International Chamber of Commerce (ICC) Definition, Activities

By
Will Kenton
Full Bio
Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU.
Learn about our editorial policies
Updated October 11, 2021
Reviewed by
Michelle P. Scott
Michelle P. Scott image
Reviewed by Michelle P. Scott
Full Bio

Michelle P. Scott is a New York attorney with extensive experience in tax, corporate, financial, and nonprofit law, and public policy. As General Counsel, private practitioner, and Congressional counsel, she has advised financial institutions, businesses, charities, individuals, and public officials, and written and lectured extensively.

Learn about our Financial Review Board
Fact checked by
Suzanne Kvilhaug
Suzanne Kvilhaug
Fact checked by Suzanne Kvilhaug
Full Bio
Suzanne is a content marketer, writer, and fact-checker. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies for financial brands.
Learn about our editorial policies

What Is the International Chamber of Commerce (ICC)?

The International Chamber of Commerce is the largest, most diverse business organization in the world. The ICC represents 45 million companies in over 100 countries with broad business interests.

The ICC's networks of committees and experts represent the full range of business sectors. They also maintain contact with the United Nations, the World Trade Organization, and other intergovernmental agencies.

Key Takeaways

  • The International Chamber of Commerce (ICC) is the largest business organization in the world, with 45 million member companies from more than 100 countries. 
  • The International Chamber of Commerce (ICC) aims to foster international trade and commerce to promote and protect open markets for goods and services and the free flow of capital.
  • The ICC performs a number of functions for businesses, including the establishment of rules, dispute resolution, policy advocacy, and training.
  • The ICC's vast networks of committees and experts belong to a full range of business sectors and keep members informed of all issues that affect their industries.
  • The ICC maintains contact with the United Nations, the World Trade Organization, and other intergovernmental agencies.

Understanding the International Chamber of Commerce (ICC)

The ICC aims to foster international trade and commerce to promote and protect open markets for goods and services and the free flow of capital. The ICC is responsible for a number of functions, including the establishment of rules, dispute resolution, policy advocacy, and training. The ICC also wages war on commercial crime and corruption to bolster economic growth, create jobs and stabilize employment, and ensure overall economic prosperity.

Because members of the ICC and their associates engage in international business, the ICC has unparalleled authority in setting rules that govern cross-border business. While these rules are voluntary, thousands of daily transactions abide by the ICC-established rules as part of regular international trade.

The History of the International Chamber of Commerce (ICC)

The ICC was founded in Paris, France in 1919. The organization’s international secretariat was also established in Paris, and its International Court of Arbitration was formed in 1923. The first chair of the chamber was Étienne Clémentel, the early-20th-century French politician.

The ICC’s Governing Bodies

There are four primary governing bodies of the ICC. The lead governing body is the World Council, which is composed of national committee representatives. The highest officers of the ICC, the chair, and vice-chair are elected by the World Council every two years. 

The executive board provides strategic direction for the ICC. The board is elected by the World Council and is comprised of 30 business leaders and ex-officio members. The executive board's prominent duties are the development of ICC strategies and policy implementation.

The international secretariat is the operational arm of the ICC and is responsible for developing and implementing the ICC’s work program and introducing business perspectives to intergovernmental organizations. The secretary-general, who is appointed by the World Council, oversees this governing body.

The finance committee acts as an advisor to the executive board on all financial aspects. This committee prepares the budget on behalf of the board, submits regular reports, reviews the financial implications of ICC activities, and oversees all expenses and revenue flow.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. ICCWBO. "Our Mission." Accessed Oct. 12, 2021.

  2. International Chamber of Commerce. "The History of the International Chamber of Commerce – ICC Russia." Accessed March 16, 2021.

  3. ICCWGO. "Governance." Accessed Oct. 12, 2021.

Open a New Bank Account
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Sponsor
Name
Description