The new President of the Paris-based International Chamber of Commerce (ICC), Harsh Pati Singhania, has set out his priorities for the global business body—from shaping AI governance and digital trade standards to bridging the trade finance gap, supporting SMEs, and strengthening multilateral trade amid rising geopolitical uncertainty. ICC supports strengthening the WTO mechanism, he tells Prasanta Sahu. Edited excerpts.
Q. What will be your key priorities during your tenure as ICC President?
A. My foremost priority will be advancing the transition from traditional goods-based trade to digital trade. This includes: Developing interoperable global standards for digital trade, establishing frameworks for AI governance, promoting cross-border data flow standards, preventing fragmentation by encouraging harmonised global regulations and creating practical digital tools that help SMEs navigate trade, finance and compliance more easily.
Q. How can ICC help businesses, particularly in the current uncertain global environment?
Businesses require stable and predictable rules, especially amid geopolitical tensions and economic uncertainty. ICC develops globally accepted standards that simplify trade and reduce compliance costs. One major initiative is the Digital Standards Initiative (DSI), which seeks to digitise trade documentation. Currently, nearly 80-90% of trade documents remain paper-based. Harmonised digital standards will significantly reduce time, costs and administrative burdens, particularly for small and medium enterprises (SMEs).
Q. How will ICC’s Digital Standards Initiative benefit exporters from countries like India?
Harmonised digital standards will make cross-border trade far simpler. Exporters will use common digital documentation accepted globally, reducing paperwork, delays and compliance costs. This is particularly beneficial for smaller exporters, who often lack the resources to manage multiple regulatory systems across countries.
Q. How does ICC support small and medium enterprises (SMEs)?
SMEs are disproportionately affected by complex trade regulations. ICC is developing digital tools, model contracts, trade finance resources and knowledge platforms that simplify exports and international business. These resources help smaller businesses participate more effectively in global trade.
Q. What role is ICC playing in addressing the global trade finance gap?
The trade finance gap is particularly severe in developing economies. ICC estimates the gap in Africa alone at around $100 billion. The organisation is advocating reforms to Basel III regulations to make trade finance more accessible. We are working with multilateral development banks and commercial banks to expand financing. Also, building an ICC Trade Register using AI-enabled datasets to better assess trade finance risks and demonstrate that SME lending is often less risky than perceived.
Q. Is the World Trade Organisation (WTO) still relevant amid growing protectionism?
Yes. While the WTO faces operational challenges, the cost of a fragmented trading system would be extremely high, particularly for emerging economies and SMEs. ICC supports strengthening the WTO while encouraging plurilateral agreements—coalitions of willing countries—to make progress on specific issues within the broader WTO framework.
Q. Why is AI governance emerging as a major priority?
Artificial Intelligence is evolving rapidly, but there is no globally accepted governance framework. If every country develops its own AI rules, global commerce could become fragmented. ICC aims to develop interoperable standards that balance innovation with responsible governance while facilitating cross-border trade and digital services.
Q. Where does India stand in digital governance and AI?
India has established significant leadership through its digital public infrastructure, including UPI and Direct Benefit Transfer (DBT) systems. However, as trade becomes increasingly digital, harmonised international standards for data flows and AI governance become essential. India has the opportunity to be an early adopter and shape global digital trade standards.
Q. How does ICC approach climate-related trade issues?
ICC does not engage in geopolitics but focuses on creating harmonised standards that facilitate sustainable trade. It develops principles for sustainable trade finance, participates in COP climate negotiations and works to ensure that businesses across supply chains, including SMEs, can comply with emerging sustainability requirements.
Q. How does ICC respond during geopolitical crises?
ICC advocates for maintaining the flow of essential goods even during conflicts. For example, it pushed for safe passage of fertilisers during the recent West Asia conflict because of their importance to global food security. During the Russia-Ukraine conflict, ICC advocated measures to facilitate grain exports. Its role is to represent the interests of global business and minimise disruptions to trade.
Q. What is your outlook for global trade despite ongoing geopolitical tensions?
Global trade will continue to grow despite geopolitical challenges. While ICC cannot resolve political conflicts, it can improve the trading environment by reducing barriers through harmonised standards, expanding trade finance, accelerating digitalisation, strengthening dispute resolution mechanisms and developing globally accepted trade rules such as Incoterms and electronic trade documentation.