Final answer:
The incorrect statement about the ICC is that it passes business regulations with the force of law for its members. The ICC does not have this authority; instead, it influences best practices and provides arbitration services. Legal authority to pass binding trade laws rests with organizations like the WTO.
Step-by-step explanation:
The statement that is not true about the International Chamber of Commerce (ICC) is: c. It passes business regulations that have the full force and effect of the law for its member's countries. While the ICC works to promote international trade and responsible business conduct, as well as providing dispute resolution services, it does not have the authority to pass laws that are binding on member states. Regulations proposed by ICC can be influential, but they do not carry the weight of law; member state governments rely on organizations like the World Trade Organization (WTO) to establish and enforce rules governing international trade.
International agreements, reductions in trade barriers, and improvements in transportation and communication media underpin global economic activities. They help provide a counterweight to protectionist pressures and make consumers aware of products from around the world, which influences trade and competition. While increased competition can lead to business closures and job losses, consumers benefit from improved or less expensive products, and successful businesses and their employees can enjoy increased profits and income.
Organizations such as the WTO play critical roles in managing the dispute settlement process among trading nations, ensuring adherence to the rule of law, and maintaining a predictable and secure trading environment.