To serve as a global forum and rule-making body for banks worldwide, with particular focus on the financing of international trade; and to help policymakers and standard setters create a regulatory framework that facilitates trade finance throughout the world.
Projects for 2017-2018
- Organise the ICC Banking Commission annual meetings in Jakarta in 2017 and in the Americas in 2018 and promote the Banking Commission’s work as well as the ICC’s in general in these regions.
- Produce and adopt new rules for international factoring (URIF), in partnership with Factor Chain International, based on the existing General Rules of International Factoring (GRIF).
- Prepare policy submissions and responses to regulators on measures affecting the trade finance industry.
- Further develop the trade register project to evolve the default and risk-related data collection, analytics and advocacy, and to provide a richer value proposition to participating banks.
- Make recommendations to the Business 20/G20 process on key issues related to trade finance.
- Actively contribute to the WTO Expert Group on Trade Finance.
- Develop business input on financial crime risks and contribute to the global dialogue with the Wolfsburg Group and the Financial Action Task Force.
- Provide timely market intelligence reports on trade finance, including analysis to support ICC contributions on trade finance in key international forums.
- Issue official opinions on queries on ICC banking rules on a biannual basis.
- Develop business views on export finance issues through the ICC Export Finance Working Group, a representative global platform for medium- and long-term export finance banks.
- Engage in advocacy and education aimed at encouraging global adoption of the proposed terminology and nomenclature for Supply Chain Finance, published in the Standard Definitions for Techniques of Supply Chain Finance.
- Help promote the ICC Academy educational offering in trade finance.
- Explore ways to develop non-traditional institutional investment in trade finance, possibly including through the creation of rules or guidelines.
- Encourage sustainability in trade finance by leveraging banks’ role in financing sustainable trade and encouraging sustainable practices, and by helping to provide clarity to banks in their implementation of existing sustainability policy and standards.
- Examine the impact of digital trade on trade finance and assess the need to adapt the existing rules and/or potentially set standards or rules in this area. Consider the possibility of drafting International Standard Demand Guarantee Practice on the basis of the current survey on the use of URDG 758.