The International Chamber of Commerce (ICC) has launched an export finance committee with the objective of representing the export finance community with stakeholders and regulators.

The committee is chaired by Eric de Jonge, global head of structured export finance at ING, and operates under the umbrella of the ICC Banking Commission.

Its objectives, as described by the ICC, are to create a credible global discussion forum of banking experts in medium to long-term (MLT) export financing, to form a representative body to discuss industry matters with stakeholders, and to advocate for and help develop improvements and efficiencies through the standardisation and harmonisation of processes and regulations.

“The global export finance committee fills a much needed role in the export finance industry. It aims to not only act as a discussion forum and a body to exchange information and views on export finance, but also to enable improvements and increase the efficiency of the processes and regulations governing the export financing industry as a whole,” explains de Jonge.

Daniel Schmand, chair of the ICC Banking Commission adds: “The export industry is by nature a global industry and the committee is therefore also truly global – connecting with and gleaning information from key institutions around the world that serve the export finance business. The hope is that the forum will become a global representative body in discussions with all kind of stakeholders – representing an industry that may be small, but is certainly crucial.”

The ICC’s previous efforts to help standardise the industry in the face of new regulatory requirements include the inclusion of MLT trade and export finance products in the ICC Trade Register Report, which supports transaction data gathering.