Business Leaders Meet in Hong Kong to Rethink Global Recovery

Published on September 23, 2011

The ICC G20 Advisory Group, an initiative of USCIB’s affiliate the International Chamber of Commerce, today consulted with the CEOs of leading regional companies to deliver business input on economic growth and job creation to G20 leaders.

The roundtable in Hong Kong was hosted by ICC Honorary Chairman Victor K. Fung, chairman of the Li & Fung group of companies. Outcomes of the discussions will form a basis for business views being brought to the G20 Summit, November 3-4 in Cannes, France.

“Recent events have shown the fragility of economic recovery and highlighted the need for forward-looking measures to support trade, global economic cooperation and job creation,” said Mr. Fung. “Our focus on jobs is deliberate: every major economy is facing serious challenges in this area, whether due to fiscal concerns, demographic change, or social integration.”

SWIFT and ICC Collaborate on Enhanced Rules and Tools for Trade Finance

Published on September 21, 2011

Declaration of Cooperation paves way for market acceptance of the Bank Payment Obligation instrument

New York, N.Y., September 21, 2011 – SWIFT, the financial messaging provider for more than 9,700 financial institutions and corporations in 209 countries, and the Banking Commission of the International Chamber of Commerce (ICC) have signed a Declaration of Cooperation that will enable industry-wide adoption of the Bank Payment Obligation (BPO), according to ICC’s American national committee, the United States Council for International Business (USCIB).

The ICC Banking Commission is a global rule-making body for the banking industry and a worldwide forum of trade finance experts whose common goal is to facilitate international trade finance.

The BPO will offer an alternative means of settlement in international trade and will provide the benefits of a letter of credit in an automated environment. It enables banks to offer flexible risk mitigation and financing services across the supply chain to their corporate customers.

Both ICC and SWIFT believe that by working together and leveraging their respective positions across the trade finance community, the BPO will have an important role to play in the development of international trade by addressing cost pressures in the face of increased automation and changes in the regulatory environment.

“Trade finance is a critical banking service supporting the world economy,” said Kah Chye Tan, chair of the ICC Banking Commission and global head of trade and working capital with Barclays. “It is vital that the industry aligns on enhanced rules and tools in support of trading counterparties whether large or small. The ICC Banking Commission views the development of the BPO rules and the related ISO 20022 messaging standards as strong foundations for banks to provide modern risk and financing services aligned with today’s technology evolution.”

Michael Quinn, chair of USCIB’s Banking Committee and managing director at JP Morgan Global Trade Services, elaborated: “The Bank Payment Obligation will facilitate significant operating process improvement for corporations involved in Trade Finance while preserving the risk mitigation attributes of the traditional letter of credit. The ICC-SWIFT work on BPO rules and standards leverages the expertise of the respective organizations to help broaden the availability of trade finance for bank customers, an important driver of economic growth at a time when it’s vitally needed both here in the U.S. and abroad.”

Industry forecasts indicate that merchandise exports will reach $33 trillion (U.S.) by 2020, from $6 trillion in 2000, explained Gottfried Leibbrandt, head of marketing at SWIFT. “ICC and SWIFT are best positioned to help the banking industry facilitate further growth of trade using innovative solutions,” he said. “SWIFT is committed to helping its member banks deliver innovation in trade finance to the corporate world.”

The declaration, signed at Sibos in Toronto, confirms the framework for collaboration between SWIFT and ICC to publish and maintain a set of contractual rules that will establish uniformity of practice in the market adoption of the Bank Payment Obligation (BPO) and the related ISO 20022 messaging standards.

About the ICC Banking Commission

The ICC Banking Commission is a leading global rule-making body for the banking industry, producing universally accepted rules and guidelines for international banking practice, notably letters of credit, demand guarantees and bank-to-bank reimbursement. ICC rules on documentary credits, UCP 600, are the most successful privately drafted rules for trade ever developed and are estimated to be the basis of trade transactions involving more than one trillion dollars a year. The Banking Commission is equally a worldwide forum of trade finance experts whose common aim is to facilitate international trade finance across the world. With over 500 institutional members in 85 countries, many of them emerging, the Banking Commission is one of the largest ICC Commissions.

About SWIFT

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 9,700 banking organizations, securities institutions and corporate customers in 209 countries. SWIFT enables its users to exchange automated, standardized financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

About USCIB

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation. Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More information is available at www.uscib.org.

More on USCIB’s Banking Committee

New Marketing Code Raises Consumer Protection Standards Around the World

Published on September 15, 2011

New York, N.Y., September 15, 2011 –New protection for Internet users – along with detailed standards for marketers selling to them – are highlighted in a newly revised code of global marketing practice from the International Chamber of Commerce (ICC), according to ICC’s American national committee, the United States Council for International Business (USCIB).

The Consolidated ICC Code of Advertising and Marketing Communications, launched today and made globally available online, serves as the foundation for national self-regulatory systems that monitor marketing practices and provide consumers with easy access to make complaints and redress problems. The Code was unveiled in Buenos Aires at an international conference on responsible advertising, hosted by CONARED, the Latin American Association of Advertising Self-Regulatory Organizations.

“Our Consolidated Code is recognized as the gold standard for self-regulation,” said John Manfredi, chair of ICC’s Commission on Marketing and Advertising and CEO of Manloy Associates. “This new Code expands the scope and reach of global efforts with rules that cover consumer rights and business’s responsibilities online. It increases protection for children on the Internet and sets parameters for all advertising directed to them, and it adds safeguards for consumers’ privacy and personal information.”

Mr. Manfredi added that ICC, to make the Code accessible to everyone, has launched a website, www.codescentre.com, dedicated to self-regulation at all levels – global, national and regional. “It will serve business people, regulators, self-regulators and academics as well as consumers,” he said. “Its purpose is to build trust for self-regulation by setting high marketing standards.”

The Code sets out the do’s and don’ts on many topical and difficult marketing issues including:

Setting conditions and limits for online behavioral targeting of advertising (OBA), based on interest profiles created by tracking web browsing habits of consumers;
Establishing restrictions on products that may be marketed to children and information gathered from them;
Specifying guidelines for making responsible environmental marketing claims and creating sound food and beverage ads;
Setting standards for ethical behavior and transparency on digital communications for the new technology players, including mobile operators, search engines, application developers, information aggregators and data gatherers;
Protecting consumer privacy with clear guidance on consumers’ rights, including the right to know what information is acquired by a marketer and the standards for the collection, use and safeguarding of personal data when it is collected.

“The newly revised Code demonstrates industry’s continuing commitment to ethical marketing practice,” said Brent Sanders, associate general counsel with Microsoft Corporation and chair of USCIB’s Marketing and Advertising Committee. “Some of the most interesting revisions to the Code for U.S. marketers include those that harmonize for the first time at the international level provisions about online behavioral advertising [OBA], requiring transparency and control for consumers for their online data. This builds on pioneering OBA self-regulatory efforts here in the United States and expands them globally. Enhancing consumer trust in advertising is vital to a competitive and innovative marketplace.”

Mr. Sanders is scheduled to review the key provisions of the Consolidated ICC Code of Advertising and Marketing Communications on October 3 in New York at the National Adverting Division’s annual conference.

About the International Chamber of Commerce

ICC is the world business organization, representing enterprises from all sectors in every part of the world. It promotes cross-border trade and investment and the multilateral trading system, and helps business meet the challenges and opportunities of globalization. Business leaders and experts drawn from ICC’s global membership establish the business stance on broad issues of trade and investment policy as well as on vital technical subjects. ICC enjoys a close working relationship with the United Nations and other intergovernmental organizations, including the World Trade Organization and the G20. ICC was founded in 1919. Today it groups hundreds of thousands of member companies and associations from 120 countries. For more information please visit: www.iccwbo.org

About USCIB

ICC’s codescentre.com website

More on USCIB’s Marketing and Advertising Committee

ICC Unveils New Rules of Arbitration

Published on September 14, 2011

North American launch event next week in New York

New York, N.Y., September 14, 2011 – The International Chamber of Commerce (ICC) has launched a much-anticipated revised version of its Rules of arbitration, with the aim of better serving the existing and future needs of businesses and governments engaged in international commerce and investment, according to the United States Council for International Business (USCIB), ICC’s American national committee.

The new Rules, which will come into force on January 1, 2012, take into account current requirements and developments in arbitration practice and procedure, as well as developments in information technology, since they were last revised in 1998. They will be the subject of a two-day conference next week in New York, organized by the ICC International Court of Arbitration and USCIB.

Additions to the Rules include provisions to address disputes involving multiple contracts and parties; updated case management procedures; the appointment of an emergency arbitrator to order urgent measures; and changes to facilitate the handling of disputes arising under investment treaties and free trade agreements. Other amendments have also been made to ensure that the arbitral process is conducted in an expeditious and cost-effective manner.

In response to growing demand for a more holistic approach to dispute resolution techniques, the new Rules are published in a booklet that also includes the ICC ADR Rules, which provide for mediation and other forms of amicable dispute resolution. Both sets of Rules define a structured, institutional framework intended to ensure transparency, efficiency and fairness in the dispute resolution process while allowing parties to exercise their choice over many aspects of procedure.

“It is one of the principal aims of the International Court of Arbitration to ensure that its Rules promote efficiency in the arbitral process and that they reflect current practice, consistent with the overriding objective of doing justice between the parties,” said John Beechey, chairman of the ICC International Court of Arbitration. “To the extent that it was thought necessary to do so, new measures and procedures have been introduced, such that the 2012 Rules of Arbitration respond to today’s business needs while remaining faithful to the ethos, and retaining the essential features, of ICC Arbitration.”

A highly anticipated launch conference, to be held in New York on September 19 and 20, will provide participants with a comprehensive overview of the changes to the Rules and a valuable chance to have direct interaction with several drafting group experts. Conference information and registration is available at www.iccnorthamerica.org.

“This conference will unveil and explain the changes made to the ICC Rules, and will be the first opportunity for practitioners to acquire a comprehensive overview of the changes made,” according to Josefa Sicard-Mirabal, director of the ICC International Court of Arbitration’s North American office in New York. “Participants will have the rare opportunity to learn from practitioners who participated actively in the rules revision process in preparation for the entry into force of the new ICC Rules on January 1, 2012.”

An earlier sold-out launch conference took place in Paris on September 12. Other launch events are scheduled for Hong Kong (October 10), Singapore (October 12), Dubai (October 31), and Miami (November 6). The Miami event, which will bring arbitration experts, legal practitioners and business executives from throughout Latin America, is also being co-organized by the ICC International Court of Arbitration and USCIB.

The revision process began in 2008 and was undertaken by a small drafting committee of up to 20 members, supported by a wider task force of 202 members and a consultation process with ICC national committees around the world and the ICC Commission on Arbitration.

“A great many dispute resolution specialists and corporate users from different legal traditions, cultures and professions had an opportunity to comment on the drafts, make suggestions and record their views,” said Jason Fry, secretary general of the ICC International Court of Arbitration. “With this revision of the rules we have tried, in particular, to listen to the users of international arbitration, whether they come from business or government. Many of the new provisions in the rules have been shaped with their input.”

Peter Wolrich, chairman of the ICC Commission on Arbitration and managing partner with the French law firm Mallet-Prevost, Colt & Mosle, said: “The International Court of Arbitration is at the cutting edge of change, continuously working to promote greater efficiency through the innovative design of new tools and procedures. The new Rules meet the growing complexity of today’s business transactions, the needs surrounding disputes involving states, and the demand for greater speed and cost-efficiency.”

The Rules are available in several languages and are intended for use by parties in any part of the world in proceedings conducted in any language and subject to any rules of law. To download a free copy of the ICC Rules of Arbitration, please visit www.iccwbo.org/ICCDRSRules. To register for any of the upcoming launch conferences or training sessions, visit www.iccwbo.org/events.

ICC is not only a trusted provider of arbitration but also of other dispute resolution services. The launch of the new Rules coincides with the launch of the ICC International Center for ADR, previously informally known as the ICC “green services.” The Center oversees ICC Amicable Dispute Resolution, Expertise, Dispute Boards and DOCDEX (Documentary Instruments Dispute Resolution Expertise), helping to secure settlements efficiently with minimal loss of time and resources.

About ICC

The International Chamber of Commerce is the largest, most representative business organization in the world. Its hundreds of thousands of member companies in over 120 countries have interests spanning every sector of private enterprise. A world network of national committees keeps the ICC International Secretariat in Paris informed about national and regional business priorities. More than 2,000 experts drawn from ICC’s member companies feed their knowledge and experience into crafting the ICC stance on specific business issues. The United Nations, the World Trade Organization, the G20 and many other intergovernmental bodies, both international and regional, are kept in touch with the views of international business through ICC. For more information please visit www.iccwbo.org.

About USCIB

ICC International Court of Arbitration website

More on USCIB’s Arbitration Committee

ICC Warns of Harmful Regulatory Proposals for Internet Backbone

Published on September 6, 2011

Market-based incentives are fostering investment in local network capabilities that reduce the need for higher-cost international traffic

The International Chamber of Commerce (ICC), USCIB’s affiliate, today released a Discussion Paper highlighting how a commercially-driven framework has allowed Internet Backbone Interconnection Agreements to fuel the massive growth of the Internet across the globe.

The paper, written by the ICC Task Force on Internet and Telecoms Infrastructure and Services (ITIS), highlights data from various sources. This includes a 2011 Analysis Mason study that shows how commercial interconnection agreements negotiated in a market-based regulatory environment have resulted in more efficient global network usage, improved network performance, international expansion and investment growth.

One important example analyzed in the paper, is the evolution of Internet Exchange Points (IXPs) locations. From international Internet traffic originally being routed through IXPs located primarily in the US 15 years ago, the deployment of large numbers of IXPs quickly spread to OECD countries. Today, IXPs are increasingly being established and expanded in emerging markets.

Despite the huge success of the private-sector driven commercial model for Internet Backbone Interconnection Agreements, there have been proposals to regulate these agreements. Proposals appear to be based on the assumption that regulation would promote further investment within particular countries. The ICC paper explains that this view ignores the pertinent facts and policy options. In turn, the paper demonstrates that the desired new investments are actually being enabled and stimulated by the existing commercially-driven framework. In particular, although current proposals to regulate Internet infrastructure agreements would aim to shift costs between countries, the commercial model already is adapting to, and even enabling, the more fundamental shift in the underlying traffic flows that result in those costs. That is, market-based incentives are fostering investment in local network capabilities that reduce the need for higher-cost international traffic.

More on USCIB’s Information, Communications & Technology (ICT) Committee

ICC website

World Economic Climate Worsens According to ICC-Ifo Survey

Published on August 11, 2011

According to the latest quarterly World Economic Survey (WES), published today, from USCIB’s affiliate the International Chamber of Commerce (ICC) and the Munich-based Ifo Institute for Economic Research, the global economic upswing is faltering after the first two improved quarters of 2011.

The World Economic Climate indicator fell by 10 points, from 107.7 in the second quarter of 2011 to 97.7 in the third. It fell based on the assessment of 1,080 economic experts, in 117 countries, who responded to the WES survey questions on both the current economic climate, as well as on the next six-month outlook.

The worsening economic climate is largely the result of a decline in indicator markers in Asia, North America, and Western Europe. The factors attributed to decline, however, are quite different in each of these regions.

In Asia, decline in the economic climate has been attributed to efforts by most Asian countries to moderate their pace of economic growth in order to reduce inflation pressure and maintain sustainable growth. Experts in China, India and Indonesia, in particular, have judged their economic climates more reservedly than others. The economic climate indicator for Asia is still slightly above its long-term average, falling overall by just over seven points from 101.8 in the second quarter of this year to 94.7 in the third.

The biggest drop occurred in North America, from 98.7 to 81.2, in large part due to the United States.

The abrupt drop in economic climate in Western Europe, after two years of constant improvement, is spread unevenly throughout the region, which fell overall from 115.1 to 105.2 points. The climate dimmed in part because previously strong upswings in Germany, Sweden and Switzerland lost some momentum, and in part because of problems in Italy and Portugal, the report indicates. The climate in the United Kingdom also worsened, while the economic climate in France improved.

Latin America was the only region whose economic climate remained unchanged, and Oceania was the sole region to enjoy a rise in expectations.

Inflation expectations have risen slightly worldwide, compared to the previous two quarters. WES experts now forecast an annual inflation rate of 4.0% for 2011, compared to 3.8% in its Q2 survey in April and 3.4% at the beginning of the year.

While the yen and euro are considered somewhat overvalued, the report’s experts thought the British pound and the US dollar were appropriately valued. They also foresee a further worldwide average decline in the value of the US dollar over the next six months, led by an expected weakening of the US dollar in some Asian countries, particularly China, Singapore, Thailand and the Philippines, as well as in Canada and Russia.

Backing for Junior Chambers International Summit

Published on July 5, 2011

The Jaycees’ international summit took place in New York in June.

Fresh from successfully organizing the 7th World Chambers Congress in Mexico City, USCIB’s affiliate the International Chamber of Commerce and its World Chamber Federation lent support to the annual summit of Junior Chamber International, a worldwide federation for entrepreneurs and professionals under the age of 40, last month in New York City.

The Jaycees summit highlighted how strategic partnerships can be implemented at the local level to build a better world and make advances towards the Millennium Development Goals – eight internationally agreed goals to alleviate poverty by 2015.

Speakers at the summit included USCIB President and CEO Peter Robinson. Speaking at the summit opening plenary, entitled “Global Collaboration to Implement the UN MDGs,” Mr. Robinson underscored the power of businesses to positively impact the communities where they operate.

Also addressing the Jaycees was Aaron Nelson, president and CEO of the Chapel Hill-Carrboro (N.C.) Chamber of Commerce. In a breakout session on sustainability, Mr. Nelson gave concrete examples of how the power of business can be harnessed to create positive change.

The summit concluded with a resolution to undertake sustainable projects that would advance the UN Millennium Development Goals in respective Junior Chamber International member communities.

Mr. Robinson’s remarks

JCI website

ICC website

UN Ramps Up Action on Non-Communicable Diseases

Published on June 23, 2011

Panelists at the luncheon briefing on non-communicable diseases. L-R: Dr. Scott Ratzan (Johnson & Johnson), Louise Kantrow (ICC), Donna Hrinak (PepsiCo), Dr. Karen Sealey (Pan-American Health Organization).

The United Nations plans to hold a high-level meeting this September in New York on combating non-communicable diseases like cancer and diabetes. In preparation, USCIB and its affiliate the International Chamber of Commerce hosted a luncheon briefing at the UN on June 16 on “Multi-Stakeholder Solutions Addressing Non-Communicable Diseases.” The event was attended by some 80 representatives of UN member states, industry and civil society.

Speakers at the luncheon came from across the spectrum of health policy and business, and included:

Alexander Alimov, senior counselor with the Russian mission to the UN
Dr. Karen Sealey, special advisor to the Pan-American Health Organization
Donna Hrinak, co-chair of the International Food and Beverage Alliance and vice president of global public policy with PepsiCo
Dr. Scott Ratzan, chair of the International Federation of Pharmaceutical Manufacturers and Associations and vice president of global health with Johnson & Johnson
Erica Whinston, senior manager with Qualcomm

The panel was moderated by Louise Kantrow, ICC’s permanent representative to the UN. Earlier in the day, USCIB and ICC submitted a joint statement to an interactive hearing for civil society. The statement focused on the importance of tailored, local solutions as part of a broader global effort in addressing non-communicable diseases (NCDs), the importance of involving the private sector and the need to take a broad, societal approach.

“NCDs are a societal matter and therefore require whole-of-society and whole-of-government solutions,” the statement said, noting that “all companies have an interest in ensuring they have a healthy and resilient workforce to maintain their competitive edge.”

Staff contact: Helen Medina

Remarks by ICC’s Louise Kantrow to the UN civil society hearing on non-communicable diseases

More on USCIB’s Health Care Working Group

Mexico City Welcomes Chambers of Commerce From Around the World

Published on June 23, 2011

Mexican President Felipe Calderon addressing delegates to the 7th World Chambers Congress.

Some 1,200 participants from chambers of commerce and other business groups in over 100 countries gathered in Mexico City June 8-10 for the 7th World Chambers Congress, organized by the USCIB affiliate the International Chamber of Commerce, ICC’s World Chambers Federation (WCF) and the Mexico City National Chamber of Commerce (CANACO).

Under the theme of “Enterprise – Network – Prosperity,” the congress comprised plenary sessions and an array of practical workshops relevant to the chamber and business community. It also provided plentiful networking opportunities to position the congress as the most important event of the year on the chamber calendar.

Major addresses were given by Mexican President Felipe Calderon, ICC Chairman Gerard Worms, USCIB Chairman and ICC Vice Chairman Harold McGraw III and CANACO President Arturo Mendicutti Narro. The congress also featured world-renowned speakers including Muhtar Kent, CEO of The Coca-Cola Company, and environmental researcher Rajendra Pachauri, the chair of the Intergovernmental Panel on Climate Change.

USCIB Chairman Harold McGraw III (right) with World Chambers Federation Chairman Rona Yircali of Turkey.

Delegates had the chance to develop new business opportunities and interact with the region’s leading companies from the oil, agriculture, trade and services sectors. Among the many developments at the congress, ICC and the Inter-American Development Bank (IDB) signed an agreement to work together across a wide number of projects encompassing trade and investment, banking and sustainable development. ICC and the IDB agreed to develop projects to help private sector development in Latin America and the Caribbean, including the generation and dissemination of state-of-the-art knowledge, capacity-building activities and joint projects.

G20 Advisory Group meets

t a meeting on the sidelines of the congress, the recently launched ICC G20 Advisory Group consulted with global companies to consolidate business positions on a host of issues for delivery at this fall’s G20 summit in France. Participants at the meeting included USCIB Chairman McGraw, who is also chairman, president and CEO of The McGraw-Hill Companies, and Mexican Undersecretary of Foreign Affairs Maria de Lourdes Aranda Bezaury, along with other CEOs and chambers of commerce leaders representing businesses large and small.

Launched in May, the ICC G20 Advisory Group will hold similar meetings in Doha, Hong Kong and Zurich in the coming months, bringing together business leaders and CEOs from major global corporations and SMEs worldwide. The G20 Advisory Group will focus on G20 issues as set by the host country France, as well as on priorities the group wishes to see addressed, including trade, investment and development, strengthening financial regulation, fighting corruption, reforming the international monetary system, reducing commodity price volatility and green growth.

In addition to Mr. McGraw, USCIB was represented at the congress by President and CEO Peter Robinson, Senior Vice President for Carnet Operations Cynthia Duncan and Carnet Development Manager Amanda Barlow.

ATA Carnet workshop

During the opening day of the congress, a workshop on ATA Carnet brought in representatives of potential member countries. Kenya, Philippines, Brazil and Honduras were all present while Carnet member-country representatives including USCIB’s Ms. Duncan presented their experiences. ATA Carnet is an international customs document – a passport for goods – which permits duty and tax free temporary export/import of commercial samples, professional equipment and goods for exhibitions and fairs. ATA Carnets are offered by chambers of commerce and similar business organizations to traders, sales professionals, exhibitors and other international business travelers.

The second session of the morning was devoted to face-to-face discussions between ATA Carnet experts and chamber representatives interested in learning more about the practical operation of the system.

On to Qatar in 2013

At a special award ceremony held on the closing day of the ceremony, winners of the 2011 World Chambers Competition were announced. Open to all chambers, the competition aims to encourage innovation by showcasing chamber projects that have had a positive impact on their respective communities, and that can potentially be adopted by others. Entries were received from 72 chambers from 41 countries under the categories of Best Unconventional project; Best Small Business project; Best International project and Best Corporate Social Responsibility project. For full details on the World Chambers Competition including winners or to read all projects submitted, please visit www.worldchamberscompetition.org.

The Congress concluded with a gala dinner featuring a video presentation of Qatar, destination of the 8th World Chambers Congress in 2013. Entertainment followed with world class Mexican singers and mariachis.

Staff contact: Cynthia Duncan

More on the 7th World Chambers Congress

More on USCIB’s ATA Carnet Export Service

International Chamber of Commerce Reelects Senior Leadership

Published on June 21, 2011

The ICC World Council met this month in Mexico to elect leaders of the world business organization: Gerard Worms (left), ICC chairman, and Harold McGraw III, ICC vice chairman.

USCIB’s affiliate the International Chamber of Commerce (ICC) has re-appointed Gerard Worms as chairman for a two-year term starting July 1, with ICC Vice ChairmanHarold McGraw III, set to succeed him in 2013. Mr. McGraw, the chairman, president and CEO of The McGraw-Hill Companies, currently serves as chairman of USCIB.

The ICC World Council made the decision in a meeting following the 7th World Chambers Congress, June 8-10 in Mexico City. ICC Honorary Chairman Victor K. Fung has also been re-appointed for a further one-year term.

More than 70 business members of the ICC World Council – the organization’s main governing body – met to elect the new leaders as well as two new members of ICC’s Executive Board: Sheikh Khalifa bin Jassim bin Mohammad Al-Thani of Qatar and Pedro Aspe
of Mexico.