Working with trade association Pact, the broadcaster hopes the development of the joint code will demonstrate the industry’s ability to take a responsible approach if product placement is permitted in the UK.
A growing list of other broadcasters, including Virgin, Channel 4 and Discovery, are also said to be "deep in talks" with Pact about signing up to the new code.
It comes as the the Department for Culture, Media and Sport is consulting on whether or not to allow product placement on television through the EU audiovisual media services directive.
The code aims to set out a clear process separating creative and commercial activity to ensure product placement in UK originated content is creatively rather than commercially led.
According to a statement, key features of the code include: "Transparency: an easily recognisable visual indicator, such as an industry-wide logo, that could be displayed at the beginning and end of a programme and as the programme resumes after a break.
"Presence not promotion: it should constitute brand presence in a programme where this is editorially justified and not unduly prominent.
"Editorial independence: the separation of the commercial and creative in the process will ensure that there will be no programme distortion for commercial purposes."
Dawn Simpson, senior policy executive at Pact, said the code demonstrates the industry can, and will regulate itself to keep the standards of UK programming high.
In June, culture secretary Andy Burnham, admitted he feared product placement would "contaminate" editorial integrity of UK programming, but later challenged broadcasters to make their case.
Earlier this month, ITV revealed a 5% drop in broadcasting revenue for the first nine months of the year. This is expected to fall a further 9% by the end of the fourth quarter as advertising is hit by the economic downturn.
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