The International Chamber of Commerce (ICC) has launched an export finance working group that will work under the ICC Banking Commission to develop a global export finance community. The ICC Global Export Finance Committee will be chaired by ING Bank's Eric de Jonge and is already supported by several leading export finance banks.

The setting up of this committee could signal an important step towards developing a global industry approach to mid and long-term export financing, enabling banks to adopt common approaches and practices, which will help corporate treasurers in choosing the right type of financing across many different global markets.

The committee's three key objectives are:

1. to create a credible standing global discussion forum of banking experts in medium and long-term export financing;
2. to create a representative body to discuss industry matters with various stakeholders; and
3. to advocate for and help develop improvements and efficiencies through the standardisation and harmonisation of processes and regulations.

Eric de Jonge said: "It aims... to enable improvements and increase the efficiency of the processes and regulations governing the export financing industry as a whole."

The export financing industry enables and facilitates international trade and economic activity and, according to the ICC's statement, governments in many countries are exploring how they can more efficiently support exports, investments and trade.

It is also an industry that has been affected by regulatory requirements such as the Capital Requirements Regulation (CRR) and Basel III, as well as changes to Export Credit Agencies (ECAs). Due to this, the ICC maintains it is necessary for banks active across the industry to reach a common approach.

Daniel Schmand, Chair of the ICC Banking Commission said: "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."