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International Chamber of Commerce
Year of establishment: 1919
Location: France, Paris
Official website of the organization:http://iccua.org
Organization description: The International Chamber of Commerce (ICC) is an international organization aimed at supporting and developing international trade and globalization. Its members include countries that the ICC has access to through its national committees.
The main activities of the ICC include developing rules, international arbitration, and expressing business positions.
Companies that are part of the ICC are direct participants in international business. The International Chamber of Commerce develops rules that govern global trade. Although these rules are voluntary, business people comply with them daily in numerous business transactions, and these rules form the basis of international trade.
The ICC also provides services, including through the ICC International Court of Arbitration – the leading arbitration institution in the world. Another service is the World Federation of Chambers of Commerce, an international network of chambers of commerce that facilitates interaction and the exchange of experience among chambers.
The Chamber was founded in 1919 with the aim of serving the global business community by promoting trade and investment, open markets for goods and services, and free movement of capital. The ICC International Secretariat was relocated to Paris, and the ICC International Court of Arbitration was established in 1923. Currently, the ICC includes over 130 member countries.
Specifically to address issues that may arise from unclear contractual obligations, the International Chamber of Commerce published the first compilation of international rules for the precise interpretation of trade terms in 1936. These rules became known as 'Incoterms 1936'. Amendments and updates were later made in 1953, 1967, 1976, 1980, 1990, and 2000. The current version of INCOTERMS came into effect on January 1, 2011. The main reason for revising these rules was the need to align them with modern commercial practices.
