Egypt gets readmitted by International Chamber of Commerce after 6 years in the cold

EGYPTEgypt has finally been readmitted into the International Chamber of Commerce’s membership after suspension of its activities six years ago.

 In a press statement, the World Chambers Federation (WCF), formerly the International Bureau of Chambers of Commerce, said that the Federation of Egyptian Chambers of Commerce managed to restore the committee’s activity and resolve all pending problems with parties concerned.

President of the Federation of Egyptian Chambers of Commerce Ibrahim el-Arabi said that the committee’s general assembly, grouping 50 members, is scheduled to convene after Eidul-Adha holiday to elect 21 members of the board of directors.

He further stressed the importance of the Egyptian committee’s role as one of the arms of the Egyptian commercial diplomacy in defending the business sector’s interests at international gatherings.

ICC was founded in the aftermath of the First World War when no world system of rules governed trade, investment, finance or commercial relations.

The International Chamber of Commerce acts as the institutional representative of more than 45 million companies in over 100 countries with a mission to make business work for everyone, every day, everywhere.

The ICC represent business interests at the highest levels of intergovernmental decision-making, whether at the World Trade Organization, the United Nations or the G20 – ensuring the voice of business is heard.

Through a unique mix of advocacy, solutions and standard setting, ICC works to promote international trade, responsible business conduct and a global approach to regulation, in addition to providing market-leading dispute resolution services.

The International Chamber of Commerce through its International Court of Arbitration also help solve difficulties that arise in international commerce through our market leading administered dispute resolution services.

In 2015, Egyptian energy companies: Egyptian General Petroleum Corporation (EGPC) and Egyptian National Gas Holding Company (EGAS) lost a major arbitration case against two Israeli companies: Israel Electric Corporation (IEC) and East Mediterranean Gas (EMG) at the ICC.

ICA in its decision determined that Egypt was at fault for failing to deliver the required amount of gas as per contract terms and its tribunal awarded IEC over USD 1.7 billion in damages and EMG over USD 324 million in damages, plus interest and costs.

ICC also plays a vital role in scaling widespread action on Sustainable Development Goals and has a long history of formulating the voluntary rules by which business is conducted every day.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.