Paris, 10 August 2022 (TDI): At a UN Global Crisis Response Group meeting, ICC Secretary General, John W.H. Denton AO, pledged the International Chamber of Commerce’s continued support to maximize the potential of the Black Sea Grain Initiative.
At a UN Global Crisis Response Group meeting, @ICCSecGen offered continued support from our network to maximise the potential of the Black Sea Grain Initiative. https://t.co/YNPQ5ZuGJw pic.twitter.com/Qq1jUKnBOC
— International Chamber of Commerce (@iccwbo) August 9, 2022
The International Chamber of Commerce has called for an urgent concerted international effort to keep Ukraine’s private sector viable in the coming weeks and months.
The ICC gave this response in the recent survey of the Ukrainian Chamber of Commerce. According to a Ukrainian Chamber of Commerce and Industry survey, 30% of businesses have closed their operations since early March, while the remaining 45% are operating at significantly reduced output levels.
Trade capacity has also been reduced by an estimated 70%, and maritime trade routes in the Black Sea becoming unsafe for navigation. It is also limiting businesses’ ability to generate critical export revenues. In addition, Direct losses alone could exceed $500 billion based on current projections.
In this context, ICC urges the international community to commit to a five-point plan to gradually and to the greatest extent possible restore Ukraine’s productive capacity.
The five points plan includes removing export tariffs and quotas. Improved trade facilitation measures for ground shipments should be implemented, and Increased ground logistics capacity. Give complete risk coverage for trade finance. Provide targeted assistance to Ukrainian farmers.
ICC’s role in mobilizing business in Ukraine
The International Chamber of Commerce is the institutional representative of more than 45 million companies in over 100 countries. It has taken a leading role in advocating for business activity in response to the conflict in Ukraine.
ICC has taken a leading role in advocating for private sector action in response to the humanitarian crisis, leveraging partnerships with UNHCR, UNICEF, IOM, WFP, and the WHO
Foundation and calling on global businesses to help provide life-saving care and support to those in need.
ICC also established a dedicated Entrepreneurship Centre for Ukraine. Further, It will strengthen the resilience of Ukrainian SMEs and create long-term opportunities for refugees.
The ICC Secretary General also requested assistance from the IMF, World Bank, and regional development banks in managing the effects of the crisis on legitimate business activities of Small and Medium Enterprises (SMEs) worldwide.
In addition, The International Chamber of Commerce (ICC) issued an immediate statement on behalf of the global business community, condemning Russia’s violation of international law “in the strongest possible terms.”