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? URDG SEMINAR SET FOR DUBAI - 14 JUNE ....1
TradeBrief ISSUE 4
? DOC CREDIT CLINIC.......................................3
? 3 IFC MEETING - ISTANBUL .........................4
? CAREERS IN EXPORTING................................6
7 ? WEBLINKS FOR EXPORTERS...........................8
5 ? CHOOSING A FREIGHT FORWARDER ...............10
8 ? CHINA SYSTEMS UPDATE...............................12
? EXPORTABLE NIGERIAN COMMODITIES............13
? THE FRAUD EXCEPTION IN LCS ......................15
? RECENT EVENTS ...........................................17
TRADE ROUTES TO RECOVERY
What was anticipated to be the largest ICC Banking
Commission meeting ever had to be postponed due to an
EU Travel U restriction cancelling over 16,000 flights around
Europe after an Icelandic Volcano eruption spewed ash and
dust particles into the atmosphere casting a shroud over
Europe for a week which potentially could damage aircraft
Dubai, United Arab Emirates
Due to the danger, Eurocontrol took the dramatic step to
The Dubai Chamber of Commerce and Industry
ban all civilian flights in Europe just days before the ICC
which hosted the Spring 2009 meeting of the
Banking Commission was set to take place in Beijing.
ICC Banking Commission will be holding a URDG 758
The Beijing meeting was anticipated to become the a implementation workshop in Dubai on
record breaking ?Banking Commission Meeting? due largely
14 June 2010 at the prestigious offices of
to the meticulous planning by ICC China.
the Dubai Chamber.
Vincent O?Brien, a member of the ICC Banking
The Beijing meeting had an agenda cram packed with
Commission Guarantee Task Force and moderator for
practical action oriented topics. An ICC China Trade
Finance Forum was planned for April 20 and while some of the URDG workshop scheduled for 20 April in Beijing
the key speakers could not get to China due to the volcanic
will lead this important workshop timely scheduled in
ash the event went ahead and was well attended,
Dubai for mid June.
particularly by Chinese and regional delegates.
O?Brien stated ?This workshop is of tremendous
importance to traders, bankers and corporate lawyers
The options open to the ICC Banking Commission due to
this exceptional circumstance are being considered and operating in the Gulf ? the rules become effective on 1
members of the commission from more than 100 countries
July 2010 and all parties need to be ready.
are anxiously awaiting the outcome.
The essential nature of this workshop has been
underlined by the recently published report of the ICC
Vincent O?Brien, ICC Representative to the WTO Expert
Banking Commission ?Rethinking Trade Finance
Group on Financial Crisis said ?members of the commission
did everything humanly possible to make it to China ? it 2010,? which surveyed trade bankers in 75 countries.
was such a pity as ICC China had planned this event to be
The report stated that ?44% of respondents indicated
a showcase event in the history of the ICC Banking
that there was an increase in the number of claims
under guarantees and standbys in 2009?.
It is alarming to see that 23% of respondents
reported an increase in the number of court
injunctions stopping payment under bank
undertakings. According to O'Brien the need for
strong and clear demand guarantee rules as in the
URDG758 is clearly essential ?particularly as the figure
from the 2010 survey is almost double the figure
reported in the 2009 Survey (12%)?.
Knowledge of the rules and how to implement them
are the key focus of the Dubai Chamber workshop on
14 June 2010. To register and get full details you
must visit http://www.dubaichamber.ae/urdg758
EBSI EXPORT ACADEMY
News & Commentary
Shipping: playing a vital role in the export cycle.
April/May 2010 will be remembered by millions
of people for the disruption to travel around
Europe following the persistent ash cloud from
the Icelandic Eyjafjallajoekull volcano.
News reports tended to focus on the losses of
Name: James Tweed
issue of eBSI
the airlines and the inconvenience caused to
Position: Managing Director
Employer: Coracle Online
travelers, but other sectors suffered as well.
Location: London, UK
The US exported seafood trade and Zambian
Specialisation: International Shipping
flower and vegetable growers are good examples
of exports that traditionally rely on air transport
to get their goods to market in a timely fashion and while some journalists might have
It is now 100% clear that
gotten a little carried away with the theory that no planes might mean no food, what
there is only one superpower
they failed to mention is that almost 90% of the EU?s external trade and over 40% of
on this little planet of ours at
internal trade is already transported by sea.
that superpower is
In response to the restriction of flying, British supermarkets swiftly reacted by
receiving Kenyan exports in Spain, from where they could be transported by road and
sea to UK consumers. These supply chains worked because the sea based
Due to the cloud of volcanic
infrastructure was already in place.
ash hovering over western
During the ash cloud crisis, the most focus that the sea received was the news that the
Europe and the resultant
Royal Navy was going to be pressed into action to rescue stranded British holiday
travel restrictions the ICC
makers from the continent.
Banking Commission meeting
It is reasonable to expect that as the dust settles (no pun intended), commentators will
scheduled for Beijing from 21
make reference to the fact that shipping actually provides the least environmentally
to 23 April did not take place.
damaging form of commercial transport.
The round table of international shipping associations (BIMCO, Intercargo, International
This was unfortunate as the
Chamber of Shipping and Intertanko) notes that in terms of CO2 emissions per tonne
meeting had a tightly packed
of cargo transported one mile, shipping is recognised as the most efficient form of
agenda covering ICC official
commercial transport, however, given the scale of the industry and the vital role in
opinions, update on URDG 758
which it plays in international trade, shipping is a significant contributor to greenhouse
discussions concerning actions
Comparison of CO2 emissions between different modes of transport:
taken to support trade in
Transport Grams per tonne-km
context of financial crisis as
Cargo vessel over 8,000 dwt 15
well the official launch of the Cargo vessel 2,000 - 8,000 dwt 21
Heavy truck with trailer 50
ICC Banking Commission
Air freight 747-400 1,200 km flight 540
Global Trade Finance Survey
Ships come in many different shapes and sizes of course, all having been adapted to
?Rethinking Trade Finance
the type of cargo that needs transporting. Ship design is an evolving practice as fuel
and operational efficiency become the watch words for the modern era.
However, we must keep the
eBSI Now Offers Certified Shipping Courses
wheels of trade in motion and
eBSI is delighted to announce that we have entered into an agreement with Coracle
we hope you will find this
Online to begin providing online courses in preparation for the examinations for the
edition of the eBSI trade brief
Institute of Chartered Shipbrokers (ICS) leading to the following qualifications:
* Background to Shipping
* Foundation Diploma
We have practical articles on
* Advanced Diploma
impact of the volcanic ash on * ICS Membership exams ? PQE
shipping, our trade payments
Courses we can offer online now include:
* Background to Shipping
clinic, summary report on the
* Dry Cargo Chartering
IFC partners meeting in
* Economics of Sea Transport and International Trade
Istanbul, steps to be taken to
* Emissions Trading
advance your international
* Introduction To Shipping
* Legal Principles in Shipping
* Liner Trades
* Logistics and Multi Modal Transport
We also have highlights on
* Marine Insurance
exporting commodities from
* Port Agency
* Port and Terminal Management
Nigeria and how to move them
* Ship Operations and Management
by selecting your freight
* Ship Sale and Purchase
* Shipping Business
* Shipping Law
* Tanker Chartering
Participants can study at their own pace and take the courses alone or as
preparation for the ICS Exams. To enrol or for further details on these courses
please email John Farrell at email@example.com.
EBSI EXPORT ACADEMY
eBSI Doc. Credit Clinic
Stamp it out!
Q 2010/02 - Please excuse us for asking what appears on the surface to be a very
basic question but even within our bank there are different opinions as to the correct
approach to apply in upholding the international rules for letters of credit i.e. UCP 600.
We issued a letter of credit for a large sum which was available with a nominated bank
by deferred payment. The letter of credit called for ?FULL SET CLEAN ON BOARD
MARINE BILLS OF LADING MARKED FREIGHT PREPAID NOTIFY APPLICANT?.
Name: Vincent O?Brien
A presentation was made to the nominated bank which they have deemed to comply and Position: First Director
then made a prepayment to the beneficiary.
Location: Kiltimagh, Ireland
Specialisation: International Trade Finance
Upon receipt of the documents the data on the bills of lading and in fact all other
documents are in strict compliance with the terms and conditions of the letter of credit.
The problem is that on examination of the three pieces of paper presented to represent the full set of bills of lading it is obvious
that the pieces of paper are photocopies of original bills of lading, in fact it is obvious that the three pieces of paper are poor
quality photocopies. For completeness we wish to state truly that the each of the three pieces of paper have a maroon coloured
stamp ?THIS IS AN ORIGINAL? on their face, and an apparently original signature in blue ink. Other than this stamp and signature
everything else about the document indicates to our document examiners that they are either photocopies or were printed out
from a fax machine which is in urgent need of repair or at least a refill of toner.
We have refused the presentation citing the discrepancy ?original bills of lading not presented?
However the nominated bank has refuted our notice of refusal insisting that the presented documents comply with the rules, in
particular UCP Sub-article 17 (b) ?A bank shall treat as an original any document bearing an apparently original signature, mark,
stamp, or label of the issuer of the document?
It is true that the three pieces of paper bear an apparently original stamp and apparently original signature.
Please clarify what is the correct approach to adopt.
There is no doubt that the bills of lading to be presented under the credit must be originals. This requirement has been articulated in UCP
600, sub-article 17 (a) ?At least one original of each document stipulated in the credit must be presented?.
The key issue here is whether banks should treat the three pieces of paper you have described as ?originals? and therefore be determined in
compliance as you indicate there is no conflict in the data itself.
I have come across this situation on a number of occasions and there is a widely held view that if the documents bear an apparently original
signature, as is the case with your query then the documents will be treated by banks as originals and therefore be in compliance.
However, you have asked for my opinion and my opinion differs
fundamentally with this widely held opinion. I argue that just because a
document has a label or stamp or apparently original signature conveniently
affixed it does not change or alter the fundamental and obvious nature of
I am sure your document checkers are of ?reasonable mind? and totally
familiar with checking original bills of lading on a daily basis. So, my opinion
in a nutshell is that if the documents are obviously photocopies and from the
information provided bad quality photocopies then the documents would not
in my mind satisfy the requirement for original bills of lading.
If we refer to UCP 600, sub-article 17 (b) ?A bank shall treat as an original any document bearing an apparently original signature, mark,
stamp, or label of the issuer of the document, unless the document itself indicates that it is not an original.
The nature of the documents you describe clearly indicate to me and I would also believe to any competent court that the documents are not
in fact originals.
Therefore, it is my personal opinion that the documents are not original and the discrepancy is valid.
Certified Training Programmes
Programme Intakes every two months from January & March 2009
? Certificate in Logistics
? Certificate in Finance
? ITS Accreditation
? Advanced Certificate in
Delivered exclusively by:
International Trade & Logistics
The electronic Business School International
? Diploma in Export Operations
Tel: +353 94 9381444 Fax: +353 94 9381708
? Certified Courses in Shipping Web: http://www.ebsi.ie Email: firstname.lastname@example.org
EBSI EXPORT ACADEMY
3 IFC Global Partners Meeting ? Istanbul, Turkey
The 3 IFC Global Partners Meeting which took place in
Istanbul on 28 & 29 April 2010 was a chance for Trade
Bankers in issuing banks in the IFC Global Trade Finance
Program (GTFP) to network with confirming banks of the
program which being updated on significant issues of the
Topics covered in the meeting included a presentations on
prospects for developing country trade, and regional panels
covering Africa, CIS and Latin America & Caribbean.
New IFC Initiatives were also showcased at the
international meeting with over 160 delegates from 30
A Discussion Panel on 'Managing Growth Through the Ups & Downs in Nigeria' countries attending. IFC GTFP is establishing an operations
was moderated by Gboyega Songonuga, IFC Principal Trade Specialist,
hub in Istanbul in order to better service its client banks.
Regional Head ? Africa and had interventions from Mr. Banjo Adegbohungbe,
Access Bank and Mr. Kenny Aliou, FMBC Nigeria.
Antonio Alves moderated the Regional Panel on Latin America and Caribbean
A Panel discussing Africa?s Silk Road ? Trade ties between Africa and China
which consisted of Mrs. Angela Martins - Banco ABC Brazil; Mr. Patricio Ovalle -
consisted of interventions from Mr. Craig Polkinghorne, Standard Bank; Mr.
Banco CMF Argentina; Mr. Guillermo Bueso - Banco Atlandida, Honduras; Mr.
Florian Witt, Commerzbank, and Mr. Kenny Aliou, FMBC, Nigeria.
Fernando Monasterio - Banco Ganadero,
Blii dM Jli J d B It i l Chil
EBSI EXPORT ACADEMY
Among the other areas covered during the 2 day event, presentations from Mr. Andrew Burns, Manager, Development
Prospects Group on future growth trends in developing markets and an incisive presentation from Mr. Ahmet Cimenoglu,
Head of Economic Research in Koc Holding painted a start and yet revealing picture of the antecedents to the Global
Financial Crisis and economic models which have best weathered the storm.
eBSI First Director, Vincent O?Brien delivered a presentation highlighting the benefits of the new URDG 758 global rules on
Demand Guarantees which will enter into force on 1 July 2010 as well as an overview of GTFP Trade Advisory Projects.
Ms. Makiko Toyoda, Head, IFC Trade Advisory Ms. Monserrat Ganuza, Supervisor, GTFP Scott Stevenson, Senior Manager of the IFC
Global took attendees through the wide Operations explained the current best practice GTFP delivered the closing remarks covering
spectrum of Technical Assistance and Training in GTFP Utilisation. the highlights of the conference.
provided by IFC to Issuing Banks.
Regional Discussion Panels
Africa Focus: Managing Growth Latin America Focus: It Takes Two to
Through the Ups & Downs in Nigeria Tango ? Funding Trade with Latin Banks
- Banjo Adegbohungbe, Access Bank - Angela Martins - Head of International
- Kenny Aliou, FMBC Nigeria Department, Banco ABC Brazil
Moderator: Gboyega Songonuga, IFC - Patricio Ovalle, Head of Trade Finance, Banco
Principal Trade Specialist, Regional Head ? CMF Argentina
Africa - Guillermo Bueso, C.E.O., Banco Atlandida
- Fernando Monasterio, C.E.O., Banco
Europe Focus: Spotlight on CIS --
Challenges and Solutions for Local Trade
- Julio Jaraquemada, Chairman of the Board of
- Victoria Chentsova, Credit Bank of Moscow
Banco Internacional - Chile
- Olga Nizovskaya, Credit Bank of Moscow
Moderator: Antonio Alves, IFC Senior Trade
- Aleksey Nikiforovich, IFC Trade Finance
Specialist, Regional Head ? Latin America
Moderator: Mark Rozanski, IFC Trade
Mr. Thomas Smith of eBSI and Mr. Vulkan Selchuk of
Specialist, Regional Head ? Europe/CIS
Foreign Trade Line Export School in Istanbul
networking at the event.
EBSI EXPORT ACADEMY
eBSI Career Focus
Careers in Exporting? Export Sales Representatives
Following from my article on developing a career in
International Trade a number of readers asked me to take a
closer look at the opportunities out there? well? here we go!
First off the mark this issue is a career which can lead to a life changing income
if you find the right product to represent in your market.
What is an Export Sales Rep/Agent?
Name: Thomas Smith
In a nutshell, an Export Sales Rep/Agent can be either a salaried (the Rep part)
Position: Operations Director
or independent commission based agent who is contracted by an exporting
Location: Kiltimagh, Ireland
company to represent the company in an agreed territory, region or specific
Specialisation: International Trade Training
If you are ?still? reading this, maybe you are interested in starting your own import/export agency. And why not?
International trade can be a very lucrative business, even in the first year. But there are also probably several questions
running through your head, such as: What products should I trade? How do I establish contacts? Where can I find
suppliers and buyers? How much startup capital do I need? Is it worth it?
In short: How do I begin?
These are the most common questions potential traders ask, and it?s
completely normal to feel a bit lost and confused at first. But
international trade need not be a daunting venture, and this is where
we can help.
eBSI?s International Trade Specialist (ITS) Accreditation Program is the
ideal choice for individuals who wish to start their own import/export
agency. How so, you ask? Well, as a student, you will learn from
international trade experts the knowledge and practical skills you need
in order to succeed in the import/export business. This in turn will
increase your value to current or potential employers, and give you
access to better career opportunities.
Basically, the ITS Program will help you understand the whole transaction process which is essential before approaching
other companies to offer yourself as their representative. Just like in other businesses, success in the import/export
industry calls for familiarity and passion. The ITS Program will teach you everything you need to know, as well as give you
access to the right contacts. Best of all, you can take the course at your own pace, in the comfort of your own home!
Delivered worldwide from Ireland, a top country in export, the ITS Accreditation Program is a distance e-learning course
that allows individuals to achieve international trade accreditation and certification without having to worry about any
geographic or physical restrictions. No matter where you are in the world, you can learn from globally renowned experts
and become an expert in trade yourself!
Advantages of the ITS Program
The course is a combination of blended learning and peer-to-peer interaction on an international scale, making it a truly
unique learning experience. Lessons are wide and varied, with topics such as document preparation, warehousing,
transport, trade finance, packing, customs clearance, eBusiness, and more.
As mentioned earlier, you can take the course on your own schedule. The ITS Program is perfect for full-time employees
and stay at home mothers who would like to work and learn about international trade at the same time. In addition, you
can choose to either enroll in the entire program or take only the modules that are specific to your needs.
Once you begin, the lessons are sent directly to your
computer. Live sessions are online and come with
transcripts, so even if you happen to miss a session, you
don?t really miss out on anything. On the eBSI online
campus, you can establish connections with fellow students,
alumni, and consultants, and maintain these relationships
even after you graduate. Our alumni network is a close-knit
community that continually shares knowledge and trade
and employment opportunities with one another.
EBSI EXPORT ACADEMY
eBSI eBSI Career Focus
If you opt to take the entire ITS Program and complete it successfully, you will
receive the International Trade Specialist professional accreditation. This
lifelong title can be used on your CV, letterheads, business cards, and other
correspondence, signifying your expertise to colleagues, employers, and clients.
Why not just take a weekend seminar or a traditional MBA?
The ITS Accreditation Program is made up of three key advantages that provide
optimal results in the most efficient manner possible:
? Highly specialized focus on directly applicable knowledge
? Accelerated time to expertise
? Minimal cost of expertise
This unique combination allows you to attain the highest degree of expertise on
international trade while getting the most out of your time and money.
FIT Initiative Graduation hosted by ICC Bangladesh in Dhaka on 3 December 2008
Since you can take the ITS Program from home, there is no need to commute.
The course itself is also more affordable and takes less time to complete than a
traditional degree program. A traditional MBA usually requires several years to
finish. The ITS Program can be completed in just 8 to 12 months on a part-time
basis. Free government resources and weekend seminars may be available for
little or no cost but lack the depth to teach actual expertise.
Accredited and Recommended
The ITS Accreditation Program is the leading professional
international trade training program and has gained worldwide
recognition, some of which are:
? Accredited by the Institute of Export, UK
? Accredited by the Institute of International Trade of
? Recommended by the Irish Exporters Association
? Recognised by the Czech Institute of Trade, Transport
? Recommended the Russian Marketing Association
? The Finance of International Trade Module of the ITS
Accreditation has been used as training support within
the major Multilateral development banks: EBRD, IFC,
ADB and IADB.
Who's in YOUR professional network?
A key element in e-learning certifications facilitated by eBSI is the synergy of networks that often takes place between
participants. Because of the cross functional approach of the certifications, participants gain greater exposure to
complimentary skill sets than could be the case when studying alone. A Shipping clerk working in a freight forwarder can
help a small SME exporter and bring in new business for their company. A trade banker can help that shipping clerk with
the correct preparation of a transport document for presentation under a documentary credit. The possibilities are limited
only by your imagination and your eye for opportunity. Graduates of eBSI certifications gain lifetime membership of the
eBSI Online Campus in order to ensure lifelong sharing of knowledge and also membership of an International Trade
oriented Business Networking site Trade Professional.net where they can manage their professional network and develop
life long relationships with fellow trade professionals.
Grants and Assistance towards Training
A number of Agencies and Organisations provide assistance in part funding training programmes in the areas of
International Trade. For Example, In Ireland FAS can offer up to 50% grant aid on for participants working in SME's who
wish to take the ITS Accreditation Programme. Participants from Emerging Markets can apply for grants of up to 60%
depending on their personal circumstances. Emerging Markets applicants can contact eBSI at EMGS@ebsi.ie for further
details and application forms.
For more information about the certified training outlined in this article feel free to contact Thomas Smith at eBSI on
Tel: +353 94 93 81444 or email email@example.com.
Certificate in Finance of International Trade
Learn all you need to know about Methods of Payment & Finance!
? Online Tutorials with ICC Banking Commission Members Contact us for more details:
? Certified by the Institute of Export UK eBSI Export Academy
? Includes ICC Online Training in UCP 600 Tel: +353 94 9381444 Fax: +353 94 9381708
? Recognised by International Finance Corporation Web: http://www.ebsi.ie Email: firstname.lastname@example.org
EBSI EXPORT ACADEMY
eBSI Weblinks for Exporters
eBSI Weblinks for Exporters is a new section that will provide you every issue with websites
recommended by our course participants as being of particular use to them in their international Trade
Activities! Websites that can be considered for inclusion in this section include but are not limited to
International Trade, Trade Finance and Logistics sites such as:
? Business Networking Sites
? References or Blogs
If you have a site to recommend then send it
? Import Export Directories
to Weblinks for Exporters at email@example.com!
? Country Portals
ShipServ is the leading maritime e-marketplace, helping the
buyers and sellers of sh Search for a supplier, product or service in your ip supplies to reduce the costs
language! It's quick and easy thanks to
associated with doing business together. They do this
EUROPAGES' multilingual search. Whether by
through an innovative portfolio of software, services and
key-word or business sector, you'll find what
hosted applications designed by shipping people, for
you're looking for in the language of your choice.
shipping people. http://www.shipserv.com
Coracle delivers expert professional development packages and
?AFROTRADE? provides an
training so excellent opportunity to any lutions for the shipping industry. Their blended and
commercial organization that
adaptable skills courses allow shipping professionals to easily
wishes to expand its market to the
integrate education and training into their work or home lives.
giant and needy market of Africa.
That is why eBSI counts Coracle as its strategic education
They sell a comprehensive
partner for our clients in the Shipping industry. Check out their
directory of African Importers.
new iphone apps for the shipping industry at:
TradeKey.com is world's leading marketplace
Search Engine Colossus: International Directory of
which connects traders with worldwide
Search Engines can be looked upon as an effort to
wholesalers, buyers, importers & exporters,
give the internet "structure". This WWW roadmap
manufacturers and distributors in over 220
allows surfers to efficiently gain access to country
countries, quickly and cost effectively.
specific search engines and directories.
Biznik is an award-winning
community of entrepreneurs and
Plaxo ? An enhanced address book
Tradeprofessional.net is a Business
small businesses dedicated to
tool for networking and staying in
Networking Site dedicated only to
helping each other succeed. It
contact. It will also inform you of
International Traders and includes a trade
has groups, events calendar,
updates of your contacts. You can
Jobsite, Blogs, Forums, Events, groups and
forums and member contributed
import contacts also.
online Marketplace. Highly Recommended!
articles among other items.
EBSI EXPORT ACADEMY
IFC FIT Initiative
IFC FIT INITIATIVE LAUNCHES IN KENYA
6 country to join the program and second in Africa!
The 6 country to be added to the IFC FIT Initiative online Trade Finance e-learning program will be Kenya, and
will act as a regional hub for the East African nations of Uganda and Tanzania. The formal launch is scheduled
to take place on 21 May 2010 when the IFC reaches the milestone of 100 seminars delivered under the Global
Trade Finance Program (GTFP). This particular regional roll out will be followed-up with a seminar on the new
rules on Demand Guarantees ? URDG 758 on 2 June in Lagos Nigeria with ICC Nigeria and the Central Bank of
Nigeria. Those interested in either event can contact us at firstname.lastname@example.org for further details.
The IFC ?FIT Initiative? is an e-learning Online Collaboration Site for stakeholders
The next roll out of the IFC FIT Initiative
program that is designed with an important
To leverage the network aspect of the 'FIT'
will commence for participants in dual purpose:
Initiative all stakeholders (participants, tutors
1. to train and certify international trade
and coordinators) will have access to an online
Bangladesh, Cambodia, Kenya, Nigeria,
th networking and collaboration system designed to
Pakistan and Vietnam on the 14 of June
2. to build an online global network of
facilitate exchange of ideas and contact building.
2010. A major seminar on URDG will take
international trade and finance professionals
who will share knowledge and experience on
place with the support Online Interactive Core Learning Material of ICC Nigeria and
an online platform specifically developed for
The Finance of International Trade (FIT) course
the Central Bank of Nigeria in Lagos on 2
is comprised of the following Learning Units:
June, those interested should contact
* Methods of Payment
This Three Month program is delivered in a
* Bills of Exchange
combination of the following learning
* Documentary Collections
Those interested in participating in the
* Documentary Credits
program or requir * Import Documentary Credits ing further details can
Online Support site for students
* Bonds & Guarantees
contact the IFC FIT Program Students will be incorporated into the eBSI
* Forfaiting, Factoring & Invoice Discounting
Alumni and will be able to collaborate through
Administration at email@example.com
* Structured Trade Finance
a purpose built learning platform.
or contact directly their local coordinators
* Export Credit Agencies
* Complex Transactions
listed in the table below.
Online Specialised training in UCP 600
* Warehouse Financing
ICC Approved Online Training in UCP 600
The IFC FIT Program * GTFP Trade Facilitation Program is now firmly
(Mentor or Upskill 600).
established with over 350 graduates
already! Will you be next?
Next Intake Dates for the IFC FIT Initiative Project Partners in the IFC FIT Initiative
The next program intakes will take place in the eBSI Gratefully acknowledges the participation and contribution provided to
fo the success of this project by the following project participants: llowing countries on 14 June 2010
Bangladesh, contact Ataur Rahman,
Pakistan, contact Umar Farooq,
Nigeria, contact Arije Abdulrasaq,
Vietnam, contact Martin Nguyen,
Kenya, contact Kenya@ifcfitinitiative.net
EBSI EXPORT ACADEMY
eBSI Expert Commentary
Choosing the Right Freight Forwarder?
Choosing the right freight forwarder to support your export
efforts never has been more critical than during the current
crippling recession ? despite the fact that it may be abating.
Even Icelandic Volcanoes can be overcome!
Selecting the correct forwarder can mean the difference between satisfied
Name: Gerard Korver
customers and unhappy ones; efficient, cost effective distribution of your
Position: Managing Director
products abroad or careless, wasteful handling of them. Ultimately, whom you
choose will translate into either greater company profitability or an income
Location: Dusseldorf, Germany
Specialisation: Export Consultant
statement splattered with red ink.
I speak from experience. After almost 30 years in sitting at conference tables opposite literally dozens of shippers ranging
in size from multi-billion dollar corporations to those with a few million in sales, and as diverse as home improvement
companies to non-profit organizations, I believe there are distinct parameters that, if adhered to, will benefit both the
shipper and his transportation agent.
Here are some thoughts on the criteria needed in choosing a freight forwarder, or, to use the current transportation speak,
Before even entering into negotiations with the logistics provider sitting
across the conference table, analyze your own transportation procedures
and determine your requirements. You probably have used forwarders in
the past. What was the rationale in using past agents, and are these
reasons still pertinent?
How many shipments will a new agent be handling? Will they be primarily
via ocean, air, or truck? For ocean, do your shipments consist primarily of
container loads, or do they sail as ?break bulk? or heavyweight freight? If
by air, will the predominance of your cargo fit into the ?bellies? of
passenger aircraft, or must it travel via the more expensive main deck
configuration? If your freight moves by truck, is it a full truck load or LTL
(less than truck load)? Is your cargo bound for regional, national, or
international destinations ? or a combination of all three? Does your
cargo consist mostly of high density or lightweight freight ? ?bricks? vs
Don?t leave negotiations solely in the hands of your traffic people, as competent as they may be. Draw upon the knowledge
and expertise of other departments in your company: finance, marketing, purchasing, and information technology. Also,
involve senior management in the negotiations to determine their priorities. Be clear in your own mind what is most
important in moving your freight, cost or level of service.
It is important that you make the above vital determination early on, because your search is really for the right
combination of service and cost. You, the shipper, want what I call the best ?value equation? in your company?s current
production and distribution activities, either to links in your assembly chain or to your ultimate customers. Too many times
I have sat at the negotiation table and listened to different viewpoints and priorities from a potential customer?s traffic
group, only to learn 2 months later that top management had in mind other, different sets of priorities. In order to get the
best value for your transportation dollar, you need to know and understand your internal value equation ? the best
combination of rates and services for your company. Most important, properly communicate these values to your potential
When requesting a proposal from the forwarder, insist upon clear, precise language when outlining his services. Refuse to
accept vague generalities. Be clear as to what your company expects from a potential vendor. The better your logistics
requirements are defined, the better and more specific the forwarder?s proposal will be.
Learn the forwarder?s physical facilities. Does he possess a network of domestic and international offices? How extensive
are they? Are the facilities located in those areas of the United States and abroad for both your inbound and outbound
shipments? Are these offices owned and operated by the forwarder rather than franchise operations or wholly independent
EBSI EXPORT ACADEMY
eBSI Expert Commentar
When requesting a proposal from the forwarder, insist upon clear, precise
language when outlining his services. Refuse to accept vague generalities. Be
clear as to what your company expects from a potential vendor. The better
your logistics requirements are defined, the better and more specific the
forwarder?s proposal will be.
Learn the forwarder?s physical facilities. Does he possess a network of
domestic and international offices? How extensive are they? Are the facilities
located in those areas of the United States and abroad for both your inbound
and outbound shipments? Are these offices owned and operated by the
forwarder rather than franchise operations or wholly independent agents?
While technology plays an ever increasingly important role in logistics,
the quality of the people assigned to your business still remains the
single most important factor in ensuring the success of your cargo
program. Does the logistics provider have a skilled, experienced
workforce who not only can move routine shipments in an efficient,
hassle-free manner but also have the ability to respond to emergencies
with cool-headed judgement and decisive action?
This last capability is extremely important. Our company recently lost a
large piece of business because our customer believed we hadn?t reacted
with enough speed to a developing situation. We actually had the
situation under control, but unfortunately, the customer panicked and did
not trust that we would know what to do, after 30 years of managing the
account. So the counterpart is that once you engage a service provider
for his expertise, trust his judgment and don?t attempt to micro-manage
How many of your forwarder?s personnel will be handling your type of freight? What are their experience levels? How many
will be dealing directly with your company, and how many will be support people? Where will they be located? Do the
people principally handling your business have experience and knowledge of your industry, and, if not, will there be a
training process to learn more about your organization? How much of their time will be devoted to your company vs. other
shippers on their customer list? In what manner and how often will the supervisor of your account communicate with your
traffic and other pertinent departments?
How will the forwarder contact the carriers for shipment of your freight? Will it be by telephone, on-line, or via e-mail? A
high percentage of ?touchless? communication when booking shipments can reduce costs and heighten efficiency.
Who are the forwarder?s preferred carriers? Are they the Maersks, Lufthansas, and FedExs of the transport world, or are
they small, marginal airlines, steamship companies, and trucking firms? Be wary of the forwarder who claims ?cheapie?
carriers save you money and are just as good as the leading carriers. His reasons may be disingenuous, having more to do
with fattening his bottom line than moving your freight. That being said, a large carrier today does not necessarily mean
service is excellent. Ask your forwarder why he uses potential service providers as opposed to ?Brand X.? The more you
learn about a forwarder and his way of doing business, the better you will understand whether the consolidatis a good fit
for your business.
Finally, does the forwarder have the ability to locate every one of your shipments at any given moment and report this
information back to you quickly and accurately? Does he use his own technology to provide this information or does he
utilize a third party technology firm?
A signature on a contract is only the start of a complex yet
hopefully satisfying relationship with one of your key vendors.
Don?t allow grass to grow under your feet to implement this
new alliance. After signing the contract, have representatives
of your company?s departments who will be involved in cargo
operations meet as quickly as possible with the forwarder?s
staff assigned to your business. Discuss thoroughly the
processes and procedures detailed in the new agreement.
Develop a realistic work schedule to which both parties can
adhere to, a schedule that clearly defines implementation
steps and responsibilities. Circulate the schedule to senior
executives for their comments and evaluation.
Both shipper and logistics provider live in an increasingly
complicated and litigious society. Choosing the right
forwarder will go far in avoiding many of the problems
inherent in shipping millions of dollars worth of cargo. It will
allow the shipper to focus attention on broad management
strategies and not the nitty-gritty business of moving freight.
EBSI EXPORT ACADEMY
eBSI China Systems Update
Honours Graduate Ms. Souzan Tarazi, Dubai Bank, Head, Trade Finance & Corporate Operations
Mr. Hisham M. Hammoud, Chief Operating Officer and Mr. Ahmed Humaid Lootah, Head of Central Operations
Award from eBSI Export Academy Director, Mr. Vincent O?Brien and Scholarship Partner, China Systems, Mr. Masood Hussain.
Dubai Bank sees opportunities in the challenging environment.
Despite the challenges facing banks across the globe since the onset of the financial crisis it is encouraging to observe that
certain banks see opportunities amidst the current challenging environment. According to Mr. Hisham M. Hammoud, Chief
Operating Officer ?the secret to success during turbulent times is to work closely with customers and to understand their
trade cycle so that solutions can be packaged to match their specific trade needs?.
Dubai Bank?s commitment to long term relationships with customers has played an increasingly important role particularly in
the area of trade finance according to Mr. Ahmed Humaid Lootah, Head of Central Operations ?We are now seeing very
positive results from our demonstrated commitment to work in partnership with our trade customers?.
Dubai Bank has seen an increase in the value and volumes of trade transactions concluded year on year despite the financial
crisis. Ms. Souzan Tarazi, Head of Trade finance & Corporate Operations elaborated ?there are two key factors that require
heightened awareness ? first, trade is fundamental and important business to sustain economic development and promote
recovery and secondly there is a clear migration by trade clients back to traditional trade finance products?. She continued
?In particular, we are seeing an increase in the use of standby letters of credit where the contracting parties have ongoing
trading relationships?. It is important that customers have confidence in the expertise of bank staff managing mission critical
trade finance transactions where first class trade processing operations are a pre-requisite for success.
Ms. Souzan Tarai, Head of Trade Finance & Corporate Operations at Dubai Bank recently achieved an ?honours? final result
upon completion of the International Trade Specialist Accreditation with eBSI Export Academy.
CS Sponsor Special ?Ferrari? Prizes at IFC Global Partners Meeting
Ferrari Laptop winner was Mr. Abdel Garcia - Director and Ferrari Radio Controlled Car winner was Wim Vanooteghem,
Head of Trade Finance, Banco Ficohsa - Honduras Head Financial Institutions, KBC, Emerging Markets.
China Systems sponsored a special draw at the IFC 3 Global Partner?s Meeting held on 28 & 29 April 2010 in
Istanbul, Turkey. The special prizes were an ACER 10? High Spec. Ferrari Branded Laptop as first prize and a
Radio Controlled Ferrari Sports Car as the second prize.
EBSI EXPORT ACADEMY
eBSI Country Focus - Nigeria
Exportable Nigerian Commodities
Nigeria, with its natural resources, is a nation with high growth
potential. Scattered across the country are several solid mineral
deposits. Her climate and weather conditions are ideal for cultivating
exportable commodities that have high international demand.
Ayemibo Bamidele is an avid blogger covering the great opportunities
for export in Nigeria, in this issue he covers exportable commodities
in Nigeria. Next issue he will explore Financing options for Exporters.
Name: Ayemibo Bamidele
Position: Trade Product Manager
Nigeria is an emerging economy; however, because of the federal
Employer: Diamond Bank Nigeria
government?s focus on the exploration and exportation of crude oil, other
Location: Lagos, Nigeria
exportable commodities are ignored, and much of her potential remains
Specialisation: Trade & Finance
Most of Nigeria?s commodity exports are primarily cultivated by small scale farmers. Despite this fact, the country still
ranks among the top ten in the export of commodities worldwide. According to Chemonics International Inc.?s report
called Overview of the Nigerian Sesame Industry, Nigeria was the seventh largest exporter of sesame seeds in the world
in 2002. This position has improved to enter the top 5 Sesame Exporters globally by 2007 as will be seen later in this
The Agribusiness Development Assistance to Nigeria (ADAN) evaluated Nigerian commodities in terms of market, supply,
profitability, barriers, geographic dispersion, environmental impact, employment generation, and foreign exchange
earnings. In its report, the ADAN came out with the ten most interesting products for export, listed below in descending
2. Gum arabic
6. Marine products (prawn farming)
7. Wood products (hardwood charcoal, plank, etc.)
10. Medicinal plants (Prunus africana or pygeum)
The potential of Nigerian exportable commodities has continued to grow annually due to the increasing world population
and the consequent rise in the rate of consumption of these products. This is also manifest in the current global shortage
of food and agricultural commodities.
EBSI EXPORT ACADEMY
Country Focus - Nigeria
In 2007, Nigeria produced over 110,000 tons of sesame seed, which is about 50% of the nation?s capacity. Half of this
amount was exported and the other half was consumed locally. According to the 2007 United Nations Food and Agriculture
Organization (UN FAO) report on sesame seeds, the 50% that was exported put Nigeria in 5th place among sesame seed
exporters around the world.
The FAO states that ginger production worldwide looks optimistic due to the growth of harvesting areas and production
since 1999. Ginger harvesting areas around the world were 310,100, 319,751 and 321, 732 hectares in 1999, 2000 and
2001, respectively; while production was 775,717, 812,372 and 835, 173 tons in 1999, 2000 and 2001, respectively.
Nigeria, which is the world?s largest ginger producer, harvested 166,800 hectares of ginger in 1999, and her area of
cultivation expanded to 174,000 hectares in 2000 and 2001, because of the high and rising demand from both domestic
and foreign markets.
On the other hand, cashew production in Nigeria has declined
due to low patronage and increased post harvest losses and
wastage. According to the National Cashew Association of
Nigeria (NCAN), cashew can be found both in the wild and
under cultivation in 16 of 36 states of the federation. The
average annual output in 2000 was 176,000 tons. However,
this number has decreased over the years.
The Ministry of Agricultural and Rural Development states
that Nigeria presently produces 30,000 metric tons of cashew
nuts per year from a total holding of 50,000 hectares, most
of which are under small holdings or small scale farmers.
The importance of the development of exports in these sectors was
highlighted in 2004, when, during her speech at the Nigeria National
Crop Outlook Conference held in Kano, Nigeria, Mrs. G.M. Sasore,
Specialist Advisor and CEO of the Nigerian Export Promotion Council
said ?Recent developments in the Nigerian economy had led to the
recognition of the ultimate significance of development and marketing
of quality agricultural produce as a means of enhancing the foreign
exchange earning capacity of Nigeria.?
Another key factor in maintaining competitiveness in the future for
Nigerian Commodity Exports will be the ongoing maintenance of the
high quality of product which has become a hallmark of Nigerian
agricultural exports in particular. It is a well known fact that the
quality of a product will to a major extent determine the demand for
it. A good quality product will attract the attention of importers even
at a premium price whereas poor quality will require significantly
lower prices and thus lower margins.
Throughout Nigeria a process of quality improvement and process
standardization has been taking place to ensure that from the farm gate
to the port of loading produce destined for export are bagged,
standardized, sealed in bags duly marked for export with all the
necessary information including type of produce, grading officer?s mark,
grade, country of origin and other necessary particulars. Only after this
rigorous process are goods cleared for transport to further processing or
to the port of loading. There a further series of inspections take place at
registered warehouses by government approved inspection agencies to
ensure that the quality stated from the farm gate is accurate.
Phytosanitary procedures such as fumigation or disinfection to eliminate
living pests or contaminants are then employed where needed to ensure
a safe product for export with appropriate certifications.
In conclusion, with more that 60% of Nigerian commodities being produced by peasant farmers, less that 40% of the
arable land under cultivation and almost 50% of the commodities perished as post-harvest losses, it is therefore very
obvious that Nigeria has very great potential for further growth in production, quality enhancement and standardisation
that are yet untapped in the commodity export business. The Nigerian Government has implemented a number of
programmes to assist commodity exporters through the Nigerian Export Promotion Council which administers, among
other activities, the Export Development Fund, Export Expansion Grant and an innovative ?Manufacture?in-Bond? scheme
which can help alleviate some of the costs involved in getting goods ?Export Ready?. These government programmes
coupled with private sector initiatives such as innovative export financing products offered by local banks such as Diamond
Bank and multilateral international training certifications such as those offered by the International Finance Corporation
through eBSI Export Academy (see www.fitinitiative.com for details) are essential ingredients to ensure a prosperous
future not only for Nigerian agricultural and commodity producers, but also their brothers throughout Africa!
EBSI EXPORT ACADEMY
eBSI Expert Commentary
The "fraud exception" and the L/C independence principle
As L/C practitioners know, the documentary credit is a bank's
undertaking to pay against presentation of documents which
comply with the terms and conditions of that undertaking
(L/C). It is a well-established principle of the documentary
credit that it is independent from the contract of sale on which
it is based. As a corollary, banks deal only with documents and
not with the goods/services to which documents relate. The
Name: Pavel Andrle
seller (the beneficiary) has the bank's undertaking to pay
Position: Secretary - Banking Commission
provided it presents compliant documents to the bank. The Employer: ICC Czech Republic
Location: Prague, Czech Republic
bank, in its examination of documents and judgement, decides
Specialisation: Trade Finance Training
whether to take them up or to refuse (for discrepancies) Contact: firstname.lastname@example.org
independent of the buyer (the applicant).
How far the seller's performance risks are mitigated very much depends on the documents required by the documentary
credit that are issued on the instructions of the buyer - in other words, on the correct selection of the documents in line
with other terms of the contract of sale (above all, the delivery terms) and their correct and precise description. The
buyer´s knowledge and experience and/or those whose services he uses (the issuing bank) are crucial. Any dispute
regarding the delivery of goods or any other term or condition of the contract of sale, etc., should be decided separately
from the L/C transaction.
Even though the independence principle is accepted worldwide, occasionally courts decide that issuing banks are
estopped from making payment under L/Cs based on an alleged contractual failure by the seller to fulfil its obligations
under the contract. This happens despite the fact that the essence of the documentary credit is that if the
seller/beneficiary meets the conditions of the L/C (presents compliant documents), then he is to be paid regardless of
any possible dispute concerning the delivery of the goods to the buyer (applicant). This is the choice the contracting
parties made when they concluded the contract of sale and selected the documentary credit as the instrument of
payment. Therefore, in my view, these judgments are clearly incorrect.
However, there is one well-established exception to the independence principle, the so-called "fraud exception". Even
here, unless it is clear from the documents themselves that they are fraudulent, banks are reluctant to be the party to
decide that fraud occurred.
In general, there should be no problem with courts intervening in independent bank undertakings, such as those
involving L/Cs, in this exceptional case. No bank wants to be obliged to knowingly pay a fraudster. It would be absurd if
the issuing bank or the confirming bank were obligated to pay its deferred payment undertaking at maturity to a
fraudster simply because the L/C is legally independent from the contract of sale.
But if courts are to employ the fraud exception, it should be under very
- The fraud must be established. It must be "outright fraud", such as
fraudulent presentation of documents for non-existent cargo, or similarly,
"proven manifest fraud".
- The injunction can only be employed in order to prevent a payment to the
beneficiary in case the fraud in relation to presentation of documents took
There is a difference between "manifest fraud" on the one hand and an
"alleged fraud" or a "commercial dispute" on the other. Courts are
expected to draw a line between these different situations. A further
convergence of laws and their interpretation in relation what constitutes a
fraud in the context of independent banking undertakings would be very
welcome. In any event, an injunction should be granted only in very
exceptional cases of fraud to prevent payment to the beneficiary.
If the beneficiary has been already paid by the nominated bank
(confirming bank) by means of negotiation or as prepayment of its
deferred payment undertaking or prepayment or purchase of the draft
accepted by that nominated bank as per sub-article 12 (b) of UCP 600,
then it is too late. The documentary credit in that situation has been
already discharged towards the beneficiary; there only remains the
reimbursing obligation of the issuing bank towards the nominated bank Pavel Andrle discusses technical LC details
with an eBSI consulting client.
as per sub-article 7 (c). Any intervention by the courts to prevent the
issuing bank from reimbursing the nominated bank, which in good faith
and as clearly authorized by UCP 600 paid the beneficiary, is clearly
EBSI EXPORT ACADEMY
eBSI Expert Commentary
UCP 600 and fraud
It is said that UCP 600 does not deal with fraud, that the fraud issue is to be settled according to the applicable law. While
it is true that UCP 600 does not mention fraud directly, my belief is that the essence of UCP 600 is to protect banks that
adhere to the UCP in cases of fraud. Consider article 34, which provides: "A bank assumes no liability or responsibility for
the form, sufficiency, accuracy, genuineness, falsification or legal effect of any document, or for the general or particular
conditions stipulated in a document or superimposed thereon ... ". Another sub-article, 12 (b), gives a nominated bank
that accepted a draft or incurred a deferred payment undertaking authority to prepay or purchase a draft accepted or a
deferred payment undertaking incurred by that nominated bank.
In line with the above, sub-article 7 (c) defines the issuing bank?s reimbursing obligation towards the nominated bank: "...
an issuing bank undertakes to reimburse a nominated bank that has honoured or negotiated a complying presentation and
forwarded the documents to the issuing bank. Reimbursement for the amount of a complying presentation under a credit
available by acceptance or deferred payment is due at maturity, whether or not the nominated bank prepaid or purchased
before maturity. An issuing bank's undertaking to reimburse a nominated bank is independent of the issuing bank's
undertaking to the beneficiary."
The last sentence in the previous paragraph underscores the fact that, even if the issuing bank would not be obliged to pay
the beneficiary (because of the fraud), it must reimburse the nominated bank which already paid said beneficiary.
When the L/C is available by negotiation, UCP 600 says: " ... an issuing bank
undertakes to reimburse a nominated bank that has honoured or negotiated a
complying presentation and forwarded the documents to the issuing bank."
If the tenor is sight, then it is pretty straightforward; the reimbursement will be
provided by the issuing bank when it takes up the documents. In this case, the
negotiation might be effectively provided by the nominated bank only by advancing
the funds to the beneficiary against the draft/documents. If the fraud is known only
after the negotiation - advancing funds to the beneficiary - took place, then, in my
view, there is no room for the fraud exception, as there only remains the
reimbursement obligation of the issuing bank towards the nominated negotiating
However, the situation may be less clear if the tenor (of the draft and/or
documents) is usance. Then, according to the definition of the term "Negotiation" in
article 2 of UCP 600, the nominated bank might either "advance funds" or "agree to
Training in international standard banking
advance funds to the beneficiary on or before the banking day on which
practice and procedures can significantly
reimbursement is due to the nominated bank".
reduce the risk of fraud.
If the nominated bank negotiates by advancing funds, i.e., pays the beneficiary against the presented draft/documents,
then it is to be reimbursed by the issuing bank when the reimbursement is due, i.e., at the maturity date of the usance
period. Again, I see no role for the fraud exception after the funds are advanced. If the negotiation is done by "agreeing
to advance funds on or before the banking day on which reimbursement is due to the nominated bank", this could be a
different situation. If the beneficiary is paid when the maturity of the agreement to advance funds by the nominated
negotiating bank is due, and if this is before the fraud is established, the issuing bank must reimburse the nominated
bank at the maturity of the usance period. If, by contrast, the fraud is established before the agreement to advance
funds is due, i.e., before the beneficiary is paid, then the idea that the nominated bank must in any case pay the
beneficiary - the fraudster - and that the issuing bank must reimburse that nominated bank because the negotiation has
already taken place, would seem to be unjust.
The other difficulty with negotiation could occur if the negotiation is completed after the presented documents are sent to
the issuing bank. Is this negotiation as per UCP 600? It would seem that the definition of the term "Negotiation"
suggests that it is to be made (whether in the case of an advance of funds or an agreement to advance funds) against
the draft and/or documents. Indeed, the use of the word "purchase" in the definition suggests that negotiation must be
made in this way.
The applicant and fraud
The buyer is responsible for its conduct. It has chosen its contract party and should get to know that party before it
agrees to sign a contract with it. If the party is unknown to the buyer, the respective measures to be taken by said buyer
and the details of the contract should reflect this. Moreover, if the use of a documentary credit is agreed upon, the
conditions of the credit should be very well thought through. For instance, a pre-shipment certificate of quality issued by
an independent inspection company with a clear requirement as to its content might be called for to minimize the risk of
fraud. That said, many buyers are negligent and reckless regarding the selection of their business partners and the
negotiation of the contract terms. If the fraudster/beneficiary has already been paid, then my view is that it is the buyer
who should suffer the loss, not the banks that acted in good faith in accordance with the mandate they were given by
However, it is also true that in many well-known fraud cases the applicant was not an innocent party, but actually a
fraudster himself. The bank can become a victim of a fraud committed by the applicant as a result of the security it took
in relation to the L/C. Of course, this kind of fraud would not prevent the issuing bank from paying for compliant
documents presented under the L/C unless the beneficiary was also a party to the fraud (and unless it had not already
been paid, as discussed above).
Pavel Andrle is an international trade finance consultant and trainer for eBSI Export Academy and Secretary of the
Banking Commission of ICC Czech Republic. His e-mail is email@example.com
EBSI EXPORT ACADEMY
eBSI Recent Events
Demand for eBSI experts to deliver seminars and attend conferences around the world has grown
dramatically despite financial crisis. Here is a brief overview of some of our more notable appearances
since last issue!
Dubai, United Arab Emirates
Vincent O?Brien was invited by Standard Chartered Bank to deliver a seminar to
their clients on Trade Finance for Emerging Markets on 18 November 2009. This
seminar was attended by over 60 delegates and covered aspects also of
relevance following from the Global Financial Crisis