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Showing posts from December 2, 2016

Documentary Risk in Commodity Trade Part 2

The Role of the International Chamber of Commerce The International Chamber of Commerce (ICC) is a non-governmental organization which was founded in 1919 with the aim of facilitating and helping the world’s businesses, by promoting trade, investment, and open markets for goods and services, as well as the free flow of capital. The International Chamber of Commerce (ICC) has large international committees composed of top business, legal, and private sector experts. They provide policies for the world business community on taxation, banking, international investment, sea and air transport, marketing, intellectual property, the environment and all trade and management issues. In addition they harmonize trade practices and draw up voluntary codes for business which set ethical standards. Among the most well-known ICC products in relation to international trade practices are the International Commerce Terms (Incoterms) and the Uniform Customs and Practice for Documentary Credit (UC