GlossaryEN1 min readUpdated: Jun 22, 2026
International Chamber of Commerce (ICC)
The International Chamber of Commerce (ICC) is a private global business organisation representing companies and trade associations worldwide.
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Source: https://iccwbo.org
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Incoterms 2020 Simulator: Who bears costs & risk?
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Definition & Explanation
The International Chamber of Commerce (ICC) is a private global business organisation representing companies and trade associations worldwide. In freight forwarding and international trade, the ICC is best known as the publisher of the Incoterms rules, which allocate costs, risks, and obligations between buyers and sellers in commercial contracts. It also issues the Uniform Customs and Practice for Documentary Credits (UCP), the standard governing letter-of-credit transactions worldwide. The ICC holds consultative status with the United Nations and cooperates closely with the WTO on trade policy. Unlike national chambers of commerce, it has no regulatory authority; its rules become binding only when parties incorporate them by reference into their agreements.
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⚖️ ICC Incoterms 2020
Incoterms 2020 Simulator: Who bears costs & risk?
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