Economy, Business And Markets

IME to Join ICC

IME to Join ICC
IME to Join ICC

To expand its international activities, the IME, as a new member of the National Committee of International Chamber of Commerce (ICC) will join the ICC's commissions in Iran and abroad, including the one in Paris, said Mohammad Behkish, secretary general of the Iranian National Committee of ICC on the eve of the annual general meeting of the Iranian National Committee of the ICC on Tuesday in Tehran.

Referring to the organization's framework, Behkish stressed that facilitating trade and promoting business at an international level are the main tasks of the chamber of commerce.

"The ICC facilitates the progress of trading rather than promoting specific traders," he said enumerating the ICC's three major functions as regulations establishment, trading policy-making and international arbitration.

Regarding the first function of ICC, Behkish indicated that regulations which have been enacted are mainly associated with international banking procedures. "Currently, all banking laws including letter of credits (LC), money transfers and bank guarantees comply with the ICC regulations.

Due to the nature of the ICC's regulations, the Iranian National Committee of the ICC is in touch with the Central Bank of Iran, so that regulations are ratified in conjunction with the banking commission, he added.

The ICC is a world business organization, a representative body that speaks with authority on behalf of enterprises from all sectors globally. The ICC was founded in Paris in 1919; today it has hundreds of thousands of member companies and associations in over 120 countries.

ICC’s supreme governing body, the World Council is the equivalent of the general assembly of a major intergovernmental organization. In this case however, the delegates are business executives and not government officials.

ICC to Help Globalize IME

The main mission of the Iranian committee of ICC is to promote trade. This move will expand the IME activities at the global level. The IME will be able to take part in ICC committees around the world and can be in touch with globally recognized firms and traders.

The prospect of furthering the IME's objectives by joining the ICC will enhance Iran's presence on the global stage and increase awareness of the country's growing potential.