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< Back < Previous | Next > Digital Trade Data flows in supply chains: Practical realities and policy implications 11 Jun 2025 Cross-border data flows are essential for efficient global supply chains, enabling real-time coordination and logistics across borders. ICC provides concrete recommendations to align policies with operational realities and keep trade flowing. Why are cross-border data flows essential to modern supply chains? Cross-border data flows are essential for efficient, resilient, and interconnected global supply chains. They enable real-time coordination, including traceability, custom clearance and the deployment of digital tools such as IoT and AI-driven analytics. Restrictive data policies, however, can create significant barriers that disrupt these interconnected systems. Such restrictions slow down trade, increase operational costs, and disproportionately impact MSMEs – the backbone of global economies – who may be excluded from global markets due to complex, costly compliance requirements. What’s stopping data from moving freely? Despite their critical role, cross-border data flows face growing regulatory hurdles. The lack of multilateral coordination and a fragmented regulatory landscape create barriers to trade and disrupt supply chains. Key issues range from data localisation mandates – which require companies to store and process data within national borders – to conflicting privacy and cybersecurity rules which increase compliance burdens. These fragmented regulatory approaches create uncertainty and act as non-tariff barriers to trade. They create inefficiencies, limit business opportunities and undermine the ability of companies to optimize supply chain operations, international scalability and competitiveness. ICC recommendations: what can policymakers do to fix it? Pursue new rules at the WTO to enable trusted, secure, and predictable cross-border data flows. Promote risk-based approaches that differentiate between personal and non-personal data. Ensure interoperable data standards and avoid blanket localisation requirements that require all data, regardless of type, to be stored locally. Protect Confidential Business Information (CBI) in trade and data policies. Invest in MSME-friendly digital trade ecosystems, including trusted trader programmes. Download

< Back < Previous | Next > Sustainability Sustainability is no longer a buzzword—it’s a business imperative 1 Jun 2025 Sustainability is everywhere – but what does it really mean for a business to be sustainable? And who gets to define it? To get some answers, we spoke to Ed Gillespie, whose credentials involve nearly three decades at the forefront of sustainability. Ed Gillespie How would you define sustainability in business? It’s about what can you continue to do in perpetuity. A sustainable way of doing business doesn’t fundamentally undermine the ecological life support systems on which we depend, and enhances and promotes social cohesion, but also flourishes commercially and economically. In colloquial terms, it’s about treating the world as if we intend to stay. Can it be commercially beneficial for businesses to operate sustainably? There is not always a business case for sustainability because of the way our system currently runs. For example, because we often fail to internalise external costs in our decision making, sustainability can seem more expensive because you’ve got to change the way you do business. This is not always commercially beneficial. That said, the early stages of most organisations’ sustainability journeys usually do save money. That’s because they are operating more efficiently, reducing energy costs, reducing waste costs, becoming leaner and more agile. This improves the performance of an organisation, which usually has commercial benefits. That sounds positive. So why don’t more companies operate sustainably? After picking all the low hanging fruit and gaining all the easy wins, organisations then tend to bump up against ‘the big trap of sustainability’. They can’t squeeze any more efficiency out of their operations. That’s when they have to think about doing different things, not just doing the same things better. This is when it becomes challenging. With this in mind, sustainability is the stepping stone between, for example, the efficiency savings of cutting waste and carbon emissions and the end goal of regenerative business. This is when we start to develop business models which actually restore and replenish ecological systems, build societal resilience, and also perform commercially. What happens to investor confidence after a company has gained all the ‘easy wins’ and things start to get more difficult? Investor confidence has been a massive challenge for the sustainable business world. This is because organisations are trying to make decisions on longer term timescales, but some investors base their decisions on quarterly results. This creates tension between short term and longer term thinking. Who has the power in the ‘company-investor’ relationship? Investors have more power than the company; they can have a massive influence on how far and how fast a company is prepared to go. And I think that’s a problem. Even the most enlightened company can be hogtied by the conservatism of their investor base. How do sustainable operations affect brand image and customer loyalty? In terms of the brand image, the vast majority of people want to do the right thing. Therefore, if an organisation can position itself as an effective, honest and authentic sustainable brand, there is loads of evidence that shows it helps attract the right type of employee. It does the same thing with customers: when people start to buy an ethical product or service, they feel a symbolic self-completion. It becomes part of their identity. When organisations get it right, it can be brilliant in terms of consolidating customer loyalty and helping to build your organisation. Once again, that sounds positive. But is there anything we need to watch out for? There can be risks here. This is why some companies engage in greenwashing: to make themselves look better than they actually are by making overambitious claims about their sustainability efforts. They do it because they know customers want it. How can companies make the strategic shift to operate more sustainably? Sometimes it’s easier to start a new company with ethical and sustainable principles baked into the organisation than it is to try and turn around a ship that’s already at sea. Looking at Dutch companies, Tony's Chocolonely is a good example, started by a person who wanted to tackle modern slavery in the cocoa supply chain. Fairphone is the same, addressing the issues of consumer and electronics waste, and the lack of a circular economy. These are very smart businesses. And, from the healthcare sector, I need to mention Buurtzorg, which represents a complete re-think of community-based nursing care. This model is now used in more than 20 countries around the world. But starting a new company isn’t an option for everyone. What happens then? There are some high profile examples of businesses that have achieved the full transition and transformation. Danish Oil and Natural Gas – DONG Energy – for instance, rebranded itself ORSTOM and pivoted from being about 90 per cent fossil fuel based to around 90 per cent renewables. This was due to the vision and long term plan of the CEO and the board, and taking their investors with them. If you can do a 180 degree turn in a sector as difficult as that, I think you can do it anywhere. We’ve talked about short-term gains and long-term strategies. Are there any medium-term issues that companies need to consider? Organisations need to understand how emerging legislation and regulations are going to change the way they work. In the energy space, that might impact the carbon emissions and responsibilities of your business. So the legislation might not be there yet, but that doesn’t mean it’s not just over the horizon. So I think every organisation has to be cognisant of those potentially emergent risks which could be existential if they’re not addressed. How is responsible leadership connected to sustainable business operations? In other words, how much can one CEO accomplish? Activist CEOs get taken out all the time. So they have got to take the board, the investors, the team and the customers with them. They have to have the ingenuity and creativity to take people into that new space; responsible leadership is a team sport. We talk about this at the Forward Institute in terms of three elements: context, character and company. The context is the rapidly changing landscape. The character is what you stand for, the values you hold as a leader, the purpose that drives you. The company is actually the critical part, because most people at senior levels of organisations are quite isolationist. They tend to only spend time with people within their own organisation at a similar peer level, or perhaps within their sector. So I think a diversity of perspectives, both intergenerational and people beyond your own organisation, are absolutely essential for delivering any meaningful change. Join the upcoming Sustainability committee meeting on 30 June | Amsterdam Join ESG Making it happen, Financing the change 1st July | Den Haag

< Back < Previous | Next > Digitalisation The Netherlands Moves on eBL Legislation — But More is Needed for True Trade Digitalisation 15 May 2025 The Dutch government has taken an important first step in the digitalisation of trade by submitting a bill to Parliament that formally recognises the legal validity of electronic bills of lading (eBLs). The Dutch government has taken an important first step in the digitalisation of trade by submitting the draft law Invoering van het elektronisch cognossement to Parliament. If passed, the law will align the Netherlands with early adopters such as France, Germany, and the UK , who have already advanced legislative work on this topic. It draws inspiration from the UNCITRAL Model Law on Electronic Transferable Records (MLETR), but stops short of full implementation. 📄 Read the draft law here The proposal, submitted on 14 May 2025, amends Book 8 of the Dutch Civil Code to give eBLs legal equivalence with their paper counterparts in maritime shipping. A three-year review clause has been included to assess the possibility of extending the law to other types of electronic transport documents. While this is a welcome development, ICC Netherlands and other stakeholders argue that the bill, though important, is too narrow in scope. A forthcoming white paper developed by ICC Netherlands calls for the full adoption of MLETR, not just for eBLs but for all forms of transferable electronic trade documents, including warehouse receipts, promissory notes, and bills of exchange. The reason is simple: partial reform limits impact. As it stands, the bill’s narrow focus creates a fragmented legal framework that risks undermining the efficiency gains digitalisation promises. Without legal clarity for a broader range of trade documents, businesses and financial institutions may hesitate to embrace digital workflows. Moreover, the Netherlands risks falling behind jurisdictions that have already implemented MLETR in full, including Bahrain, Singapore, the Abu Dhabi Global Market, as well as key trading partners like France, Germany, and the UK, who have each taken significant legislative steps toward full adoption. These jurisdictions are increasingly becoming attractive trade hubs for companies seeking a legally certain digital environment. According to a 2023 DCSA survey, eBL adoption stood at just 5% globally—despite broad consensus on the benefits. Legal uncertainty remains a primary barrier, particularly among banks and insurers who rely on negotiable instruments in trade finance. ICC Netherlands’ position is clear: if the Netherlands is serious about becoming a digital trade leader, it must move beyond this single-document approach. Full MLETR adoption would: • Ensure legal clarity across the full lifecycle of trade finance instruments • Enable interoperability with international platforms and legal regimes • Promote efficiency and resilience in supply chains • Reduce costs and carbon emissions by eliminating paper-based processes We welcome the government’s initiative and recognise it as a foundational step. But foundational steps must lead somewhere. A broader, more ambitious legislative trajectory is not only desirable — it is necessary. ICC Netherlands will continue to advocate for full MLETR implementation and invites companies, policymakers, and trade practitioners to join the conversation. The future of trade is digital — and the legal framework must keep up.

< Back < Previous | Next > Integrity & Culture Building Integrity Through Trust and Psychological Safety Camila Fossati, People and Organizations Director, Braskem 16 Jun 2025 A culture of integrity doesn’t come solely through regulations; it thrives on trust, transparency, and psychological safety. Psychological safety—where individuals can speak up and raise concerns without fear—is the foundation of a strong compliance culture. Camila Fossati Camila Fossati is a strategic and inclusive HR leader with over 18 years of international experience across Europe, Asia, and Latin America. With deep expertise in organizational culture, leadership development, and strategic talent management, she has held senior roles at companies such as Braskem, Makro, Suzano, and Gerdau. Throughout her career, Camila has led transformative initiatives that drove cultural change, enhanced organizational effectiveness, and fostered inclusive, high-performing work environments. She is known for aligning HR strategy with institutional values, navigating complex governance, and translating compliance into practical, people-centered solutions. Her leadership is grounded in empathy, data-driven decision-making, and a strong commitment to integrity and diversity. Passionate about creating meaningful change, she continues to inspire teams and organizations to thrive through trust, transparency, and continuous learning. In today’s fast-paced and competitive business landscape, my experience continues to reinforce a critical truth: a culture of integrity doesn’t come solely through regulations; it thrives on trust, transparency, and psychological safety. As organizations face increasing regulatory demands and ethical pressure, the role of leadership in cultivating a compliant, values-driven culture has never been more vital. Psychological safety (which is the belief that individuals can speak up, admit mistakes, and raise concerns without fear of retaliation) is the foundation of a strong compliance culture. When employees feel safe to voice ethical concerns or report misconduct, organizations are better equipped to prevent, detect, and respond to compliance risks. Integrity Starts at the Top: A Strategic Leadership Imperative Leaders set the tone. A culture of integrity starts when leaders model ethical behaviour, communicate expectations clearly, and create an environment where compliance is not just a checkbox, but a shared value. However, when communication is inconsistent or fear of judgment prevails, silence becomes the norm; and silence is the enemy of compliance. Despite this, some HR leaders remain cautious about engaging deeply with compliance, concerned about being perceived as monitors or “corporate police.” There’s an opportunity to rethink this mindset. Human Resources and Compliance are not gatekeepers; they are strategic enablers of a culture where integrity is lived, not legislated. These professionals play a crucial role in guiding leaders to foster environments where ethical behaviour is encouraged and rewarded. Together they help embed integrity into daily operations, not as an obligation, but as a mindset and a conviction. By partnering with leadership, these functions can: Foster open dialogue that encourages ethical decision-making at all levels. Translate values into behaviours through targeted training and coaching. Build systems of accountability that reward transparency and responsible action. When integrity is embraced as a shared mindset rather than imposed as a mandate, it becomes the foundation for trust, resilience, and long-term value. Empowering Employees to Speak Up In a culture of integrity, employees are not passive observers: they are active participants in maintaining ethical behaviour. But this only happens when they feel empowered to raise concerns without fear. Consider a scenario where an employee notices a potential compliance issue but hesitates to report it, fearing retaliation or being labelled a troublemaker. This hesitation can lead to serious consequences. Psychological safety has the potential to transform this dynamic by ensuring that employees feel respected, heard, and protected when they speak up, whether they’re reporting a policy violation or suggesting a more ethical way of doing business. Learning from Mistakes, Not Punishing Them A culture of integrity isn’t about expecting perfection, it’s about fostering a mindset of growth and accountability. Mistakes are part of being human; what truly matters is how organizations respond. This willingness to learn, adapt, and stay true to their values in the face of setbacks is what defines their ethical maturity. When errors are met with blame, employees hide them. When they’re met with curiosity and accountability, employees grow. This mindset shift from punishment to learning is essential for compliance programs to be effective and sustainable. Organizations that embed integrity into their culture don’t just avoid risk: they build trust and strengthen their long-term success. Employees in these environments are more engaged, more loyal, and more likely to act in the company’s best interest. They understand that compliance is not a barrier to performance, but a pathway to trust, reputation, and long-term success. In Summary, fostering a culture of integrity relies on creating an environment grounded in psychological safety, ethical leadership, and continuous learning. When people feel safe to speak up and take responsibility, integrity becomes part of everyday behaviour, not just a matter of compliance. Supporting this kind of culture isn’t only the right thing to do, it’s also a thoughtful and strategic investment in long-term success.

< Back Professor Dr Henricus J. Snijders Snijders Law and Leiden University Arbitrator Biography Professor Dr Henricus Joseph (Henk) Snijders is an Emeritus Professor of Civil Law and Civil Procedure, with a distinguished career in academia and legal practice. Prof. Snijders serves as an arbitrator for prestigious institutions including the Netherlands Arbitration Institute (NAI) and the International Chamber of Commerce (ICC). He is also a legal advisor and legal expert, often issuing legal opinions in both state court and arbitral procedures. He represents the Netherlands in the United Nations Commission on International Trade Law (UNCITRAL) and in particular Working Group IDR of this commission. He is deeply involved in legal scholarship as an author and editor of numerous books and articles, and he holds key editorial roles in several legal publications. He is a chairman and board member of various legal and academic organizations, contributing to the development and regulation of civil law and arbitration practices. His previous positions include lawyer and barrister at the Dutch Supreme Court, Professor at Erasmus University Rotterdam and Leiden University, Scientific Director of the Leiden Institute of Private Law, deputy judge at the District Court of The Hague and deputy judge of the Court of Appeal at Arnhem, member of the Working Group for the revision of the Dutch Arbitration Act 1986 and chairman of the Advisory Board of the Netherlands Arbitration Institute. Prof. Snijders' contributions to legal scholarship and practice are complemented by his roles as a patron and board member of multiple legal associations and his continued engagement in teaching and course coordination especially in the field of arbitration. In his spare time, he enjoys playing the violin and traveling. Contact Details Netherlands +31 (0)64 828 0773 law@hjsnijders.com Additional Links Link About ICC Netherlands We ensure that Dutch business interests are heard and represented in international policymaking. We deliver tools and standards that simplify cross-border business like model contracts or Incoterms®. We support fair and efficient dispute resolution . Become a member Upcoming events Learn more Check our latest news! News Languages Spoken Dutch, English, German, French Specialisation Arbitration Law, Civil Procedures, Contracts, Property Law, Tort Law Bar Admission(s) Credentials CV

< Back < Previous | Next > ICC Netherlands calls on Dutch Parliament to accelerate adoption of MLETR 1 Sept 2025 ICC Netherlands, together with a broad coalition of companies, banks and business associations, has presented a whitepaper to the Dutch Parliament calling for swift adoption of the UNCITRAL Model Law on Electronic Transferable Records (MLETR) – a move that will cut costs, reduce delays and strengthen the Netherlands’ competitive position. On 1 September, ICC Netherlands, together with a broad coalition of companies, banks and business associations, presented a whitepaper to the Dutch Parliament urging swift adoption of the UNCITRAL Model Law on Electronic Transferable Records (MLETR) . What may appear to be a technical legal change has enormous practical impact. Adoption of MLETR could: Save Dutch businesses hundreds of millions of euros in unnecessary costs Shorten trade document processing from 6–10 days to less than 24 hours Reduce bureaucracy and cut administrative burdens for SMEs by up to 35% Strengthen the Netherlands’ competitiveness as a global trading nation Why it matters International trade is the lifeblood of the Dutch economy: imports and exports together represent more than €1.6 trillion annually – nearly four times GDP . Yet many critical trade documents are still only legally valid on paper. This causes delays, higher costs, and a loss of efficiency. Other countries are moving faster. The UK, France, Germany and Singapore have already updated their legislation. The UK is even ready to advance digital cooperation with the Netherlands, but progress is stalled because eight key documents cannot yet be issued electronically under Dutch law . Clear call to action ICC Netherlands and its partners urge Parliament to: Quickly approve legislation for the electronic bill of lading Launch the legislative process for the remaining seven MLETR documents The digital future of trade starts now. With one simple legislative step, the Netherlands can unlock major efficiency gains and safeguard its position as Europe’s digital gateway and trade hub. The business community is ready to help make this a reality. 👉 Read the executive summary here: EN- Executive summary - Electronic transferable records (1) .pdf Download PDF • 1.84MB 👉 The whitepaper is available in Dutch, here De adoptie van de UNCITRAL‘Model Law on Electronic Transferable Records’ in NL (6) .pdf Download PDF • 3.28MB About this initiative The whitepaper was prepared by representatives of ICC Netherlands, ICISA, ING Bank, Port of Rotterdam and other experts, supported by a broad coalition of companies, banks and business associations.

< Back < Previous | Next > Taxes Shaping the Future of Global Tax: ICC Commission Charts a Course Amid Rising Fragmentation 1 Apr 2025 UN-led tax reforms, digital economy protocols, and OECD challenges headline a pivotal Commission meeting. The ICC Taxation Commission’s March 2025 meeting convened at a critical moment for global tax policy. Against the backdrop of growing geopolitical instability and fragmentation in international trade, ICC members gathered to address urgent developments in global taxation frameworks, digital economy protocols, and regional policy shifts. Trade Turbulence and Strategic Advocacy Opening the session, Andrew Wilson (ICC Vice-Secretary General) and Valerie Picard (ICC Head of Trade) addressed a key concern: the erosion of multilateralism driven by unilateral trade measures, particularly from the U.S. While the core trade stance hasn’t dramatically changed, the implementation is now more aggressive and less internally contested. This “louder, more coordinated” approach risks hardening global divides and undermining established multilateral institutions. In response, the ICC is stepping up its advocacy efforts, producing foundational papers—such as on VAT—that provide clarity and are being actively used by member states in their policy dialogues. UN Tax Convention: Inclusive, But Complex Michael Braun (Germany UN Mission) shared an update on the UN process to establish a framework convention for international tax cooperation. Spurred by growing calls from developing nations, the convention aims to rebalance rule-making power and build a more inclusive and equitable tax framework. The process now moves into a drafting phase following the adoption of the Terms of Reference in 2024, which laid out three pillars: a framework convention, a protocol on digital services taxation, and another on dispute prevention. The structure includes three workstreams, co-led by representatives from the Global South. While the Terms of Reference do not formally embed stakeholder engagement, ICC is pushing for structured business input, emphasizing that private sector expertise is crucial to ensuring practical, implementable rules. The OECD Debate: Pillar Two and Compliance Burdens In parallel, the OECD’s Pillar Two implementation sparked intense debate. Business representatives flagged compliance costs, especially for low-risk jurisdictions, and questioned the added value of full model rules in such cases. ICC presented a proposal for permanent safe harbors based on country-level data and simplified reporting, aimed at lowering compliance costs while maintaining tax integrity. Although the idea gained some support, concerns about erosion of tax bases persist among certain jurisdictions. ICC called for urgent high-level government engagement to maintain momentum and promote a practical, stable system. Regional Insights and Diverging Trajectories Regional sessions showcased both alignment and divergence. In the Asia-Pacific, the Belt and Road Initiative tax platform highlighted progress in digitalization and capacity building. Meanwhile, the EU is focusing on simplification and competitiveness, with the European Commission reviewing directives for redundancy in light of Pillar Two’s global uptake. Africa, represented by Thulani Shongwe (ATAF), spotlighted VAT collection challenges and a growing push for regional cohesion on core tax policy positions, backed by the African Union. The U.S. position remains a wildcard. With the administration opposing some OECD rules and broader concerns about extraterritoriality, participants expressed concern over the stability of the current multilateral tax order. Beyond Structure: Substance in Focus As the UN tax convention process advances, the spotlight is shifting from structure to substance. Key issues include the scope of Article 12 on digital services, the potential for simplified allocation systems, and whether the dispute protocol will embrace binding arbitration or remain limited to prevention mechanisms. The ICC emphasized the need for clarity to avoid conflicting obligations and ensure smooth integration with existing treaties. Ongoing Projects and What’s Next The Commission’s working groups reported on ongoing initiatives including: Foreign subsidy regulations VAT treatment for cross-border telework Sustainability-linked tax policies The interaction between investment treaties and tax rules All underscored the same themes: simplicity, coherence, and coordination. Fragmented rules risk undermining both taxpayer certainty and government revenue collection. Looking ahead, ICC will play a key role in the UN’s Financing for Development Forum (FfD4) in Seville, where business engagement will address the impact of tax on development, investment, and sustainability. A new economic impact study on digital service taxation is also in the works, and ICC continues to push for inclusive dialogue as UN protocols are developed. “ The global tax landscape is being redefined, ” one participant noted, “ and ICC must be both a stabilizer and a shaper of that future . Conference Room Papers (CRPs) - 30th Session | Financing for Sustainable Development Office

< Back Marieke Witkamp Marieke Witkamp LLC Arbitrator Biography Marieke Witkamp FCIArb is a Houston based international arbitrator with an LLM in Dutch and US Law and a Texas bar license. She also holds the CIArb Diploma in International Maritime Arbitration. Marieke has a unique professional background. She is originally trained as a commercial judge in the Netherlands and became an international commercial and arbitration lawyer after moving abroad to the United States and the Middle East. She dealt with ICC arbitrations as counsel in Qatar and worked as in-house counsel in the Dutch energy industry and the sports & entertainment industry of Qatar. She is therefore familiar with every perspective when it comes to dealing with disputes: as the court, as counsel and as the client. Working on 3 continents has also given her a proper understanding of the different expectations that parties may have in cross-border disputes. Marieke’s areas of expertise are maritime, insurance, construction, energy law and post M&A disputes but she is comfortable with almost any contractual dispute that comes up. As a judge she had to deal with anything that entered her docket - she is trained to familiarize herself with new types of commercial conflicts and legal issues in a short time. Marieke’s significant experience as an arbitrator includes sitting as sole arbitrator, emergency arbitrator, party and chair arbitrator in commercial disputes with seats in the US, UK and the Netherlands. Marieke is a hands-on arbitrator who takes her responsibility to start off a procedure in the best way possible. She will customize a procedure to the parties’ needs and will take the necessary decisions to keep a procedure on track. She is often asked as chair as she is very experienced in managing cases, leading hearings and writing fair and well-reasoned awards. Marieke frequently travels to the Netherlands/Benelux and will not charge for travel expenses. Contact Details Tomball, TX 77375, Verenigde Staten +18324586340 marieke.witkamp@outlook.com Additional Links Link About ICC Netherlands We ensure that Dutch business interests are heard and represented in international policymaking. We deliver tools and standards that simplify cross-border business like model contracts or Incoterms®. We support fair and efficient dispute resolution . Become a member Upcoming events Learn more Check our latest news! News Languages Spoken English, Dutch Specialisation Construction, Engineering, Arts,Leisure, Entertainment, Tourism, Sales, Purchases, Transport, Maritime, Pharmaceutical, Joint Ventures, Consortia, Cooperation, Insurance, Energy and Natural Resources, Distribution, Franchising, Corporate Law / M&A, Real Estate Shipbuilding Bar Admission(s) US (US Bar) Credentials CV

< Back < Previous | Next > Business Business responds to US reciprocal tariff plan 2 Apr 2025 Following the announcement of the US reciprocal tariff plan, the International Chamber of Commerce has issued a statement describing the new measures as a shock to the global trading system that need not result in a systemic crisis. Speaking on behalf of more than 45 million companies in over 170 countries, ICC Secretary General John W.H. Denton AO said: “What we’ve seen today represents a watershed moment in American trade policy that poses severe downside risks to the global economy. To put this in historical context, effective US tariff rates now stand at a level not seen since the 1930s — and cover a significantly higher proportion of American GDP than the infamous Smoot-Hawley Act. “This is, without doubt, a shock to the global trading system but it need not result in a systemic crisis. The US is an economic superpower but only accounts for 13% of global imports. How other nations respond to the new duties will ultimately determine the scale and depth of any economic fallout from “Liberation Day”. We continue to encourage governments to place an emphasis on negotiation and de-escalation to the greatest extent possible — tariff retaliation is a lose-lose game. “We are immediately concerned by the potential impact of the severe tariffs imposed on a range of emerging economies — an approach which risks further damaging the development prospects of countries already facing worsening terms of trade. “Businesses across our network will be seeking urgent clarification from the relevant US authorities on how new country-level tariffs will be applied in practice — including on how they interact with sector-specific duties and rules of origin requirements. Given the almost immediate entry into force of the new measures, there is a clear risk of costly supply chain disruptions and customs backlogs absent of express guidance being provided in a timely manner. “From a broader perspective, it’s clear that the measures announced today present a fundamental challenge to the rules-based governance of trade. In addition to responding bilaterally to the US administration, we also need to see governments taking action to safeguard the multilateral system — and set the foundations for its eventual revitalisation. “ Predictability and certainty are fundamental to cross-border commerce . We fully appreciate the US administration’s desire to secure a level playing field for international trade but remain deeply sceptical that a tariff escalation of this scale can deliver on that goal — multilateral solutions will ultimately be needed to resolve longstanding inefficiencies and inequities in the global trading system.”

< Back < Previous | Next > Sustainability Business at the Frontlines of Climate Policy 2 Apr 2025 At the ICC Global Environment & Energy Commission meeting, business leaders emphasized the urgent need for sustainable climate action amid rising geopolitical and economic uncertainties, while reaffirming the private sector’s key role in driving this transition. Looking ahead to COP30 in Brazil, ICC plans to focus on accelerating climate action, promoting sustainable trade, and advancing environmental sustainability through private finance mobilization, adaptation efforts, and coherent trade-climate policies. On 27 March, business leaders and policy experts from around the world gathered in Paris and online for the ICC Global Environment & Energy Commission meeting, navigating the turbulence of a shifting global climate landscape. With geopolitical uncertainty rising and regulatory clarity lagging, ICC reaffirmed its commitment to ensuring the private sector remains an engine for sustainable transformation. The world is entering a new phase of climate and trade uncertainty, ICC is committed to ensuring business can navigate and lead through this transition. A Cooling Political Climate, Rising Economic Risks The meeting opened with a sobering macroeconomic outlook. While global growth is expected to remain stable in 2025, the real concern lies in “pandemic-level uncertainty in trade and investment”. Climate ambition is showing signs of retreat in several jurisdictions, including the US, Canada, and parts of Europe. Subsidies are being scaled back, and net-zero targets delayed. Despite this, optimism remains. China, for instance, continues to lead the global energy transition, with over 50% of global low-carbon investment now originating there. “Clean energy investment has grown by 50% in the past two years. But global efforts still fall short of what’s needed to meet the Paris Agreement.” Setting the Agenda: ICC’s 2025 Priorities Under the banner of “Solutions at Scale”, the Commission laid out a focused work plan across three priority pillars: Setting the Agenda: ICC’s 2025 Priorities Under the banner of “Solutions at Scale”, the Commission laid out a focused work plan across three priority pillars: ICC at COP30: From Dialogue to Delivery As the international community shifts its focus toward COP30 in Belém, Brazil, ICC is positioning itself to play a pivotal role in elevating the voice of business in climate negotiations. Building on the success of its engagement at past COPs, ICC will once again create space for meaningful business dialogue inside the Blue Zone, acting as the formal focal point for business and industry in the UNFCCC process. One of the highlights will be the return of the ICC COP Ship—a floating platform for high-level roundtables, bilateral exchanges, and civil society dialogues. This unique initiative, docked near the COP venue, symbolises ICC’s mission: to bridge public-private divides and unlock bold action through cooperation. “The ship is more than a venue: it’s a signal that business is not just at the table, but committed to steering climate ambition forward.” ICC’s strategic messaging heading into COP30 will centre around three pillars: “We want to help move from high-level pledges to real economy delivery, with a focus on implementation, scalability and inclusiveness.” ICC will also lead several official side events, including on climate-smart trade, SME access to finance, and the operationalisation of Article 6 carbon markets. With Brazil’s presidency emphasising equity and environmental justice, ICC aims to ensure the private sector’s contributions are recognised not only as essential, but as agents of trust, innovation, and global solidarity. “We are entering COP30 with a clear mandate: to be practical, ambitious, and united across business sectors.”

< Back < Previous | Next > Global trade – an urgent need for reform Tom Scott 1 Sept 2025 Global trade is at a crossroads. Rising protectionism, geopolitical tensions and stalled reforms threaten the stability of the rules-based system that underpins Dutch and international business. In this interview, Valerie Picard, ICC’s Head of Trade, explains why urgent WTO reform is needed, what “revitalising the global trading system” means in practice, and how Dutch companies can play a leadership role in shaping the future of trade. Valerie Picard is the Head of Trade at the global offices of the International Chamber of Commerce. We caught up with her to get some answers to some of our pressing questions about the current state of global trade. The international trade environment is always changing. However, 2025 has been especially turbulent and unpredictable. How is the International Chamber of Commerce responding to this? The events of earlier this year certainly represent in many ways a shock: a seismic moment in the global trading system. But they also cannot be viewed in isolation. They are part of a longer trend of rising protectionism, mounting geopolitical tensions and other structural shifts that have been building for more than a decade. The steady increase of trade barriers since the 2007-2008 financial crisis is a clear illustration of this pattern. At ICC, we see this as a pivotal moment. It’s an opportunity to finally address the long-standing challenges that have been holding the global trading system back. As the voice of global business community, ICC has long been calling for reform of the multilateral trading system, echoing the call from businesses of every size and sector across the world that predictable, rules-based trade is the foundation of growth, innovation, and resilient supply chains. For years, we have stressed the need for new rules that incorporate the real‑world perspective of businesses, a fully functioning dispute settlement system, and transparency among other things: At the WTO’s last Ministerial Conference, we made the case for holistic reform of the WTO in order to put the global trading system back on solid footing. Looking ahead to the next Ministerial Conference, we are calling for a serious commitment from members to revitalize the global trading system – this time with the utmost urgency. There needs to be a structured and coherent process, even if it begins with a representative subset of members. And it can’t wait. At the same time, renewing the WTO Moratorium on Customs Duties on Electronic Transmissions is critical. It keeps digital trade predictable and free from tariffs, enabling businesses, particularly SMEs, to participate in the global digital economy without added costs or complexity. It also provides the stability and certainty that investors look for, helping economies attract and retain foreign direct investment. Letting the Moratorium lapse would inject damaging uncertainty and unpredictability into the trading system, create new tariff and non-tariff barriers, and risk further fragmenting the digital economy at a time when stability is needed most. What do you mean by “revitalizing the global trading system”? It means bringing the global trading system into the 21st century so it delivers for the businesses that use it every day. That’s about restoring trust, predictability, and stability, but also updating the rules so they reflect today’s modern business realities and making sure the system works for businesses of all sizes, everywhere. You mention the WTO. How do the challenges that this organisation faces fit in with the current state of affairs? There’s a serious challenge not just to the WTO but to the rules-based system as a whole. That’s a problem, because this framework underpins how global trade actually works. And the reality is, there’s no plan B. Nothing else exists that can provide the stability, predictability, and common rules that businesses rely on every day. While it’s easy to focus on what isn’t working, let’s not forget that the current system provides incredible value to traders across the world, particularly in developing economies. Research commissioned by the ICC and conducted by Oxford Economics shows that the collapse of the WTO-based system could lead to a 33% decline in non‑fuel goods trade across developing countries, with low-income nations seeing up to 43% losses, and an overall GDP drop exceeding 5%. That is a powerful reminder that today’s multilateral framework, with all its imperfections, continues to be vital. The reality is that, in today’s geopolitical environment, it would be impossible to recreate the WTO or build anything close to what exists today. From the business perspective, the reason the system was created, which is the certainty and predictability that it offers, is still as relevant and critical today as ever. Its foundational principles – equal treatment for all trading partners, non-discrimination, and the predictability that comes with clear, enforceable rules-based commitments – remain essential for businesses operating across borders. Can we talk about sustainability. What are the major issues and are sustainable directives even possible? First of all, we believe that sustainable directives are achievable but they need political will, real coordination, and meaningful input from business during their design and roll-out. What we don’t need is a patchwork of competing regulations that create uncertainty, complexity and added costs. That’s why we’ve put forward principles for how to design an effective Carbon Border Adjustment Mechanism (CBAM), which have been recognised by governments and international organisations as a practical reference point. Another area where we have been very active is on the circular economy. We think there is a tremendous opportunity for new business models in the circular economy , but trade barriers are blocking the way. Making the circular economy work requires closer cooperation to align standards and regulations, harmonized laws to enable the smoother flow of secondary materials, technical expertise in policymaking to ensure solutions are practical, and updates to international frameworks such as the Basel Convention to better support circular material flows. A third priority is removing barriers to environmental goods and services. Ensuring businesses can access the technologies, services, and expertise needed for the green transition is essential to driving sustainable growth and innovation at scale. You talk about the need for multilateral agreements. But in a previous answer, you described the erosion of the current rules-based system. Those two don’t go hand in hand. That’s exactly why we’re talking about revitalizing the system – to make it fit for purpose again. The system isn’t delivering the way it should, and that has to change. There’s a long list of issues that need to be addressed and a serious negotiating agenda to be worked through, but the starting point has to be a shared commitment to rebuild trust and modernize the framework so it can actually deliver for business and the global economy. Let’s turn our attention to the Netherlands. What role do you see for Dutch companies in revitalizing the system? The Netherlands has a tremendous amount of trade knowledge and customs expertise. Dutch businesses on the front lines of global trade. As operators in one of the world’s busiest trading hubs, with deep expertise in logistics, customs, and compliance, you see firsthand how rules, disruptions, and uncertainty play out in global supply chains. That gives you a unique perspective – from the realities facing SMEs integrated into global value chains to the opportunities and challenges of digitalization and the green transition. In today’s environment, governments and businesses need to work together more closely than ever. At ICC, we’re making the case globally for a strong and open multilateral trading system, but that voice is strongest when our members actively engage, bringing their real-world experience to shape practical, credible solutions. Dutch businesses, in particular, are well placed to take a leadership role – not just at home but internationally – by sharing what they see on the front lines, offering practical solutions, and standing up for the system that underpins their ability to trade and invest across borders with confidence.

< Back < Previous | Next > ICC Trade Register 2025 30 Oct 2025 Built on over USD 25 trillion in transaction data, the ICC Trade Register 2025 offers the most comprehensive insight into global trade and supply chain finance. Its findings confirm trade finance as a low-risk, high-impact asset class—and show how data-driven evidence continues to shape smarter regulation, sustainability, and competitiveness worldwide. ICC Trade Register 2025 The global benchmark for trade and supply chain finance For over a decade, the ICC Trade Register has provided the most authoritative, data-driven picture of global trade and supply chain finance. With aggregated data from leading international banks, now exceeding USD 25.7 trillion in transactions , it has become the industry’s reference point for understanding risk, guiding regulation, and shaping how trade finance supports the real economy. From data to policy impact The ICC Trade Register is more than a database: it is a strategic instrument for the financial system . Its empirical evidence has influenced major prudential reforms, ensuring that trade finance receives the risk-sensitive treatment it deserves under Basel III . Over the years, ICC data has: Demonstrated the short-term, self-liquidating nature of trade finance instruments, leading to the maturity flow waiver ; Supported a reduction in Credit Conversion Factors from 50 % to 20 % for performance guarantees in the EU and UK; Secured lower Required Stable Funding under the Net Stable Funding Ratio (from 10 % to 2.5 %); Helped regulators adopt Exposure at Default (EAD) instead of full nominal values for leverage ratio calculations. These outcomes are not abstract. They translate into 30–60 % capital savings , up to 90 % reductions in expected credit loss provisions , and EUR 1–2 million in annual liquidity savings for mid-size and large banks. A clearer view of trade finance performance The 2025 edition of the Trade Register provides insight into a trade landscape being reshaped by geopolitics, digitalisation and sustainability. Its findings confirm that trade finance remains one of the lowest-risk asset classes in banking, even amid uncertainty. Key trends include: Receivables finance is now the fastest-growing trade product, projected to expand at a 5.4 % CAGR through 2033 ; Sustainable trade finance continues to rise — 3.1 % of global transactions are clearly green, and 74 % show potential sustainability alignment; Digital trade is gaining legal force, with MLETR-based legislation now covering around 10 % of global exports; Artificial intelligence is moving from pilot projects to enterprise-wide tools, improving efficiency and compliance across banking operations. These shifts underscore how technology, regulation and sustainability are converging to redefine trade finance — turning it into both a growth engine and a channel for responsible investment. Membership: data, dialogue, and influence Participating in the ICC Trade Register gives banks access to exclusive benchmarking, early insights, and a direct voice in policy discussions. Members benefit from: Early access to the complete report and datasets; Peer benchmarking of trade finance portfolios; Members-only briefings on regulatory developments; Active participation in steering discussions that guide the industry’s collective advocacy. By contributing data, member institutions help build the evidence base that underpins future engagement with the Basel Committee , the European Central Bank , and other regulators, ensuring that the risk profile of trade finance is recognised fairly and accurately. “The ICC Trade Register has become the global benchmark for our industry, providing clarity, confidence and tangible impact.”Samuel Mathew, Chair of the ICC Trade Register and Managing Director, Head of Documentary Trade at Standard Chartered Accessing the Trade Register 2025 The ICC Trade Register can be downloaded instantly and digitally via 2go.iccwbo.org .Institutions can choose from four levels of access: global overview, regional breakdown, single-region detail, or full report with Loss Given Default (LGD) data. Financial institutions that wish to contribute data or join as members can contact the ICC Trade Register team directly. Learn more ICC Trade Register 2025 Brochure – Full overview of insights, membership and access options. ICC Trade Register Strategic Preview – A closer look at the data’s regulatory influence and the 2025 outlook. ICC Banking Commission – ICC’s global rule-making body for the banking industry.