Governing bodies
The OECD
The Organisation for Economic Cooperation and Development is an intergovernmental economic organization with 38 member countries. It was founded in 1961 to foster economic progress and world trade.
Certain members of the OECD abide by the organization’s arrangement for officially supported export credits. The arrangement came into existence in 1978 and was designed to create a level playing field among member ECAs, so that exporters compete on the quality and price of goods and services rather than on officially-supported financing terms and conditions.
The arrangement limits some terms and conditions of ECA products, such as interest rates, risk premia, and maximum repayment terms, as well as the provision of tied aid. It also provides rules and guidance for certain sectors such as aircraft, shipping, nuclear power plants, renewable energy, rail, coal-fired power, and project finance. The text of the arrangement is available here.
The Berne Union
Also known as the International Union of Credit and Investment Insurers, this organization is an independent, international not-for-profit trade association representing the global export credit and investment insurance industry. It was established to encourage sound export credit and foreign investment principles. It currently has 82 members and three guests and includes government-backed export credit agencies, private credit and political risk insurers, and multilateral financial institutions.
The International Chamber of Commerce
The ICC is the world’s largest representative business organization. It promotes international trade and a global approach to regulation in order to accelerate inclusive and sustainable growth. Its global network has 45 million members in over 100 countries. It publishes Incoterms, a series of pre-defined commercial terms relating to international commercial law. The ICC’s International Maritime Bureau provides validation of shipments and updates on shipping, including documentation requirements and fraud notifications, and acts as the industry watchdog.