The “Wave One” framework from the International Chamber of Commerce (ICC) is a major outcome of COP27 to ensure sustainable trade in line with the wider scope of upgrading the environmental and socio-economic standards.
The ICC has launched the framework in partnership with Boston Consulting Group and 20 banks, corporates, and technology providers have been chosen to implement the already defined matrix to promote sustainable trade. Some of these banks and corporates included BNP Paribas, Commerzbank, Lloyds Bank, Commonwealth Bank of Australia, DNB, Santander Bank, Société Générale, Wells Fargo, and Yes Bank. The ICC will announce the names of the other partners in due course.
The Wave One framework will bridge the prevailing gaps in sustainable trade through common standards acceptable to all in the more significant interest of the plant, people, and production. Through this framework, the sustainability of the global supply chain will be measured on a simple matrix.
Tomasch Kubiak, ICC Policy Manager, termed it the start of an important journey that we hope will enable robust sustainability criteria to be embedded in trade financing across all sectors.
It may be noted that the European Union (EU) is separately pursuing its apparel and textile suppliers, particularly in South and South East Asia, to implement these standards before reapplying for the GSP plus status in 2023.
A recent interaction of the EU Ambassador Dr. Riina Koinka with the All Pakistan Textile Mills Association (APTMA) leadership also focused on the topic where the textile owners were briefed about the external sector developments related to GSP plus facility. She had also expressed concerns over the lack of labour rights in the country’s textile sector. However, the APTMA leadership had made a point that all the member mills are investing heavily in the environment as well as the human aspects of productivity to ensure sustainable supplies to their EU partners.
