The money men have descended on Qatar and are here to solve the world’s financial problems! The International Chamber of Commerce (ICC) champions the global economy as a force for economic growth and puts emphasis on government regulations. Government decisions can have strong international repercussions as national economies are so closely tied and so the ICC has access to national governments all over the world and makes the case for open trade.
So what has this got to do with Qatar? ICC Qatar is part of ICC’s international network of 120 countries and was relaunched one year ago to represent the MENA region, as Qatar is so well connected. Over 400 bankers and business executives from 50 countries met this month in Doha to discuss a long-term platform for sustainability in trade finance. Despite difficult times, world trade is continuing to grow and the ICC maintain that it’s important to provide the right framework.
The economic crisis has negatively impacted finance in many countries, in particular small and medium sized enterprises (SMEs) that make up 90% of world trade. ICC is urging governments to take measures to make trade finance easier and more accessible and to avoid creating regulations that may penalise trade. ICC Qatar is a big supporter of regulatory reforms like Basel III, which is s a global regulatory standard on bank capital adequacy, stress testing and market liquidity risk.
ICC wants regulators to encourage SMEs by simplifying all requirements to set up and do business, to provide incentives and to provide SMEs access to capital markets. ICC Qatar will host many more meetings in the next few months and will be hosting the World Chambers Congress in April, 2013.