Doha, Qatar and New York, N.Y., April 21, 2012 – The International Chamber of Commerce (ICC) has issued updated Guidelines for International Investment to address new challenges of the international investment environment and to further promote investment as a driver of economic growth, according to ICC’s U.S. affiliate, the United States Council for International Business (USCIB).
These revised guidelines – addressed to members of the global business community, government officials and other stakeholders – were launched at the World Investment Forum, organized by the United Nations Conference on Trade and Development (UNCTAD) in Doha, Qatar today.
While the value of cross-border direct investment has grown substantially in the past decade, international investors have reason to be concerned about the impact of recent developments and policies on the free flow of international investment.
“Investment underpins economic growth and has shared value for companies and governments alike,” said Peter Brabeck-Letmathe, chairman of Nestle. “It allows companies to establish themselves in global markets and creates ties between domestic and foreign companies, allowing them to expand their activities and create new jobs.”
The aim of the ICC guidelines is to facilitate cross-border investment for investors and governments, as well as to harness the vast potential of cross-border investment for stimulating balanced global growth. Trade and investment have the potential to reinvigorate the global economy during the present economic crisis, particularly by driving sustainable growth in developing countries.
“The nature of investment has evolved geographically, with developing economies accounting for more investment inflows and outflows,” said James Bacchus, co-chair of Greenberg Traurig’s global practice group, who chaired the drafting group for the revised ICC guidelines.
There has been a sharp increase, since the original guidelines were drafted in 1972, in international investment inflows to, and outflows from, developing and transition economies. In 2010, these accounted for 52 percent of the total investment inflows and 29 percent of total investment outflows.
Global inward investment flows now approach $1.2 trillion (U.S.), and sales of affiliates worldwide are just under $30 trillion, far in excess of world trade flows. There are also more than 2,800 bilateral investment treaties among the nations of the world.
The ICC guidelines revision took place under the aegis of ICC’s Commission on Trade and Investment, chaired by Geoff Gamble, director of international government affairs with DuPont and chair of USCIB’s Trade and Investment Committee. Stephen Canner, a senior advisor with USCIB, also played a leading role in the revision.
The revision comes on the heels of last week’s joint statement by the U.S. and the European Union on shared principles for international investment, which USCIB applauded as “a high-level, concise endorsement of the key role of international investment in the global economy.”
More information on the revision of the ICC Guidelines for International Investment is available on ICC’s website (www.iccwbo.org). The full text of the guidelines is available on USCIB’s website at www.uscib.org/docs/2012_04_21_icc_investment_guidelines.pdf.
About the International Chamber of Commerce
The International Chamber of Commerce (ICC) is the world business organization, a representative body that speaks with authority on behalf of enterprises from all sectors in every part of the world. A world network of national committees keeps the ICC International Secretariat in Paris informed about national and regional business priorities. More than 2,000 experts drawn from ICC’s member companies feed their knowledge and experience into crafting the ICC stance on specific business issues. The United Nations, the World Trade Organization, the G20 and many other intergovernmental bodies, both international and regional, are kept in touch with the views of international business through ICC.
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation. Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More at www.uscib.org.
Jonathan Huneke, VP Communications, USCIB
+1 212.703.5043 or firstname.lastname@example.org