strategy for ICC’s contributions to the 2015 B20 process. The ICC group comprises over forty CEOs from major multinational corporations from most of the G20 countries who are committed to sharing real world experience for the G20 growth agenda.

“The ICC group forms the ‘corporate core’ of the B20,” said ICC CEO Advisory Group Director Jeff Hardy. “The B stands for business and it’s important that we amplify the priorities of the companies that drive global trade, investment and employment.”

The 2015 G20 Leaders’ Summit will be held in Antalya on November 15-16.

 

 

Trade Finance Made Easy: ICC Revises Dispute Resolution Rules

Published on April 23, 2015

globe_money_lo-resThe International Chamber of Commerce (ICC) has revised its DOCDEX rules, a dispute resolution mechanism specifically designed to address trade finance concerns. In addition to widening its scope to address any trade finance dispute, the new rules will also increase transparency and enhance time efficiency.

DOCDEX is a rapid, cost-effective, document-based procedure offering international bankers and traders a means to settle documentary instruments disputes – not only helping parties minimize the disruption caused by a dispute but also eliminating the need to settle the claim in court.

Decisions are reached by a panel of three independent and impartial experts, and later scrutinized by an ICC Banking Commission technical advisor. Crucially, decisions are non-binding unless both parties agree otherwise – freeing the independent experts from due process, and adding flexibility.

Daniel Schmand, head of trade finance and cash management corporates EMEA, Deutsche Bank and incoming Banking Commission Chair said: “Documentary disputes can severely impact, and often entirely halt, trade finance proceedings. And resolving them is not only a costly and lengthy process, it can also – if taken to court – irreparably damage relationships with trading partners.”

By quickly and inexpensively managing claims, DOCDEX helps minimize the disruption caused by a dispute – not only eliminating the need for protracted litigation, but also safe-guarding the partnerships that are so crucial to the banking and trade finance sectors.”

The recently revised rules – which come into force on 1 May 2015 – will significantly enhance the already advanced dispute resolution mechanism.

The revised rules will also enhance transparency – requiring ICC to publish redacted decisions in every DOCDEX case. Doing so will not only set a precedent for future cases, it will also allow ICC to analyze the panel of experts charged with forming a decision – ensuring they are both impartial and practitioners.

Finally, the 2015 revision provides that filings be made in electronic form – using standard templates available on the ICC website. While speed has always been a hallmark of the DOCDEX process – decisions are typically reached within 30 days of a claim – the change in format will help to streamline case administration and, therefore, further accelerate proceedings.

The ICC DOCDEX Rules and more information on how to use the service can be found at www.iccdocdex.org.