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This guidance paper provides technical guidance to the market on issues of force majeure, elements to consider in modifying ICC rules for specific trade finance instruments, and common scenarios experiences in the delivery of documents during the public health measures undertaken in response to COVID-19.

Comprehensive in its guidance, the paper reviews provisions from several ICC rules, including the Uniform Customs & Practice for Documentary Credits (UCP 600) and its eRules (eUCP 600 2.0), the Uniform Rules for Demand Guarantees (URDG 758), the Uniform Rules for Collections (URC 522) and its eRules (eURC 522), the Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR 725) and the Uniform Rules for Bank Payment Obligations (URBPO 750).

This guidance paper aims only to share practical views and guidance from experts in the management of Trade Finance transactions during this exceptional period of time.

All decisions taken with regard to a trade finance transaction that follows this guideline will be understood to be taken under the full responsibility and agreement of the parties involved.

Please find attached the guidance paper on impact of covid-19 on ICC Trade Finance rules

We are pleased to share with you the Global Alliance for Trade Facilitation’s Annual Report 2019. The report provides a snapshot of the Alliance’s achievements this past year, many of which serve as a springboard for what we hope to achieve in 2020. As the global Covid-19 pandemic highlights the vital importance of smooth, efficient trade in getting essential goods to those who need them, it also underlines the importance of this work. 

The report sets out how, in a year when the multilateral trading system has been under pressure, the Alliance is pioneering a new multilateralism - an alliance far broader, more inclusive and human than our traditional notion of the term: governments, regulators, businesses and civil society across the globe working together on reforms that can support inclusive economic growth, help small and medium sized enterprises to grow, create jobs, and improve lives. The ongoing crisis only serves to highlight the importance of this type of collaboration. 

Given the many disruptions to business operations in light of COVID-19, and resulting questions on Force Majeure clauses in commercial contracts, we are pleased to provide this guidance document.

We trust you will find this useful.

As the world business organization representing more than 45 million companies in over 100 countries, ICC, along with our educational arm the ICC Academy, will be hosting a series of livecasts and webinars on COVID-19 in the coming weeks, free of charge. As part of the COVID-19 response, the series topics will focus on three core areas: health (to speed the health response to COVID-19), economy (to keep trade flowing to restore growth and safeguard jobs), and at a later stage recovery (to maintain momentum on reform of the trading system).

To view the recorded sessions and upcoming ones, visit COVID-19 resource page on COVID-19 resource page.

The novel coronavirus (COVID-19) is an unprecedented health and economic crisis, affecting the lives and livelihoods of workers, as well as the continued operations of businesses globally. By its nature the disease knows no national borders, and in an era of globally integrated supply chains and capital markets, actions to combat COVID-19 by one national government affect many others.

To combat the economic repercussions of this pandemic, ICC believes that urgent and decisive action by all stakeholders is needed. We call on everyone, including governments, international organisations, multilateral development banks, business organisations, and multi-national corporations, to cooperate and coordinate their actions to “Save Our SMEs”. The immediate objective of all stimulus efforts should be to ensure that money flows rapidly into the real economy— and, in particular, to those most vulnerable to the economic disruptions caused by COVID-19 —as well as ensuring that developing countries receive adequate assistance.

The imperative to Save Our SMEs cannot be understated: this agenda is of paramount importance to safeguard the current and future functioning of the global economy and the livelihoods of billions of workers throughout the world.

Read the full Call to Action here.

We also want to use this occasion to thank our Federal Council for its fast and determined reaction. The package of measures in Switzerland goes exactly in the aspired direction and this Call of Action therefore has been implemented in our Country.

The global response to COVID-19 has, thankfully, begun to accelerate with the G20 holding its first ever “virtual summit” on last Thursday.

The G20 leaders’ commitment to ensure the free flow of medical equipment, in particular, was especially welcome – but actions now must follow words.

That is why ICC has written to G20 Trade Ministers ahead of their meeting today, with a roadmap for G20 countries to use trade policy to fight COVID-19 and rebuild the future.

In the letter, ICC outlines 10 concrete ideas for trade ministers with three core goals in mind – to speed the health response to COVID-19, to keep trade flowing to restore growth and safeguard jobs, and to maintain momentum on reform of the trading system.

ICC Switzerland has sent this letter to the Swiss authorities.