The International Chamber of Commerce (ICC) is a non-profit international organization that represents business interests in international affairs, with a network spanning 45 million companies in over 100 countries.1 In 2016 ICC was granted Observer status by the General Assembly of the United Nations.2 Its Secretariat is located in Paris.
Law, J., International Chamber of Commerce, A Dictionary of Business and Management, Oxford University Press, 5th ed., 2009.
The ICC was created in 1919 by member States with the purpose of promoting open trade and a free financial market. Its founding member States were Belgium, Denmark, France, Italy, the United Kingdom and the United States. In present times ICC’s National Committees exist in over 90 countries around the world.3
ICC has developed numerous global standards for the international conduct of business, including the International Commercial Terms (Incoterms®). The most recent version is Incoterms® 2020.
The ICC International Court of Arbitration (ICC Court) is the world’s leading arbitral institution. It was established in 1923 and its main function is to resolve commercial and business disputes to support trade and investment. The services of the ICC Court are often used by individuals, businesses and governments to solve their disputes.4 The Court mainly serves for commercial disputes and, to a lesser extent, investor-State disputes.5
The ICC 2021 Rules of Arbitration entered into force on 1 January 2021 and apply to ICC arbitrations registered on or after this date. These new rules consider specific provisions applicable to treaty-based arbitration:
Other relevant amendment includes the obligation of the parties to disclose Third-Party Funders.17
In 1996 the first investor-State case was filed with the ICC on the basis of a Bilateral Investment Treaty (BIT). Since then, at time of writing, 42 investor-State cases have been administered by the ICC. More specifically, at time of writing the host States involved in these proceedings belong to the following regions:16
Jus Mundi search for Treaties and “International Chamber of Commerce”; Cuba - Spain BIT (1994), 27 May 1994, Article XI.2; Cyprus - Poland BIT (1992), 4 June 1992, Article 9.2; Libya - Turkey BIT (2009), 25 November 2009, Article 8.2; Agreement Between the Republic of Turkey and the Republic of Kazakhstan concerning the Reciprocal Promotion and Protection of Investments, 1 May 1992, Article VII.2; Libya - Portugal BIT (2003), 14 June 2003, Article 11.2; Cyprus - Libya BIT (2004), 30 June 2004, Article 9.2; Agreement on the Reciprocal Promotion and Protection of Investments Between the Lebanese Republic and the Republic of Cyprus, 9 April 2001, Article 12.2; Agreement between BLEU (Belgium-Luxembourg Economic Union) and Madagascar for the Promotion and the Protection of the Investments, 29 September 2005, Article 12.3; Agreement between the Government of the French Republic and the Great Socialist People's Libyan Arab Jamahiriya on the Reciprocal Encouragement and Protection of Investments, 19 April 2004, Article 7.3; Croatia - Serbia BIT (1998), 18 August 1998, Article 10.2.b; Jordan - Poland BIT (1997), 4 October 1997, Article 7(2); Lithuania - Russian Federation BIT (1999), 29 June 1999, Article 10.2.
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