News Stories Archives

ICC Guide to National Procedures for Recognition and Enforcement of Awards Under the New York Convention

Published on July 10, 2013
Publication No. 733 Paperback, 2012 Edition Price : $135.00
Publication No. 733
Paperback, 2012 Edition
Price : $135.00

A Special Supplement to the ICC International Court of Arbitration Bulletin
Order your copy now at our International Bookstore

This latest bulletin is a practical resource for anyone considering enforcing an arbitral award in one or more countries.  It systematically sets out local rules of procedure, case law and court practices in many of the contracting states to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards.  Drafted by specialists in the field, this guide covers 79 countries and territories and takes account of recent legal developments including numerous citations to legislation and cases. 

USCIB International Bookstore
Tel: 212-703-5066
E-mail: Bookstore@uscib.org

www.internationaltradebooks.org

 

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ICC Sets Digital Economy Priorities

Published on July 10, 2013
Commission members gather in Paris to assess the current digital economy landscape and discuss strategic priorities.
Commission members gather in Paris to assess the current digital economy landscape and discuss strategic priorities.

Business and legal professionals representing over 20 organizations came together in Paris this week at a meeting of the International Chamber of Commerce Commission on the Digital Economy.

The meeting was led by incoming chair Joseph Alhadeff, chief privacy strategist and vice president for global public policy with Oracle, who began by paying tribute to his predecessor Herbert Heitmann, former executive vice president of external communications at Royal Dutch Shell, for his long and valuable service to the commission during his six-year long tenure as commission chair.

The biannual gathering presented a chance for members to assess the current digital economy landscape and discuss strategic priorities in light of developments relating to Internet governance, data protection and privacy.

Alhadeff underscored that privacy, along with the broader issue of Internet governance and cyber-security, were priority issues for the commission along with the development of a new Global Action Plan for the Digital Economy. A ready and practical compendium of business positions, the first edition of the action plan was originally submitted on behalf of business to a ministerial conference on electronic commerce, jointly organized by the Organization for Economic Cooperation and Development and the Government of Canada in Ottawa in 1998, where it was well received as the consensus business input.

Concerning cyber-security, in particular, USCIB’s submission on the Draft EU Network and Information Security (NIS) Directive will be considered by the Commission in the coming weeks for possible advocacy.

Day two of the meeting commenced with an update by Christiaan van der Valk
and Jacques Beglinger, co-chairs of the ICC Task Force on Security and Authentication, on preparations for an ICC conference on paperless trade facilitation. Scheduled to take place in 2014, the conference aims to practically address concrete problems faced when trading digitally.

Van der Valk said: “The conference is an opportunity for ICC to be in the forefront on the paperless trade issue and to step up to represent both the business community and users. It is important that the conference is not about abstract policy but rather a chance to get business people to interact with people in government to talk about real issues that create real challenges.”

The vice chair of the commission, Gerard Hartsink, led a discussion on the possibility of developing an impactful and practical set of ICC guidelines to help executives understand and enhance company cyber-security. “As e-business grows so does cybercrime. A lot of companies, particularly small- and medium-sized enterprises are asking for help and ICC is very well placed to help them,” he said.

Eric Loeb, vice president of external affairs at AT&T and chair of the ICC Task Force on Internet and Telecommunications, wrapped up the meeting agenda by updating members of the commission on the work of the task force, as well as outcomes of meetings of the World Telecommunication Policy Forum and World Summit on the Information Society Action Lines Forum which took place in May. Loeb also looked ahead to meetings including an Internet Corporation for Assigned Names and Numbers meeting in South Africa in July, October’s Internet Governance Forum in Indonesia, and the International Telecommunication Union Plenipotentiary Conference in Busan, Republic of Korea from October 20 to November 7.

Download the third edition of the ICC Global Action Plan for the Digital Economy.

Staff contact: Barbara Wanner

More on USCIB’s Information, Communications & Technology Committee

Uncertainty Hampering Trade Finance ICC Survey Shows

Published on July 9, 2013

4547_image002The International Chamber of Commerce’s 2013 survey on trade and finance, released in June, has found that a continued shortage of trade finance for international trade remains a major challenge for economic recovery and development, with many traders depending on overdraft and other corporate loans to finance exports and imports.

The proliferation of new regulations in recent years has increased cost pressure on financial institutions and depressed markets. Some 65% of surveyed experts said implementation of Basel III regulations is affecting the cost of funds and liquidity for trade finance. While many changes have already been implemented or proposed, the regulatory future remains unclear due to lack of harmonization, which remains a major problem for trade financiers and their clients.

The ICC survey positively indicates that despite uneven performance around the world in 2012, the market for trade finance does show signs of slow and steady growth, with temporary trade measures imposed during the financial crisis – including the rise in fees for trade –slowly being removed.

“This shows that financial intermediaries are continuing to satisfy the demand for financing and that investing in trade assets is part of a more sustainable model of banking, said Pascal Lamy, director general of the World Trade Organization, in the survey’s foreword.

Click here to read more on ICC’s website.

Staff contact: Eva Hampl

More on USCIB’s Banking Committee

More on USCIB’s Trade and Investment Committee

ICC Recognized for Trade Services

The ICC Banking Commission has won the Trade and Forfaiting Review
2013 Excellence Award for Best Non-Bank Trade Services Provider.

With 80 years of experience and more than 600 members in over 100 countries, the commission is ICC’s largest commission and has gained a reputation as the most authoritative voice in the field of trade finance.

The ICC Banking Commission rules and related services include rules and guidelines on documentary credits, UCP 600 – the most successful privately drafted rules for trade ever developed – and Bank Payment Obligation rules on supply chain finance.

The award follows the commission’s recent launch of new standards in the field of trade finance, including Uniform Rules for Forfaiting and Bank Payment Obligation and International Standard Banking Practice.  Both publications are available for purchase in the USCIB International Bookstore.

Click here to read more on ICC’s website.

Deepening OECD-China Cooperation

Published on July 8, 2013

Trade and investment relations with China remain at the top of the international agenda, as illustrated by this week’s latest round of talks under the U.S.-China Strategic and Economic Dialogue. It is in this context that the BIAC China Task Force presented business perspectives to a meeting of OECD Ambassadors, national delegates and OECD secretariat officials on June 21 in Paris. BIAC representatives voiced concerns about a looming credit crunch facing the Chinese economy, as well as longer-term issues pertaining to the overall business climate and environmental pressures.

As these challenges continue to grow in China, BIAC representatives encouraged the OECD to seize this moment to advise and work with China’s new leadership on specific reforms conducive to strong and more sustainable growth, such as better corporate governance, anti-corruption and reform of state-owned enterprises. BIAC’s China Task Force is looking forward to closer cooperation between the OECD and China this year and to exploring more opportunities to engage on issues where the OECD can provide value.

A summary of the meeting and the BIAC China Task Force final presentation will be circulated in the coming weeks to USCIB’s China Committee.

Staff contact: Justine Badimon

More on USCIB’s China Committee

Private-Sector Approaches to Reducing Food Waste

Published on July 8, 2013

foodsRecognizing that approximately one third or more of food is lost or wasted every year globally, the private sector is proactively working to address this major challenge throughout the food chain. A recent Business and Industry Advisory Committee to the OECD paper, entitled BIAC Perspectives on Private Sector Solutions to Food Waste and Loss, argues that tackling food waste is a win-win approach: the private sector benefits through increased productivity and economic returns, while at the same time food security, economic growth and development are all strengthened.

However, in order to scale-up and incentivize private sector-led solutions, the BIAC paper underlines that the right enabling policy conditions need to be put in place. It will be crucial to reach a workable definition of food waste and loss, while also improving consistency in data collection around the world.

BIAC’s paper was submitted to an OECD event on June 20-21 entitled Food Waste Along the Supply Chain, as a contribution to ongoing OECD work to collect and harmonize international data on food waste.

Staff contact: Helen Medina

More on USCIB’s Food and Agriculture Committee

The UN SDGs and Post-2015 Development Agenda USCIB’s Ongoing Involvement

Published on June 28, 2013

Background on the Post 2015 Development Agenda

4540_image002Since Rio+20, the United Nations has combined a several related deliberations into an ambitious initiative, collectively referred to as the Post 2015 Development Agenda.  This initiative aims to establish an internationally endorsed framework for economic, social and environmental progress, including the establishment of Sustainable Development Goals (SDGs).  Related elements include next steps for the U.N. Millennium Development Goals (MDGs); new agenda-setting assessments in ecosystems and biodiversity (IPBES, GEO); and numerous linked climate change and energy initiatives.

USCIB’s input to the UN Process at Rio+20 and beyond

USCIB has been active in multiple UN processes:

  • Norine Kennedy was on hand at Rio+20, representing US industry and serving as advisor to the US government delegation
  • Adam Greene provided input to papers by the International Organization of Employers, the International Chamber of Commerce, and the Business and Industry Advisory Committee to the OECD on Post-2015 and the Sustainable Development Goals
  • USCIB submitted comments on a draft report by Jeffrey Sachs: “An Action Agenda for Sustainable Development.”  Sachs is Director of the Sustainable Development Solutions Network and the UN Secretary General’s special advisor on the MDG’s.

USCIB’s Working Group on Sustainable Development Goals

USCIB will be tracking these complex discussions to their conclusion and has established a cross-cutting Working Group to develop USCIB positions and represent business views in UN negotiations. Two dozen USCIB members have joined the Working Group thus far. This SDG group will:

  • develop USCIB policy and strategy on the SDGs
  • advocate USCIB positions with the U.S. Government, the UN and other relevant actors
  • participate in relevant UN forums and negotiations on the SDG’s
  • coordinate positions with our international business affiliates (ICC, IOE and BIAC)

U.S. Council Foundation’s Green Economies Dialogue

The US Council Foundation, along with numerous partners and sponsors, launched the Green Economies Dialogue (GED) project in 2011. In its first phase, GED1 developed information, tools and a platform for business to engage with national governments, thought leaders, academics and others on the way to Rio+20. These included convening dialogue events in Washington, Paris, Beijing, Tokyo and Brasilia, and inviting a set of peer-reviewed papers published in Energy Economics that provided academic Green Perspectives on business-relevant issues.  Through BIAC, GED1 provided input to the Organization for Economic Cooperation and Development (OECD) on green growth and sustainable development, which built on the 2011 OECD Green Growth Strategy. GED1 products, networks and activities for engagement provide an evergreen platform for business to build on to participate in and contribute to Post 2015 Development discussions.

Phase 2 of the GED project (GED2) will direct its focus to “green economy” and “green growth” aspects of the U.N.’s Post 2015 Development Agenda and related UNEP and OECD efforts.  Based on early indications in the Post 2015 Development Agenda and stocktaking events with OECD and UNEP, GED has identified potential new areas for additional academic papers.

USCIB’s September events during the UN General Assembly

USCIB is planning a host of events during September’s UN General Assembly, including a Roundtable on meaningful business engagement in the UN, co-organized with the ICC; a Green Economies Dialogue session; and an all day UN “door knock” program that would allow USCIB Members to meet with select UN delegates and officials.

Staff contact: Norine Kennedy

APEC Officials Compare Notes on Regulation of Chemicals

Published on June 25, 2013

At this week’s third APEC senior officials meeting (SOM III) in Medan, Indonesia, regulators from a wide range of APEC economies met with industry representatives and other stakeholders to discuss emerging issues in the regulation of chemicals. Helen Medina, USCIB’s senior director of product policy and innovation, attended along with a number of member company executives. The forum took place under the auspices of the APEC Chemical Dialogue, a forum for regulatory officials and industry representatives to find solutions to challenges facing the chemical industry and users of chemicals in the Asia-Pacific region.

The APEC Regulators Forum began with a discussion of what is happening with the OECD Clearing House on New Chemicals (CHNC) which brings together representatives of interested governments (U.S., Canada, Australia) and the chemical industry, working cooperatively to reduce overall burdens associated with new chemical notification reviews, while maintaining the high quality of health and safety decisions for new chemicals.

Participants in the APEC regulators forum. At center is Ana Corado of the U.S. Environmental Protection Agency, acting chair of the forum. USCIB’s Helen Medina is immediately to the left of Ms. Corado.
Participants in the APEC regulators forum. At center is Ana Corado of the U.S. Environmental Protection Agency, acting chair of the forum. USCIB’s Helen Medina is immediately to the left of Ms. Corado.

The CHNC works to streamline the new chemicals notification processes by sharing the work on new chemical notifications and assessments, so that that there is a mutual recognition of assessments and a mutual acceptance of notifications. It is actively working to include more participants from non-OECD countries in its activities. Since many APEC economies are in the process of updating or creating new chemical management systems, participants at the regulators forum agreed that having joint meetings with the OECD CHNC would help APEC regulators.

“The OECD New Chemicals Clearing House has real value for both economies and industry,” said Marianne Heinrich (BP). “We hope that having the joint meeting with the APEC regulators forum will increase the participation of APEC economies, so that participation in the Clearing House can create even more benefits for all stakeholders.”

Other items that emerged from the meeting include:

  • A proposal for a scientific workshop on metals risk assessment within the framework of the APEC Regulators’ Forum which was introduced by the Australian government. This was supported by Japan, Australia, Chile, Philippines, Chinese Taipei, Russia and China, and approved by the APEC Chemical Dialogue, which took place later in the week.
  • Vietnam has requested APEC funding for technical assistance to develop an industrial chemical inventory, which would be recognized internationally and allow the trade of chemicals between Vietnam and other APEC economies. It was agreed that the proposal needs to be further developed, keeping in mind ways that such a project could also help other economies.

Economies represented included Australia, Canada, Chile, China, Indonesia, Japan, Korea, Malaysia, Peru, Philippines, Russia, Singapore, Chinese Taipei, the United States and Vietnam. USCIB members present included BP, the American Petroleum Institute, Dupont, the American Chemistry Council, Society of Chemical Manufacturers and Affiliates, the Nickel Institute and the Toy Industry Association.

In addition, during a breakout session, USCIB members met with EPA officials to discuss possible future projects for the APEC Regulators Forum to undertake. USCIB suggested the following:

  • The Regulators Forum could provide information about training tools to help SMEs implement the Globally Harmonized System of Classification and Labeling of Chemicals.
  • APEC could translate new regulatory documents that emerge from APEC economies into English.
  • Improve the APEC Chemicals Dialogue website so that it is easier for participants to search for and access documents.

The chair of the meeting (from the United States) thought these ideas could be valuable as future projects but they would need to be formally introduced either in the Regulators Forum or at the APEC Chemical Dialogue Steering Group.

Survey on confidential business information

At the APEC Chemical Dialogue itself, USCIB’s Medina unveiled the APEC Economies Survey on Confidential Business Information (CBI), which seeks to determine what type of information is protected in various APEC economies.

“This survey is important to business because industry needs a better understanding of what is protected,” she said. “If confidential business information must be disclosed, industry needs to know how the APEC Economy is sharing the information, and with whom.”

Once information has been gathered from the survey, we hope to foster a discussion on how the APEC Chemical Dialogue can work on harmonizing how economies protect CBI, and what type of information is considered CBI.

Staff contact: Helen Medina

More on USCIB’s Product Policy Working Group

 

Taiwan Adopts New Chemicals Legislation

Taiwan, Province of China, has passed new legislation that moves it toward a European Union-style chemicals management system. Some highlights of the new law include:

  • A ban on manufacturer or import prior to submitting hazard and labor risk assessment reports and obtaining the approval  for registration of new chemicals (those not listed in a government inventory)
  • Required disclosure of hazard and risk assessment of the registered new chemical substance for the purpose of protecting workplace safety and health
  • Required submission of relevant operation data of priority management chemical substances designated by the Taiwan government
  • Required government permit for operating with or exposure to designated controlled chemical substances, including those that are potentially carcinogenic, mutagenic or toxic for reproduction, and endocrine disruptors

USCIB has advocated a risk-based approach to chemicals management, and has sought to curtail requirements for the disclosure of confidential business information, including trade secrets and other intellectual property, as a precondition for approval to use new chemicals substances. We will continue to monitor the development of chemicals regulation in a number of key markets.

Business Groups Express Concerns on Senate Effort to Address IP Theft

Published on June 21, 2013

USCIB joined leading U.S. technology and business organizations in urging key senators from both sides of the aisle to take a fresh look at a proposed law on cyber-theft, to avoid any unintended consequences of harming U.S. economic security and competitiveness or hindering trade and commerce.

The groups explained their concerns in a joint letter to Senators Carl Levin (D-Mich.), Jay Rockefeller (D-W.Va.), John McCain, (R-Ariz.) and Tom Coburn (R-Okla.) — the bipartisan sponsors of S. 884, the Deter Cyber Theft Act. They wrote in part:

Theft of America’s valuable intellectual property and trade secrets through cyber espionage, or other means, is a serious economic security problem for U.S. companies and our country.  In today’s dynamic marketplace, a company’s success is highly dependent on its innovations and competitive advantage, both of which are closely tied to the development and protection of intellectual property. Collectively, the U.S. tech sector spent $80 billion in 2011 protecting and securing their networks against threats, including cyber espionage, and we commend the cosponsors for their demonstrated interest in protecting intellectual property (IP) from theft.

However, we have significant concerns with S. 884, the “Deter Cyber Theft Act,” as introduced, particularly the impact the legislation may have on international commerce and trade at a time when cyber policies are of heightened importance for the global technology ecosystem, as well as the long-term impact on U.S. economic security. For that reason, we urge the cosponsors to engage in a thorough review of this and similar legislation through hearings and markup in the Senate Finance Committee, where S. 884 is currently pending.

We applaud the bipartisan interest in protecting our economically vital intellectual property. However, we believe that we can advance intellectual property protection in a way that does not have a negative impact on our nation’s economic security and competitiveness.  For that reason, we look forward to working collaboratively with the cosponsors to ensure that S. 884 and similar legislation will effectively achieve these important shared goals.

Among the concerns expressed in the letter are S. 884’s potential impediment to international relations, its impact on U.S. exports, and its broad importation ban authority. Click here to read the complete letter. Signatories in addition to USCIB were BSA – The Software Alliance, the Information Technology Industry Council, the National Foreign Trade Council, TechAmerica and the U.S. Chamber of Commerce.

Staff contact: Rob Mulligan

More on USCIB’s Intellectual Property Committee

More on USCIB’s Trade and Investment Committee

Tax Conference Weighs New Scrutiny of Global Companies

Published on June 21, 2013
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IRS Deputy Commissioner Michael Danilack delivered keynote remarks at the conference.

Earlier this month, against a backdrop of slow economic growth and increased attention to international corporate tax practices, executives from a range of global companies met in Washington, D.C. with tax experts from the OECD and member governments at the 2013 OECD International Tax Conference. Now in its eighth year, the sold-out event was organized by USCIB in cooperation with the 34-nation OECD, which is the leading global forum for discussion of international tax policies.

The June 3-4 conference focused on the challenge of adapting longstanding international tax principles to the modern economy. At their summit in Mexico last year, G20 leaders explicitly referred to “the need to prevent base erosion and profit shifting,” or BEPS. G20 finance ministers subsequently asked the OECD to report on this issue by their meeting last February. The OECD report and follow-on action were high on the agenda at this year’s conference.

Pascal Saint-Amans, director of OECD Center for Tax Policy and Administration, led a discussion BEPS.  Participants included Robert Stack, deputy assistant secretary for international tax affairs at the U.S. Treasury; Mike William, director of business and international taxation with Her Majesty’s Treasury in the U.K.; Brian Ernewein, general director of tax policy with Finance Canada; and Will Morris, chair of the BIAC committee on Taxation and Fiscal Affairs.

The panelists acknowledged that there are problems with present system, but they cautioned that current rules have worked well for decades, and adverse impacts must be carefully considered. Stack said that “respecting legal entities and contracts is critical to the functioning of the transfer pricing rules, which have worked reasonably well in a very large majority of situations.”

Michael Danilack, deputy commissioner at the Internal Revenue Service, provided keynote remarks on recent developments in the OECD’s Forum on Tax Administration, which promotes dialogue between tax administrations and identifies good tax administration practices. Click here to read his remarks.

Several panels addressed issues relating to transfer pricing, including a panel led by Joe Andrus, head of the OECD’s transfer pricing unit. Business is very concerned about proposed changes to the OECD’s transfer pricing guidelines on intangibles. The issue of entitlement to intangible-related returns is particularly difficult, especially the notion of financial investment.

Andrus said the OECD believes that financial investment in intangibles is important, and continues to wrestle with this issue. He also indicated that financial investment will be dealt with differently in the next version of the discussion draft.

The conference was co-organized by USCIB, the OECD and the Business and Industry Advisory Committee (BIAC) to the OECD, which officially represents the view of industry in the Paris-based body, and for which USCIB serves as the U.S. member federation. Supporting organizations include the International Fiscal Association, Tax Foundation, National Foreign Trade Council, Organization for International Investment, Tax Council Policy Institute, International Tax Policy Forum and Tax Executives Institute.

“Governments need clear, consistent rules to collect an appropriate amount of tax from multinational enterprises doing business in their jurisdictions,” said Carol Doran Klein, USCIB’s vice president for tax policy. “Businesses need clear and consistent rules to foster trade and investment across borders.  Developing these rules requires dialogue among countries and business. The conference was an important part of that dialogue.”

Staff contact: Carol Doran Klein

Photos from the conference on Facebook

More on USCIB’s Taxation Committee

World Trade Week New York City 2013

Published on June 20, 2013
Rep. Charles Rangel (left ) presenting the Export Appreciation Award to Rich Bengloff (center), president of American Association of Independent Music.
Rep. Charles Rangel (left ) presenting the Export Appreciation Award to Rich Bengloff (center), president of American Association of Independent Music.

USCIB was once again a lead organizer for the annual World Trade Week festivities in New York City. Joining cities around the country during the third week in May, New York celebrated the role of trade and exports in driving regional and national prosperity.

In celebration of World Trade Week, USCIB organized a presentation by the U.S. Fish and Wildlife Service (FWS), “Are Your Exports/Imports CITES Compliant?,” along with sponsors Reed Exhibitions and the Jewelry Vigilance Committee, in partnership with the office of Sen. Kirsten Gillibrand (D – N.Y.). FWS is charged with enforcing the United Nations Convention on International Trade in Endangered Species (CITES) in the United States. Wildlife Inspector Naimah Aziz provided an in-depth training on the CITES convention and other local regulations that affect the trade in certain furs, coral, skins, sea and plant life.

A record number of people turned out for the kickoff awards breakfast at Baruch College on May 13. The keynote speaker was Sam Schwartz, president and CEO of Sam Schwartz Engineering. Rep. Charles B. Rangel (D. – N.Y.) addressed the breakfast, emphasizing the importance of the trade community and of making favorable policy decisions to enhance trade, and presented three top awards. The Export Appreciation Award, which went to the American Association of Independent Music. The Export Achievement Award, which was presented to Lumi.Solar; and finally the Global Trade Award, given to United-States Mexico Chamber of Commerce, Northeast Chapter.

Directly following the kick off breakfast Amanda Barlow, USCIB’s director of carnet and trade services marketing, took part in a panel discussion along with U.S. Customs and Border Protection on essential resources for international trade. Ms Barlow described how U.S. exporters can get their goods abroad duty and tax-free into 85 customs territories using the ATA Carnet, also known as the Merchandise Passport.

More on USCIB Trade Services