ICC Genesis is a groundbreaking new tool making trading under Free Trade Agreements (FTAs) simpler and more secure for businesses.
ICC has launched a new digital trade tool, ICC Genesis, offering a new way to trade within the framework of Free Trade Agreements (FTAs) by streamlining the invoice self-declaration process.
The innovative tool has been developed by the World Chambers Federation (WCF) at ICC and eight member chambers of commerce, to simplify exporting under FTAs.
With ICC Genesis, exporters have clear guidance to complete the procedure to digitally certify declarations via chambers who act as a trusted third party between governments and businesses.
Julian Kassum, WCF Director and ICC Deputy Secretary General – Network, said:
“ICC Genesis is another proof point of how ICC is accelerating the digitalisation of trade through pragmatic tools that simplify import/export procedures. We are committed to empowering more of our member chambers to support their local business communities and promote equal opportunities to access and participate in global markets.”
The genius of ICC Genesis
To benefit from FTAs, exporters must self-certify the originating status of their goods, a process for which no regulations or obligations are currently in place. During this procedure, rules of Origins are applied to determine if goods are eligible for duty-free or reduced duties under FTAs. This assures importers and customs that the shipments they are receiving are at a lower risk of exposure to fraud, ensuring smoother custom checks and reducing legal liability.
Mistakes made during this process, due to the complexity of the Rules of Origin, can lead to fines and longer holding periods at customs clearance, costing businesses time and money during international transactions.
FTA numbers are rising with over 360 currently in force worldwide, lowering barriers to international trade and opening up markets for businesses worldwide. Yet, the lack of standardisation and low levels of knowledge around the invoice self-declaration procedure under FTAs can be a costly obstacle for companies looking to import or export, especially smaller businesses.
The simplified certification process offered by ICC Genesis is an oath of trust between exporters and importers, paving the way for a new era of trading digitally.
ICC Genesis is currently available in eight countries via the following member chambers:
- Bristol Chamber of Commerce (UK)
- Dublin Chamber (Ireland)
- Danish Chamber of Commerce (Denmark)
- Netherlands Chamber of Commerce (the Netherlands)
- Paris Ile de France Chamber of Commerce (France)
- Qatar Chamber of Commerce (Qatar)
- Slovakia Chamber of Commerce (Slovakia)
- Slovenia Chamber of Commerce (Slovenia)
To contact one of the chambers or for more information about ICC Genesis, please visit our website.
