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As the novel coronavirus (COVID-19) pandemic continues to threaten lives and livelihoods, some of the most severe economic impacts are being felt by micro-, small-, and medium-sized enterprises (MSMEs) and their workforces, in both developed and developing economies. The longer the crisis persists, the greater the risk of the collapse of a system of global supply chains.
Such a collapse would have severe consequences for the global economy and society at large. MSMEs comprise an estimated 80% of the world’s businesses and collectively employ billions of people: Together, they are fundamental to the day-to-day provision of goods and services around the world and are the key to economic growth, social development, and social stability. Despite this, MSMEs often have limited cash flow and reserves, and economic disruption of this magnitude jeopardises their very existence as well as the livelihoods of their employees. A failure to protect MSMEs and their workers could compound the spread of the virus, imperil our collective achievement of the United Nations Sustainable Development Goals, threaten global supply chains and, in turn, further strain the global economy, leading to social and political unrest.
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The compared version, which is made available for convenience, highlights the amendments to the 2017 Arbitration Rules. Arbitration under the ICC Arbitration Rules is a formal procedure leading to a binding...
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The ICC Arbitration Rules are those of 2012, as amended in 2017 and 2021. They are effective as of 1 January 2021. The ICC Mediation Rules, in force as from...
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Around 80% of world trade relies on trade finance—a market that has proven particularly vulnerable to previous financial shocks. Reduced access to reliable, adequate, and cost-effective sources of trade financing...
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