The goal of this presentation is to report the latest progress in creation of the next generation of VLBI-based International Celestial Reference Frame, ICRF3. Two main directions of ICRF3 development are improvement of the S/X-band frame and extension of the ICRF to higher frequencies. Another important task of this work is the preparation for comparison of ICRF3 with the new generation optical frame GCRF expected by the end of the decade as a result of the Gaia mission.
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