Following the strengthening of the Russian and Belarusian related financial sanctions earlier this year, the dispute resolution community raised numerous concerns regarding the subsequent and anticipated impact on the administration and conduct of ICC proceedings implicating these countries.
The challenges for globally active companies and service providers in times of crisis were the focus of the 100th anniversary of ICC Switzerland. Against the background of the consequences of the Ukraine war for the international economy, guest of honor Federal Councillor Guy Parmelin gave an overview of Switzerland's position in the global economy and took part in an exciting discussion. Concrete practical issues were addressed in the preceding workshop on "Contracts and Arbitration in Times of War," focusing on the implementation and consequences of sanctions, the application of "force majeure" clauses, problems in arbitration negotiations involving travel restrictions, and the enforcement of arbitral awards.
Ahead of the next World Trade Organization Ministerial Conference (MC12), the International Chamber of Commerce — the institutional representative of over 45 million businesses worldwide, small, medium and large, in over 170 countries — wishes to set out its priorities for a successful meeting.
The global business community views the World Trade Organization as an essential pillar in the multilateral trading system. As end-users of the system, the private sector strongly encourages ministers to work towards ambitious outcomes that will meet the needs of modern economies and all stakeholders.
ICC Switzerland celebrates this year its 100th anniversary. On behalf of our Chairman Thomas Wellauer, I am pleased to invite you to our anniversary celebration at Baur au Lac in Zurich on 27 June 2022.
While ICC welcomes emerging thinking from governments about a “modern-day” Marshall Plan to support an eventual post-war recovery, it remains gravely concerned—based on its consultations with local chambers and businesses—that the attrition of Ukraine’s productive capacity will accelerate in the coming months absent of a comprehensive package of interventions from the international community.
A new survey by the Ukrainian Chamber of Commerce and Industry indicates that 30% of businesses have completely closed their activities since early March—while a further 45% are operating at severely reduced levels of output. Trade capacity has also been reduced by an estimated 70%, with key maritime trade routes in the Black Sea unsafe for navigation—limiting the capacity of businesses to generate essential export revenues. Based on current trajectories, direct losses alone could amount to over US$500 billion.
Speaker: Ambassador Stefan Estermann
At the moment, important marks are the war in Ukraine and its consequences as well as the imminent Swiss membership in the UN Security Council that will remain an important topic in the next months. What are the implications for business and what can the private sector contribute? Further, Switzerland still must find a new balance in its relations to the European Union after the negotiations on a Framework Agreement ended on unsolvable differences in core points. What are the prospects and possible timeframes? Ambassador Stefan Estermann introduced the discussion with his views on current challenges for Swiss Foreign Policy and gave us valuable insights into these pressing topics.
