Global body ICC launches worldwide campaign to bolster rules-based trade

Singapore picked to start ICC's global govt outreach ahead of WTO conference in 2026

- Angela Tan Senior Business Correspondent

The International Chamber of Commerce (ICC) has launched a major global initiative in Singapore to push a business-backed trade revitalisation compact that aims to bring order back to the rules-based trading system that is under stress from uncertainties.

This was discussed at a roundtable on revitalising the multilateral trading system convened by ICC and the Lee Kuan Yew School of Public Policy. It took place on the margins of the ICC executive board and regional consultative group's Asia meetings.

Speaking to The Straits Times at The Singapore Edition hotel on Oct 23, ICC secretary-general John Denton said the initiative drew a strong consensus from the Asean constituency. This includes senior government officials from Asean, the Asean Secretariat, and business leaders from the Asean Business Advisory Council and ICC Asean National Committees.

The initiative comes as the United States withdraws from global trade leadership, leaving a vacuum with no clear replacement.

"That has just led to an enormous amount of uncertainty, which is actually the No.1 concern of businesses rather than the US tariffs themselves," Mr Denton said. "Tariffs hurt, but it's the uncertainty that has caused companies worldwide to delay investments."