Because standbys and demand guarantees often contain automatic extension clauses, ICC Opinion TA954 offers important lessons for practice and the need for sound drafting of such clauses.
In “Trade is critical to achieve the Sustainable Development Goals”, the ICC presents its analysis to highlight that trade is a means of implementing Sustainable Development Goals (SDGs) and that methodologies to assess the connection between trade and SDGs should accurately take into account the complexities and multidimensionality of global trade.
The 12-page paper released 21 September 2022 focuses on addressing trade linkages with four SDGs:
poverty (SDG1, Ending poverty);
economic growth (SDG 8, Promoting decent work and economic growth),
responsible consumption and production (SDG 12, Ensuring sustainable consumption and production patterns), and
climate change (SDG 13, Taking urgent action to combat climate change and its impacts).
The ICC is also in the process of developing a framework for sustainable trade and trade finance definitions.
