News Stories Archives

USCIB Promotes Women’s Empowerment in the Food Supply Chain

Published on October 12, 2015

africa_fruit_vendors_lo-resThis week delegates from around the work will be reviewing world food security policies at the 42nd session of the Committee on World Food Security (CFS) at the United Nations Food and Agriculture Organization (FAO).  A record-setting 126 private sector representatives from 39 countries have registered to attend the 42nd plenary session taking place from October 12 to 15 in Rome. CFS is one of the most inclusive intergovernmental platforms that allows stakeholders to work together and ensure food security and nutrition for all.

In an effort to catalyze political will and focus around food security, USCIB supported an event on October 9 in Rome about “Women’s Empowerment: Solutions at the Nexus of Agriculture, Nutrition and Enterprise,” co-chaired by Cherie Blair, president and founder of Cherie Blair Foundation for Women, and Irene Khan, director general of the International Law Development Office. The event convened high-level representatives from business, government and NGOs for a dialogue about women’s access to productive resources (finance, tools, technology, land), women’s contributions to health and nutrition and the role of women in fostering food security.

Shaun Donnelly, USCIB’s vice president for investment and financial services, participated in the broad-based roundtable discussion, which included business leaders, 12 FAO ambassadors and representatives from leading NGOs. There was  broad agreement about the challenges faced by women and the importance of having multi-stakeholder partnerships to  empower women in agriculture and supply chains. Empowering women would improve food security and nutrition, as well as create a positive ripple effect in raising the standard of living for their families and strengthening their communities.

Many agreed that when women have more control over household assets and income, they invest more in their families’ food, health, education and children’s well-being. Thriving families are better positioned to contribute meaningfully to their communities, and a well-nourished population is better able to participate in the workforce. By empowering women in agriculture and supply chains, the world can make significant gains toward realizing the FAO’s Strategic Objectives and several of the broader United Nations Sustainable Development Goals (SDGs), such as:

ICC Tunisia Honorary Chairman Receives Nobel Peace Prize 2015

Published on October 12, 2015
Wided Bouchamaoui
Wided Bouchamaoui

The International Chamber of Commerce (ICC) and the International Organization of Employers (IOE) congratulated Wided Bouchamaoui, honorary chairman of ICC Tunisia and president of IOE member Tunisian Confederation of Industry, Trade and Handicrafts (UTICA), for receiving the 2015 Nobel Peace Prize.

UTICA along with the Tunisian Human Rights League, the Tunisian Order of Lawyers and the Tunisian General Labor Union compose the Tunisian National Dialogue Quartet which has been awarded today in Oslo. UTICA submitted the application to the Nobel Prize selection committee on behalf of the four organizations.

The quartet has made a decisive contribution to the building of a pluralistic democracy in Tunisia in the wake of the Jasmine Revolution of 2011. The four organizations exercised their role as a mediator and driving force to advance peaceful democratic development in Tunisia with great moral authority.

In its official announcement, the Nobel committee said: “The quartet paved the way for a peaceful dialogue between the citizens, the political parties and the authorities and helped to find consensus-based solutions to a wide range of challenges across political and religious divides.”

Bouchamaoui is also a winner of the 2015 Business for Peace Award, an annual prize given to outstanding business people who have been able to achieve business success while acting in an ethically responsible way.

USCIB Members Lead B20 Digital Economy Forum

Published on October 8, 2015

Digital GlobeUSCIB member companies dominated the agenda at the B20 Digital Economy Forum in Istanbul on October 6. Speakers included representatives from Intel, Boeing, Oracle, eBay, PayPal, Google, AT&T, Facebook, IBM. HP, GE, Ernst and Young and more.

“USCIB ICT Committee Chair Eric Loeb (AT&T) and Vice Chair Joe Alhadeff (Oracle), as well as dynamic local reps from member companies made effective presentations on governmental policies affecting the Digital Economy,” said Shaun Donnelly, USCIB vice president for investment and financial services, who attended B20 meetings in Istanbul this week.

The B20 is finalizing its policy recommendations to the G20 on improving the policy environment for the digital economy. The B20 Digital Economy Policy Paper is online here.

Excerpted from the paper, the B20 priorities on the digital economy are:

  1. Develop alternative policies to data localization
    • Address growing issues concerning the movement of data and adopt alternative policies to data localization.
  2. Improve the global trade system for the emerging digital economy with direct focus on e-commerce and digital trade
    • Discuss trade-facilitation measures to improve customs procedures with a direct focus on e-commerce challenges.
    • Establish one-contact information centers to support SMEs around legislation issues concerning cross-border e-commerce.
  3. Improve access of enterprises to digital economy and infrastructures
    • Commit to improved digital infrastructures and incorporate a five-year universal broadband connection target for G20 countries
  4. Develop and finance programs aimed at reducing skills mismatches in an era of rapid changes in technology and innovation
    • Establish a problem-solving and practice-focused STEM education approach in collaboration with the business community to prevent the expected skills shortage in STEM jobs.
  5. Assure legislative and regulatory support for alternative forms of funding
    • Support the emergence and growth of alternative sources of funding by harmonizing policies, regulations, and standards.
  6. Improve digitization of government processes
    • Increase use of digital technologies to transform key business processes to create greater leaps in efficiency and productivity.
    • Promote integrity in public procurement by instituting digital systems for efficiency and transparency to address issues during the procurement process.
    • Reduce corruption and improve efficiency in trade by moving towards a comprehensive digital environment for customs and cross-border systems through public-private collaboration in all G20 countries within five years.
  7. Establish a G20 governance mechanism to implement measures to improve the digital economy
    • Start a study group, with the inclusion of the World Trade Organization, World Customs Organization, International Trade Center, World Bank, OECD, the Global Commission on Internet Governance and the relevant engagement groups.

USCIB Unveils “Business for 2030” Portal at Global Employers’ Summit in Bahrain

Published on October 8, 2015
Ronnie Goldberg (USCIB) unveils the Business for 2030 website at the Global Employers’ Summit in Bahrain.

The International Organisation of Employers (IOE) joined forces with its member the Bahrain Chamber of Commerce and Industry (BCCI) to organize the first Global Employers’ Summit in Bahrain from October 6 to 7 under the auspices of Prince Salman bin Hamad Al Khalifa. At the summit, IOE leaders signed the Bahrain Deceleration, underscoring the business’s commitment to the United Nations 2030 Development Agenda.

Organized around seven panel sessions, high-level speakers led the interactive debates on several topics including the free movement of workers, trade and jobs, global youth unemployment, and business and human rights. Also high on the agenda was an exploration of how business can contribute to the realization of the Sustainable Development Goals (SDGs) recently adopted by the UN General Assembly.

USCIB Senior Counsel Ronnie Goldberg attended the summit and unveiled USCIB’s Business for 2030 website, designed to showcase the private sector’s contributions to the UN SDGs. Part informative resource, part catalogue of business engagement, Business for 2030 features over 120 examples from 30 companies in over 100 countries of how businesses are helping to achieve 70 of the 169 SDG targets.

The Summit concluded with the signing of the Bahrain Declaration by BCCI Chairman Khalid Abdulrahman Almoaymed, and IOE President Daniel Funes de Rioja, reflecting the concrete commitment of the global employer community towards:

  • Fostering job creation
  • Creating labor market opportunities for young people and women
  • Ensuring employment is safe and occurs in the formal economy
  • Making labor migration a win-win situation
  • Strengthening implementation of international commitments

The declaration acknowledges the role business plays in contributing to the concerted global effort towards achieving shared progress and prosperity.  It further reinforces business support for the SDGs, and represents a clear expression of readiness to cooperate at national and international levels to reach the global development targets.  It goes on to mark a renewed commitment to engage with trade unions and all other stakeholders to contribute to more and better jobs, growth and prosperity, and provides reaffirmation of the UN Guiding Principles on Business and Human Rights, as a means to guide businesses as they seek to respect human rights throughout their operations.

In addition to contributions as speakers and moderators at the Summit, delegates from the International Organisation of Employers, including Goldberg, met in private session with Prince Salman to discuss the key role of business in the economic and social development of Bahrain.

See the summit’s declaration, summit and photos.

ICC Court to Communicate Reasons as a New Service to Users

Published on October 8, 2015

ICC_Court_ArbitrationIn response to growing user demand, the International Court of Arbitration of the International Chamber of Commerce has announced that it will communicate reasons for many of the administrative decisions it is called on to take under the ICC Rules of Arbitration. This new policy will enter into force immediately and will be applied where all the parties to a case so agree.

The additional service offered by the court applies to: (i) a decision made on the challenge of an arbitrator; and (ii) a decision to initiate replacement proceedings and subsequently to replace an arbitrator on the court’s own motion. The court may also communicate the reasons for its decisions regarding consolidation of arbitration proceedings and prima facie decisions on jurisdiction.

The ICC Court’s note to parties and arbitrators specifies that any request for the communication of reasons must be made in advance of the relevant decision in respect of which reasons are sought. The Court may subject the communication of reasons to an increase of the administrative expenses, normally not to exceed $5,000.

This new policy was adopted in advance of the court’s annual working session that took place in Paris last week. This was the first working session chaired by Alexis Mourre following his appointment of president of the court in July.

Commenting on the new service, Mourre said: “Providing reasons as to court decisions will further enhance the transparency and clarity of the ICC arbitration process. This new service is a sign of our commitment to ensuring that ICC arbitration is fully responsive to the needs of our users the world over.

“The service has been implemented with immediate effect and may be utilized in all ongoing cases where the parties so agree and submit a request for reasons prior to seeking a decision from the court.”

The court has also announced that its 2016 working session will take place in New York City. This will be the first time the court has held its annual working session outside of Paris in its history.

For more information on the work of the court, including details on how to use ICC arbitration services-please visit our dedicated web portal .

 

 

 

 

USCIB Defends Investment Agreements at G20 Global Forum in Turkey

Published on October 7, 2015
istanbul_source
Istanbul, Turkey

On October 5, USCIB Vice President for Investment and Financial Services Shaun Donnelly participated in a panel discussion in a day-long OECD/G20 Global Forum on International Investment in Istanbul.

Along with Donnelly, the following panelists made the case for strong investment chapters in international trade agreements, including investor-state dispute settlement (ISDS): Deputy U.S. Trade Representative Michael Punke; Kurt Tong, principal deputy assistant secretary for the bureau of economic and business affairs at the Department of State; and Bernhard Welschke, secretary general of the Business and Industry Advisory Committee (BIAC) to the OECD.

“Other panelists, including from the EU and other foreign governments plus senior OECD staff, criticized  investment agreements, especially ISDS arbitration procedures,” said Donnelly. “Our ‘gang of four’ and a few other business panelists each in our own way made the case for strong investment agreements.”

Donnelly continued: “We’re counting on Ambassador Punke, representing USTR Michael Froman, to be a strong voice for strong, balanced Investment agreements along lines of U.S. Model Bilateral Investment Treaty.”

USCIB Participates in the 4th Int’l Conference on Chemicals Management

Published on October 5, 2015
Medina_SAICM
Helen Medina (USCIB) in Geneva, encourages others to engage in SAICM.

On Friday, October 2, 2015, the fourth session of the International Conference on Chemicals Management (ICCM4) concluded in Geneva, Switzerland.  Over 450 delegates, from governments, international organizations and non-governmental organizations and industry participated in the week-long conference.

The USCIB member delegation included American Cleaning Institute, American Petroleum Institute, Boeing and the Toy Industry Association. Other USCIB members including ACC, CropLife America, Exxon, Pfizer, Johnson & Johnson, and Procter & Gamble participated in the week-long meeting under other international delegations.

ICCM4, the decision-making body for the Strategic Approach to International Chemicals Management (SAICM) made several important decisions meant to promote the 2020 goal “that chemicals are used and produced in ways that minimize adverse effects on human health and the environment.” Additionally, the conference decided on the process for continuing international efforts towards the sound management of chemicals beyond 2020. The process includes an independent evaluation of SAICM and a schedule of meetings, to be agreed by March 2016, to prepare recommendations to be considered at the fifth ICCM in 2020.

“USCIB was indispensable in the negotiations and succeeded in strengthening the role of industries that use chemicals in addition to the chemical industry itself,” said Ernie Rosenberg, president and CEO of the American Cleaning Institute. “The work of USCIB laid the foundation for a leading role as the SAICM process moves forward to the next International Conference on Chemicals Management and the development of a new process beyond 2020.”

USCIB members actively participated in several of the negotiations, one of which was the Chemicals in Products (CiP) program. That program will move into the implementation phase as a voluntary, initiative which would be open to SAICM stakeholders’ input. The program would also be flexible enough to accommodate existing and developing industry schemes. USCIB made interventions to ensure that a separate CiP secretariat would not be created. Instead, the United Nations Environment Programme, in cooperation with the CiP Steering Group, would continue to develop in an open and inclusive manner. Future updates of the guidance documents would be considered as appropriate.

“Beyond the ICCM4 meeting, my, and TIA’s, involvement with SAICM and CiP has been an important component of TIA’s advocacy efforts on behalf of our members,” said Alan Kaufman, senior vice president for technical affairs at the Toy Industry Association. “Helen Medina has done a terrific job of coordinating disparate industry sectors, keeping us all informed, and consolidating and articulating our positions in a coherent manner.”

On the topic of endocrine disrupting chemicals (EDCs), USCIB united with CropLife International, and the International Council of Chemical Associations to highlight that the science on EDCs remains very contentious. Industry noted in the outcome document that the 2012 WHO-UNEP ‘State of the Science Report’ is not an accurate perspective on the current science. Risk assessment was also reaffirmed by many countries as the preferred approach to manage EDCs, and industry successfully supported governments in avoiding a call for the development of lists of EDCs and/or potential EDCs.

With regards to Highly Hazardous Pesticides (HHPs), the crop protection industry worked to introduce sound scientific language on the approach that insists on risk management and risk mitigation. The industry also defeated an NGO-initiated movement to form a Global Alliance to Phase-out HHPs. The Alliance would have been a duplication of efforts on the management of HHPs already being undertaken by the UN Food and Agriculture Organization (FAO) and supported by voluntary industry commitments and actions.

On hazardous substances within the life cycle of electrical and electronic products, the outcome document invites the UN Industrial Development Organization in partnership with the Inter-Organization Programme for the Sound Management of Chemicals (IOMC) to work with others to develop a work plan for hazardous substances used in electrical and electronics products. Original equipment manufacturers should implement various measures including take-back programs, industrial hygiene and environmental monitoring programs, and safer and more sustainable chemistry in manufacturing.

ICCM4 also adopted environmentally persistent pharmaceutical products as a new “emerging policy issue”. The IOMC will develop a work plan, including information generation and sharing, to fill identified knowledge gaps.  For more detailed information on the outcomes of ICCM4, please contact Helen Medina.

Business Commends the OECD, G20 on the 2015 BEPS Package

Published on October 5, 2015

The Organization for Economic Cooperation and Development (OECD) released its long-awaited 2015 BEPS recommendations on October 5, concluding the two-year Base-Erosion and Profit Shifting (BEPS) project designed to rewrite global tax rules.

“The BEPS project needed to happen, and the OECD and G20 should be congratulated both for their hard work and for achieving high-level consensus across many issues,” said Will Morris, chair of the tax committee of the Business and Industry Advisory Committee (BIAC) to the OECD. “Moreover this high-level consensus was achieved while working to an exceptionally ambitious timetable.”

Morris added that the business community still has concerns that some of the BEPS recommendations may lead to double taxation of income, and “many important details remain to be worked out.”

For many years, the OECD has successfully promoted cross-border trade and investment by removing barriers – including significant tax barriers – to growth.  The task of the last two years has been to respond to legitimate public concern about double non-taxation.  In spite of the reservations raised, BIAC acknowledged that the BEPS process and the recommendations released today appropriately respond to those concerns.

Carol Doran Klein, USCIB’s vice president and international tax counsel, has worked closely with members, the U.S. government, BIAC and the OECD secretariat throughout the BEPS process.

In a statement released today about the 2015 BEPS package, BIAC noted two recent develops:

  • The growing acceptance among countries that mechanisms for resolving tax disputes need to be significantly improved: changes to the treaty-based Mutual Agreement Procedure will be important, but the moves of some key countries towards Mandatory Binding Arbitration will bring even more substantial benefits, as the risk of double taxation would be greatly reduced.
  • A potential monitoring mechanism on implementation of the BEPS recommendations to be overseen by the OECD: BIAC believes this is an important development that can help to ensure consistent application of the BEPS recommendations by countries, and we hope that business will be able to play a significant and constructive role in this monitoring process.

BIAC also welcomed the intention of G20 countries to remain part of this process for the foreseeable future, and we appreciate the commitment to ensure that the distinctive needs of developing countries will be also appropriately addressed.

The International Chamber of Commerce also released a statement today welcoming the conclusion of the BEPS project but underscoring significant implementation challenges in the near future.

 

13th ICC Miami Conference: Tooling up for International Arbitration

Published on September 30, 2015

ICC_Miami_Arbitration_buttonThe International Chamber of Commerce‘s acclaimed annual conference on international arbitration in Latin America returns to Miami in November bringing together over 450 participants from 30 countries to discuss the latest developments under the theme “Tooling up for International Arbitration”.

A major networking opportunity, the 13th Miami Conference kicks off on November 1 with the ICC Institute’s already sold out advanced-level training on how to manage the production of documents in international arbitration.

The Miami Conference is a major forum for understanding international arbitration in Latin America attracting lawyers, corporate counsel, arbitrators, mediators and academics from across Latin America and the Caribbean.

“I am thrilled to address the Latin American arbitration community during this essential annual event that takes place in an ever expanding Latin American arbitration market,” said Alexis Mourre, president of the ICC International Court of Arbitration who will deliver a keynote speech at the event.

Led by a top-rate line up of speakers, the 13th ICC Miami Conference will take place on November 1-3 and feature a dynamic series of plenary and technical sessions, roundtables and discussions, as well as two optional breakfast sessions. Discussions will be held in English, Spanish and Portuguese with simultaneous interpretation.

The conference concludes with a mock case looking at tools for urgent and preliminary relief in international arbitration in five different scenarios.

Full program and registration.

ICC Banking Commission Global Survey Highlights Impact of Trade Finance Gap on SMEs

Published on September 29, 2015

Cover Page ICC Global Survey on Trade Finance 2015_sourceThe International Chamber of Commerce (ICC) Banking Commission has released the results from its 2015 Global Survey on trade finance – highlighting the impact of the trade finance gap on SMEs, the impact of regulation on correspondent banking, as well as positive trade finance trends, particularly with regards to export finance.

Small and Medium-sized Enterprises (SMEs) are among the hardest-hit by the trade finance gap, reports the Global Survey on trade finance, released on September 29 by the International Chamber of Commerce (ICC) Banking Commission. The Survey received 482 responses from 112 countries around the world and showed that SMEs account for nearly 53 percent of all rejected trade finance transactions. By contrast, 79 percent of the trade finance transactions for larger businesses are accepted.

The trade finance gap is highlighted throughout the Survey, citing compliance as a chief barrier to trade finance. Nearly 46 percent of the banks surveyed terminated correspondent relationships due to the cost or complexity of compliance, while 70 percent of respondents reported declining transactions due to AML/KYC requirements. Furthermore, the percentage of respondents citing anti-financial crimes compliance requirements as a significant impediment to trade finance has increased from 69 percent last year, to 80 percent in this year’s Survey. This trend is expected to continue, as nearly all (93%) of respondents expect compliance requirements to increase during 2015.

“The Global Survey works as a snapshot of market trends, allowing us to compare progress from previous years and gauge global expectations,” said Vincent O’Brien, chair of the ICC Banking Commission Market Intelligence. “This year that snapshot has highlighted the severity of the trade finance gap – which continues to be impacted by regulation, despite the low-risk nature of trade finance – and particularly its impact on SMEs. This is crucial given SMEs constitute over 95 percent of all firms and account for approximately 60 percent of employment worldwide.”

That said, the results from the Survey also show some positive trends in trade finance. Around 63 percent of respondents reported an increase in overall trade finance activity, with 61 percent of banks stating they have increased their capacity to meet trade finance. What’s more, 25 percent of respondents to the Global Survey on trade finance consider trade instruments supporting trade as involving more than 75 percent less inherent risk than conventional lending.

The results from the Global Survey also reflected positively on export finance, with 79 percent of respondents in the industry claiming it remains a profitable business. The industry also observed a significant decrease in pricing, and even more so, fees in 2014.

“While the trade finance industry is certainly facing challenges, and the trade finance gap is a clear issue, the results from the Global Survey on trade finance show that it is not all doom and gloom,” added O’Brien. “The financial landscape is recognizing the importance of trade and, in addition to banks stating they have increased capacity to meet trade finance, we have an array of alternative lenders – such as specialist financiers, export credit agencies, and multilateral development banks – stepping up to fill the trade finance gap.”

Daniel Schmand, chair of the ICC Banking Commission, said: “New players can prove their worth by addressing the shortfall of trade finance; new or alternative financiers may support trade in areas where banks are restricted by risk appetites, regulatory burdens or stakeholder concerns.”

Download the 2015 ICC Global Trade and Finance Survey.