Dubai Chambers Partners with International Chamber of Commerce
Dubai Chambers has entered into a strategic partnership with the International Chamber of Commerce (ICC), the world’s largest business organization. This collaboration aims to enhance global business communities by focusing on digital trade and improving financing access for small and medium enterprises (SMEs).
Key Objectives of the Partnership
The agreement will see the development of Dubai Chambers’ Chamber Benchmarking Tool to support ICC and its member chambers worldwide. This tool will help expand the positive impact on the business community by sharing knowledge and expertise.
Areas of Focus
- Dispute resolution
- Sustainability and climate action
- Digital economy
- Multilateral cooperation
The partnership also aims to promote trade digitalization in line with the ICC’s Digital Standards Initiative.
Strategic Role of Dubai
Dubai’s role as a global trade hub is emphasized, building on its contributions to the ICC’s efforts, such as organizing the 12th World Chambers Congress in 2021 and developing the ‘Chamber Model Innovation’ framework.
Statements from Leaders
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated, “Our partnership with the ICC reflects our shared vision to empower businesses in the MENA region through innovation, digitalization, and improved access to finance.”
John W.H. Denton AO, Secretary-General of the ICC, added, “This agreement aims to build on our longstanding, successful relationship with Dubai Chambers to amplify and drive our pioneering work in key areas.”
Doubts Revealed
Dubai Chambers -: Dubai Chambers is an organization in Dubai that helps businesses grow and succeed. They work with companies to improve trade and business activities in Dubai and around the world.
International Chamber of Commerce -: The International Chamber of Commerce (ICC) is a global organization that helps businesses from different countries work together. They create rules and guidelines to make international trade easier and fairer.
Global Trade -: Global trade is the exchange of goods and services between countries. It allows people to buy and sell products from all over the world, like how we can buy chocolates from Switzerland or toys from China.
Digital Trade -: Digital trade involves buying and selling goods and services online. It’s like shopping on Amazon or Flipkart, where you can order things using the internet.
SMEs -: SMEs stands for Small and Medium-sized Enterprises. These are businesses that are not very large, like your local grocery store or a small clothing shop.
Chamber Benchmarking Tool -: A Chamber Benchmarking Tool is a special tool that helps organizations compare their performance with others. It helps them see what they are doing well and where they can improve.
Dispute Resolution -: Dispute resolution is a way to solve disagreements or conflicts between people or companies. It helps them find a fair solution without going to court.
Sustainability -: Sustainability means using resources in a way that does not harm the environment and can be maintained for a long time. It’s like using a reusable water bottle instead of plastic ones to protect nature.
Digital Economy -: The digital economy is an economy that is based on digital technologies, like the internet and computers. It includes online businesses, digital payments, and other technology-driven activities.
World Chambers Congress -: The World Chambers Congress is a big event where business leaders from around the world meet to discuss trade and business issues. It’s like a huge meeting where they share ideas and learn from each other.