Prevailing trade tensions and eroding trust in the rules-based multilateral trading system pose a serious threat to shared prosperity. 

Global trade is at a turning point. Trust in the rules-based multilateral trading system is eroding, and the World Trade Organization (WTO) – though indispensable – is paralyzed, with its core functions weakened and its rulebook lagging behind the realities of modern commerce

In the spirit of its founding purpose to act when cooperation falters, ICC has developed a pathway forward that will build cross-sector partners that demonstrate the power of trade as a unifying force.

Through the ICC Call for Action at MC14, we urge governments to preserve and strengthen the WTO by launching a formal negotiation round on plurilateral agreements, decision-making processes, and foundational principles.  

Beyond the WTO, the ICC Compact for Trade, Growth and Jobs sets out practical solutions that governments and businesses can implement immediately to revitalize the multilateral trading system as a whole and address the most pressing cross-border trade challenges faced by businesses – particularly small- and medium-sized enterprises (SMEs), which are key drivers of employment and economic growth worldwide. Through engagements with our global network, three critical challenge areas have emerged, each of which have been distilled into a concise set of recommendations for both governments and businesses.

At the border, we call for:

1. The full implementation of the WTO Trade Facilitation Agreement, aimed at simplifying and harmonizing customs procedures, alongside SME-friendly border modernization measures. 
2. A global transition from paper-based to fully digitalized trade through comprehensive adoption and implementation of the UNCITRAL Model Law on Electronic Transferable Records (MLETR), supported by National Single Windows and regional alignment of digital trade practices. 
3. The deployment of digital solutions to enhance transparency and traceability across supply chains, in a way that helps businesses navigate fragmented and rapidly evolving regulatory requirements.
4. The full adoption of the WCO Customs Convention on Temporary Admission and the transition to the eATA Carnet system.
5. Support for the use and acceptance of digital Certificates of Origin – particularly in developing and least developed countries – and the development of harmonized non-preferential rules of origin.

Beyond the border, we call for:

1. The modernization of WTO rules and the integration of private sector data and insights into trade policy deliberations. 
2. The development of new multilateral rules on industrial subsidies, enhanced transparency and notification of all industrial policy measures – including through a peer-review forum – and a recommitment to the principle of non-discrimination in industrial subsidy deployment in order to address trade distortions linked to industrial policy.
3. The establishment of multilateral rules on export controls that introduce related transparency and notification obligations. 
4. Support for efforts to create a global materials data hub on critical material flows to further enhance transparency and mitigate supply chain disruptions, particularly for SMEs. 
5. New WTO rules on cross-border data flows to ensure open and interoperable frameworks, avoid national localization mandates and support mutual recognition of standards. 
6. The incorporation of business realities into border carbon adjustments and a single global carbon accounting standard to overcome trade frictions at the nexus of trade and climate.

To improve the enabling environment for trade, we urge governments to:

1. Reform Basel III’s capital treatment of trade finance to bridge the persistent trade finance gap that limits business participation in global commerce. 
2. Instruct greater collaboration between Multilateral Development Banks and private commercial banks to expand trade finance availability. 
3. Mitigate cross-border dispute risks by strengthening dispute resolution frameworks and fostering SME access to alternative dispute resolution.

The message is clear: the real economy cannot afford a weakened multilateral trading system. Fixing it will require political commitment to modernize WTO rules, alongside the adoption of practical solutions with the support of business that will make cross-border trade simpler, fairer, and more predictable. ICC stands ready to work with governments around the world that are committed to acting on these solutions.

More information:

https://iccwbo.org/news-publications/report/icc-compact-for-trade-growth-and-jobs/