eBSI TradeBrief Issue 5

A Hot Tip about Trade Finance in the United States

Last updated: 29 Sep 2011

Newsletter containing International Trade related articles and events. Signup at http://www.ebsi.ie and get more info on our online international trade courses.

? INCOTERMS 2010 .................................................1 2010 ISSUE 5 Oct`. ? DOC CREDIT CLINIC ...............................................3 ? CAREERS IN EXPORTING - TRADE FINANCE .............5 ? WEBLINKS FOR EXPORTERS ...................................6 ? IFC FIT PROGRAM LAUNCH EAST AFRICA................7 ? HIRING EXPORT SALES AGENTS .............................9 ? CHINA SYSTEMS UPDATE .......................................11 ? FINANCING OPTIONS FOR EXPORTERS ....................12 ? NOTATIONS & MULTIMODAL TRANSPORT DOCS .......14 ? RECENT EVENTS ...................................................16 Date for Diary! ICC BANKING COMMISSION IN FLORIDA ?THE FUTURE OF TRADE FINANCE? LC Management in Turbulent Times Orlando 22 and 23 September 2010 The recent ICC Banking Commission meeting was held in Dubai 28 November Orlando USA on 22 and 23 September 2010. This meeting was the final meeting chaired by Ms. Regina Prehofer with this Practical - Cases- Legal important position passing to Kah Chye Tan, Global Head of Corporate Cash and Trade, Standard Chartered Bank. See page 4 The meeting had as it?s theme ?The Future of Trade Finance? and was one of the best attended meetings in the Now!!! long history of the ICC Banking Commission. This meeting was geared towards practical issues affecting trade. The achievements of the The ICC-ADB Register on Trade & Finance were discussed. There was a very interactive session as usual on the Draft Official Opinions of the Banking Commission. Paris, France 27 September 2010 The new Incoterms® rules are key commercial terms setting out the responsibilities of sellers and buyers for the delivery of goods under sales contracts for both domestic and international trade. The latest version with Vincent O?Brien, ICC Representative to the WTO on the panel with Jean-Pierre Chauffour, Lead Economist, World Bank and 11 key rules become effective Steven Beck, Head, Trade Finance, Asian Development Bank. globally on 01 January 2011 The panel exploring the role of multilateral development banks Are you ready? as engines of growth, including participation from the World Bank, EBRD, ADB, IADB and the IFC, heightened the EXW - FCA - CPT - CIP ? DAT ? DAP ? DDP awareness of the critical supports provided by the FAS ? FOB ? CFR - CIF development banks trade facilitation programs to the poorest countries during times of crisis. For further information: Visit www.incoterms.com A highlight of the event was a focused discussion on the SWIFT Incoterms is a registered trademark of the International Chamber of BPO led by David Hennah (SWIFT) with practical inputs and Commerce. examples from Neil Chantry (HSBC) and Xiong Yuanmeng (Bank of China). The last but by no means least presentation involved Vincent O?Brien updating the audience on the progress of the ICC?s Market Intelligence Working Group (MIG), whose latest research document ?Rethinking Trade Finance 2010? has received widespread acclaim from around the World. www.ebsi.ie EBSI EXPORT ACADEMY 1 TradeBrief eBSI News & Commentary Directors Note The ITS Accreditation. Welcome to Expert Profile this Autumn Why I want you to become Name: Jevgenia Zotova 2010 edition Position: ITS Coordinator an International Trade Specialist? of eBSI Employer: eBSI Location: Tallinn Estonia Tradebrief ! If I was to say that I have always been interested in Specialisation: Support Learning Services international trade that would be uq ite an untruth Contact: jzotova@ebsi.ie ? in fact , it would be a downright lie ! Thankfully some normality has returned to the trade finance For me , international trade conjures up images of mountains of paperwork , bureaucracy , paying markets with world trade and money for services that I dont? understand and dealing with n" itty-gritty " problems each day. in turn trade finance in a So to be fair and honest , the words i" nternational trade" do very little for my energy or motivation. recovery mode. Soundings at the recent ICC Banking However , I have always been interested in pl aces , knowledge , friendship and the spark that Commission meeting in comes from interacting with ecx iting intelligent people with different cultural and professional Orlando were encouraging backgrounds with the main players in trade ? people who are willing to learn , people who are willing to share. finance reporting significant People , places , knowledge , interaction , intelligenc e , learning , sharing and of course ecx itement ? increases in activity. that is what the ITS Accreditation is all about. Sure , we learn about documents , procedures, In this edition we have rules and regulations but these are like stepping stones on a career path of professional opportunity. interesting contributions from more than 10 countries and As Programme Coordinator for the ITS Accreditation it almost goes without saying that I will be coverage of eBSI activities in positively biased toward the programme ? but maybe this positive bias is uj stified. more than 20 countries. One of the very best ITS graduates , Mr. Diarmaid Ke lleher sent me a bright and cheerful email Our usual clinic item deals after his graduation. ?Jenya, the great results achieved in the ITS Accreditation are a with the touchy issue of reflection of the high standard of tuition provided by eBSI and I greatly appreciate the signing bills of lading and the practical assistance I have received in the course of my studies.? pages are packed with relevant and practical advice Now, that is the kind of email a body needs for a bright start to the day on a cold , wet and windy morning , when all you hear on the radio is doom and gloom and financial crisis. and guidance? Enoj y reading. For me , it is important to help people learn , de velop and advance towards achieving their personal ambitions but I also believe any programme to which a person is willing to dedicate a year of their Vincent O?Brien life should lead to tangible and measurable benefits. How pleasing it is when participants provide positive feedback that demonstrates the benefits achieved. Such a message also came from Mr. Tom Grace , who oj ined the ITS Accreditation as a materials planner in a medium siez d company in Ireland. ?Jenya, I express my sincere thanks and appreciation for eBSI support during the ITS Accreditation, the course itself was excellent and the recognition of the ITS Accreditation has had a positive and direct impact on my career.? Tom advanced his career and is now a Foreign Trade Specialist in a maoj r multinational comp any in Ireland and has continued to share his knowledge and help other ITS students through the lifetime access to the course related discussion forums that he and all graduates of the ITS Accreditation enoj y. Yes , that is the kind of communication that advances your day ah ead in the most positive manner ? now one is ready for any chal lenge or opportunity ! The most interesting part of the ITS for me is the international dimension. You may have guessed that with a surname like "Zotova" that I am not from Ireland , though eBSI or iginated in Ireland. I am from Estonia and part of the international eBSI support team. When I realise that we have tutors or advisors from more than 20 countries and participants from more than 50 countries it makes me feel good to be part of a growing positive force in international trade and finance. As I write , our First Director , Mr. Vincent O?Brien is in Kyrgy sz tan on a business trip and yes we do have students as far away as Kyrgyzstan and even in Outer Mongolia. I am sure Vincent will send us a technical trade video broadcast from Bishkek , the capital of Ky rgyzstan which will be posted on the front page of www.ebsi.ie How wonderful it was to hear from our graduate Ms Olga Abikh one late afternoon ; Olga is a Trade Finance officer with a bank in Kyrgyzstan. ?Jenya, the ITS Accreditation Programme was a golden opportunity to learn about International Trade. Communicating with eBSI tutors and the possibility to share opinions with fellow students meant that I really enjoyed and benefited from the learning process.? With a message like that and others that you will see on our testimonials page , I think I can say that my daily work brings me great satisfaction and what could possibly have been better to end another ecx iting day at the eBSI Export Academy. So now, you can see why I want you to become an International Trade Specialist... ? ITS obvious ! Jenya ng ieaeJ v aZotov www.ebsi.ie 2 EBSI EXPORT ACADEMY TradeBrief eBSI Doc Credit Clinic The DOC CREDIT CLINIC ? ?Any s ignature um ts eb identified ? Q 2010/ 03 - BILL OF LADING ? ?any is gnature um ts eb identified? We have received a presentation from a Nominated Bank wh hic the y claim is in complei anc w ith the terms and conditions of the LC and UCP 600. How ever, within our CL department there is disagreement as Expert Profile to wer heth the presented Bill of Lading Complies . Name: Vincent BO? rien Position: iF rst Director The Bill of Lading is signed by a party ?Yo krline Dubai Ltd? and it is Employer: eBSI clear that the party ha s signed n o behalf of the carrier. How ever, some Location: oM st likely on a plane of our staff believe the document is discrepant as that signature is not Specialisation: International Trade Finance Contact: vob@ebsi.ie identified as carrier, master or agent. What is our y opinion? We waait our y repl y a s the clock is ticking. ------------------------------------------------------------------------------------------------------ Anwse r Interesting estionqu ! To facilitate the answer and to help grasp the conclusion , I have recreated the data provided in visual form because in the LC business our decisions in practice are based on the ?look? of the data as it appears on the face of the document. First , lets? look at the data by oz oming in on the document that is at issue , which is bottom right corner of the bill of ladin g. We can see the that the bill of lading indicates the name of the carrier as ? SEAVIEW SHIPPING LTD?. We can see that it appears to have been signed by a different party OY? RILK EN D( BU AI ) LTD? . The netx step is to turn to the rules , that is UCP 600 to examine for compliance . If we refer to UCP 600 , sub-article 20 a( ,) i( ) we can see : A ? ib ll o f lading , oh ew ver naem d , um st appear to : ? indicate teh naem o f teh carrier and eb signed :yb ? teh carrier or a naem d agent of r or on eb ah l f o f teh carrier , or ? teh am ster or a naem d agent of r or on eb ah l f o f teh am ster . Any signature by the carrier, am ster or agent must be identified as tah t o f teh carrier , am ster or agent .? The bill lading satisfies the reuq irement of indicating the name of the carrier ?SEAVIEW SHIPPING LTD? . The bill of lading is isgnde, not by the carrier ?SEAVIEW SHIPPING LTD? but by a different party OY? RILK EN D( BU AI ) TL D? . However , to comply with UCP 600 any signature??.. must be identified i( n capacity of the carrier or the master or the agent ) ? this identification requirement is not satisfied. Conseuq ently , the document is discrepant. It is unfortunate as with basic knowledge this discrepancy could have easily been avoided ? or if time permitted easily repair ed. International Trade Certified Training rP ograemm s Programme Intakes every two months from October 2010 ? Certificate in oL gistics ? Certificate in Finance ? ITS Accreditation Delivered exclusively by : ? Advanced Certificate in eBSI Export Academy International Trade & oL gistics Tel : +353 94 9381444 Fax : +353 94 9381708 ? Diploma in Export Operations Web: hptt :wb/e/.wiiws.e Em:ail fnoisb.ei@ei ? Certified Courses in Shipping www.ebsi.ie 3 EBSI EXPORT ACADEMY TradeBrief eBSI Upcomin g Events necniV t O?Bneir w hit apicitrap t n s ta t eh ih lh g y c mo ne m ded URD G 857 w po hskr o h del i n Duab i no 41 nuJ e 02 01 th A Maoj r International Seminar in Documentary Credit Management will be held on 28 November 2010 in Dubai Chamber of Commerce & Industry , UAE. This seminar will be delivered by Vincent OB? rien , ICC Representative to the WTO Epx ert Group on the Global Financial Crisis and long standing member of the ICC Banking Commission. F ro eht mar g orp ro ot retsig er rof 28 November 2010 , esaelp c:t atnoc Dubai Chamber of Commerce & Industry , Legal Services Department , Tel : 9+ 714 20238 993/ 69 , Fa :x 9+ 714 202188 1 E-mail : Legalevents@dubaichamber.ae www.ebsi.ie 4 EBSI EXPORT ACADEMY TradeBrief eBSI eBSI Career Focus Careers in Exporting? Trade Finance Training Another area of Exporting and Internationa l Trade in genera l which i s es dl o m properyl underts ood i s the area of Trade Finance and aP yem nt .s Thi s iuss e we ol o k at the profiel and roel of a Trade Finance profeiss ona l and why thi s roel ha s attracted greater attention in the aftermath of the Global Financial Criis s. According to the Asian Development Bank, Trade finance is critical for oiling the Expert Profile wheels of the world economy. Without it, companies cannot get the goods Name: Toh mas Sim th Position: Operations Director consumers want to buy and factories cannot get essential components. That means Employer: eBSI fewer oj bs, lower incomes, and, ultimately, slower economic growth. Without a Location: Kiltimagh, Ireland doubt, the global financial crisis has brought into sharp focus the importance of Specialisation: International Trade Training traditionally conservative asset backed trade finance as a safe port in which to Contact: ts@ebsi.ie weather the storm that has harassed financial markets over the last 2 years. The recent IMFB/ AFT Trade Finance Survey of 88 banks in dicates that 8 %9 of small banks and 19 % of large banks surveyed believe that the trade finance situation is either stabilizing or improving. Furtherm ore, more than %57 of banks reported that they are now in the position to meet increased demand for trade finance. Along with this trend, the need for trade finance professionals has grown significantly. The ICC along with the Maoj r International Development Banks also completed a survey recently where 161 banks from 57 countries participated. All of this international activity and research underpins the growing importance of Trade Finance as a career while the world draws its focus on mechanisms for growth and trade development as a vehicle for recovery from the global financial crisis. Given this clear opportunity for career development let?s look at the options available to those wishing to gain specific training and uq alifications in Trade Finance in the short term: 4 da y International Trade Finance Course ? Seminar from Ethan Hathaway. This seminar is delivered on a regular basis and costs USD ,5$ 3 89 at last price check. Further details of this Hong Kong based course can be found at http://www.ethanhathaway.com/trainin g/international-trade-finance 5 day Trade Finance School - This Euromoney Training course covers all aspects of international trade and commodity finance from a practical viewpoint. Heavy emphasis is placed upon risk assessment and problem solving techniuq es, through a clear understanding of a customers' trade cycle. Currently the enrolment fee is GBP 3, 599 (USD 6$300) and the training takes place in oL ndon. More info at http://www.euromoneytraining.com/Course/1553/Financial-Training-UK-and- IrelandC/ ourseInfo.html 3 Day International Trade Finance Training Course ? This masterclass from oL ndon Based International Faculty of Finance focuses participants in understanding the various risks that are inherent in contemporary trade finance. The course provides a wealth of practical information and tools essential for success in any trade finance transaction. Courses are again based in oL ndon and most recent enrolment fee is set at GBP 2,0 99 (USD 3$ 304 ). More details at http://www.iff-training.com/international-trade-finance-trainingc- ourse/71/ Certified Documentar y Credit Specialist - CDCS is the professional certification that will enable documentary credit practitioners to demonstrate specialist knowledge and application of the skills reuq ired for competent practice. The exam fee and self study guide costs GBP 24 5 + GBP 05 enrolment fee and may reuq ire further preparatory courses at extra cost prior to sitting the exam. Further details at http://cdcs.ifslearning.ac.uk/ ICC Online Trade Finance Training Suite - Coastline Solutions, in partnership with the International Chamber of Commerce (ICC), offers a suite of online training in the traditional trade finance products : Collections, Documentary Credits, Standby CL s, Demand Guarantees. The training ensu res that trade finance professionals have the reuq isite skills to issue, process and honour trade products in line with the provisions of the ICC Trade Rules (URC 25 2, UCP 06 0, URDG 857 and ISP9)8 . Course cost per module is EUR 300 or you can sign up for the full suite for uj st EUR 08 0. More info at http://www.coastlinesolutions.com/tradefinancesuite.htm IFC FIT Initiative ? Finance of international Trade program run by eBSI Export Academy under the auspices of the International Finance Corporation and combining eBSI?s comprehensive Finance of International Trade Course with Coastline Solution?s Mentor 06 0 online training in UCP06 0 and leading to a Certificate in Finance of International Trade from the Institute of Export UK. The commercial value of this program combined is EUR99,5 however in selected countries of IFC participants may enroll in the course for a subsidized fee of EUR 309 . More info at httpi//: fcfitinitiative.com Finance of International Trade Course ? aL st but not least eBSI Export Academy runs a practical online course in Trade Finance covering Collections, Documentary Credits, Bonds and Guarantees, Factoring, Invoice Discounting, Forfaiting, Structured Trade Finance, ECGAs and Warehouse Financing. Course fee EUR .596 More info from infoe@ bsi.ie . Certificate in Finance of International Trade Learn all oy u need to know about Methods of Pamy ent & 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 39 814 44 Fax : +353 94 9318 708 ? Recognised by International Finance Corporation Web: htt p : // w be.ww ei.is :liamE foni @ sbe . e i i www.ebsi.ie 5 EBSI EXPORT ACADEMY TradeBrief eBSI eBSI Weblinks for Exporters eBSI Weblinks for Epx orters 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 in clusion in this section include but are not limited to International Trade, Trade Finance and oL gistics sites such as: ? Business Networking Sites ? References or Blogs If oy u have a site to recommend then send it ? Import Export Directories to Weblinks for Exporters at weblinkse@ bsi.ie ! ? Country Portals ShipServ is the leading maritime e-marketplace, helping the buyers and sellers of ship supplies to reduce the costs associated with doing business together. They do this Coracle Voice is a social media, news monitoring through an innovative portfolio of software, services and and online consultancy service for the shipping hosted applications designed by shipping people, for industry. Coracle Voice is brought to you by shipping people. http://www.shipserv.com Coracle Onlinehttp://coraclevoice.co.uk/ Coracle delivers expert professional development packages and A? FROTRADE ? provides an training so ecx ellent opportunity to anylutions for the shipping industry. Their blended and commercial organiaz tion 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 Coracl e 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: http://www.afrotrade.net http:w// ww.coracleonline.coma/ pps TradeKey.com is world's leading marketplace Lloyd?s List?s provide information, analysis and which connects traders with worldwide knowledge for business decision makers in the wholesalers, buyers, importers & exporters, global shipping community. Coming from one of the manufacturers and distributors in over 220 oldest names in international trade with a strong countries, uq ickly and cost effectively. reputation in Business and Shipping intelligence. http://www.tradekey.com http://www.lloydslist.com Binz ik is an award-winning GlobalTrade.net is an initiative from the community of entrepreneurs and Federation of International Trade Plaxo ? An enhanced address book small businesses dedicated to Associations (www.fita.org) with the tool for networking and staying in helping each other succeed. It objective of being a knowledge resource for contact. It will also inform you of has groups, events calendar, international trade professionals & a cross- updates of your contacts. You can forums and member contributed border database of international trade import contacts also. articles among other items. service providers. http://www.plaxo.com http://binz ik.com http:w// ww.GlobalTrade.net www.ebsi.ie 6 EBSI EXPORT ACADEMY TradeBrief eBSI IFC FIT Initiative IFC FIT INITIATIVE LAUNCHED IN EAST AFRICA th 6 Launch takes on Regional Focus for Africa! Nairobi, eK nay The launch on 21 May 2010 of the first Regional FIT Initiative Program took place in the framework of another maoj r milestone in the development of the IFC GTFP program ? its 100th seminar training event since the establishment of the GTFP. Representatives from the Government of aJ pan who have funded the establishment of this Regional FIT Initiative program in East Africa were on site to participate in both events. The launch event attracted over 90 delegates from the Banking and International Trade Sectors of Kenya, Tanaz nia and Uganda. A stirring presentation was delivered by the Chairperson of the Institute of Export UK, Mrs eL sley Batchelor who addressed the audience in Kenya from her office in the United Kingdom using Internet Video Conferencing. Graduation Events A series of graduation events took place during the summer celebrating the achievements of Trade Finance Professionals in Pakistan, Bangladesh and Vietnam in their passing the success criteria established for the conferring of the Finance of International Trade Certificate from the Institute of Export UK and the Certificate of Accomplishment in UCP06 0 Mentor online training. Pakistani participants graduated at events in Karachi, aL hore and Islamabad between the 2nd and t6 h of FIT Initiative Graduation held in Lahore July 2010 uJ ly 2010. Pictures of the main events can be seen on this page, and a video commentary on Pakistan was uploaded to the course central website at www.ifcfitinitiative.com. ICC Nigeria, our strategic partner in Nigeria, organiez d a very successful URDG seminar on 2 uJ ne in aL gos. Save the date of 2 December in your diary if you are in Nigeria as ICC Nigeria will deliver an Incoterms 2010 workshop with Vincent O?Brien ! Reuq est Info Netx Intake Dates for the IFC FIT Initiative The netx progra m intaek s wi ll taek pal ce in the fooll wing FIT Initiative Graduation held in Islamabad July 2010 countrie s on 42 aJ nuary 1102 Bangladesh, Ataur Rahman, Bangladeshi@ fcfitinitiative.net Pakistan, Umar Farooq, Pakistani@ fcfitinitiative.net Nigeria, Bunmi Funke, Nigeriai@ fcfitinitiative.net Vietnam, Martin Nguyen, Vietnami@ fcfitinitiative.net Cambodia, Cambodiai@ fcfitinitiative.net East Africa, Kenya@ifcfitinitiative.net For other countries please contact infoi@ fcfitinitiative.net Vincent O?Brien, Mrs Omolara Akanji and Mrs Bunmi Funke at the URDG Seminar in Lagos www.ebsi.ie 7 EBSI EXPORT ACADEMY TradeBrief eBSI IFC FIT Initiative FIT Initiative Graduation held in Dhaka Bangladesh on 1 August 2010 Netx Intakes The IFC ?FIT Initiative? is an el- earning 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 F' IT ' 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, East Africa, finance professionals th networking and collaboration system designed to Nigeria, Pakistan and Vietnam on the 24 2. to build an online global network of facilitate exchange of ideas and contact building. of aJ nuary 2011. Participants of the IFC international trade and finance professionals who will share knowledge and experience on FIT In Online Interactive Core Learning Material itiative become a part of an an online platform specifically developed for The Finance of International Trade (FIT) course international network of trade finance the program is comprised of the following eL arning Units : professionals ! * Methods of Payment This Three Month program is delivered in a * Bills of Exchange combination of the following learning Those interested in participating in the * Documentary Collections elements: program or reuq iring further details can * Documentary Credits contact the IFC FIT Program * Import Documentary Credits Online Support site for students * Bonds & Guarantees Administration at infoi@ fcfitinitiative.com Students will be incorporated into the eBSI * Forfaiting, Factoring & Invoice Discounting Alumni and will be able to collaborate through or contact directly their local coordinators * Structured Trade Finance a purpose built learning platform. listed on the previous page. * Export Credit Agencies * Complex Transactions Online Specialised training in CU P 06 0 The IFC FIT Program is now firmly * Warehouse Financing ICC Approved Online Training in UCP 06 0 establ * GTFP Trade Facilitation Program ished with almost 05 0 graduates (Mentor or Upskill 06 0). already ! Will you be next ? oJ in us on Facebook ! httpw//: ww.facebook.comp/ agesI/ FCF- ITI- nitiative- P tcejor P srentra ni eht IFC FIT Ie itaitinv Financeo- fI- nternationalT- rade1/ 1444 15966555 8 8 eBSI Gratefully acknowledges the participation and contribution provided to the success of this project by the following project participants: East Africa Launch of the IFC FIT Initiative FIT Initiative Graduation held in Chittagong Bangladesh on 2 August 2010 www.ebsi.ie 8 EBSI EXPORT ACADEMY TradeBrief eBSI Expert Commentary Hiring Sales Agents and Export Representatives Lats Iuss e , Thoam s Sim th? s articel coev ring the career opportunitie s a s an Epx ort Sael s Reprees ntatiev , touched on an area I a m particual ryl paiss onate aob ut . A s us ch I haev prepared thi s articel ub idl ing on hi s ub t giiv ng the perps ectiev of an epx orter or am nufacturer who es e sk to hire us ch an epx ort as el s Expert Profile representative and to explore the criteria I haev ues d in the pats Name: eG rard Korver when dealing with this important area. Position: Managing Director Employer: w ww.Export-Trading.com Hiring a Sael s Agent or Epx ort Reprees ntatiev , il ek any other HR Location: The Netherlands deciis on , is not os em thing to eb taek n il ghtyl a s your choes n Specialisation: Export Consultant candidate will eess ntially be the face of your company in your Contact: info@export-trading.com target am rek t. I have been the ownerC/ EO, of a multinational operation. I developed the company from a n? ational? (well actually based in The Netherlands and Germany) to a multinational business. My operation had three manufacturing plants and, in the end, eleven marketing companies located in many parts of the world, including China (Beiij ng and Hong Kong), aJ pan, USA, and most European Countries. My Headuq arters were in Germany with two production plants and four or five marketing branches in Germany itself. In Europe I established my own marketing offices in those markets where I saw business potential. Simple but Pragmatic Strategy My strategy was simple yet pragmatic - I sought out an individual with a strong marketing and management background in the target country and offered him or her to become the future Managing Director of the new marketing operation that they had to build for me, and off we went. This way my costs were low and I had extremely motivated people to work for me that were prepared to invest their working life in building "their " company. This (European) strategy also gave me the best form of control over what my sales people were doing for me. Before, I had agents and it was difficult to maintain them and to control what and how much they were doing for my business ? a common issue when dealing with agents as you will see later. Most of my European Companies therefore became a great success and in the end I was employing close to a hundred sales engineers and had a staff in total of 330 employees. I repeated the same strategy in several overseas markets such as the US, China and aJ pan. In the r" est " of the world, and in areas where we needed even greater engagement with the market due to the sheer siez of the market it could not be covered by Branch Office Staff on their own (USA for instance) ; we worked with agents and distributors in addition to our own Branches. In 1990 I sold my business to a maoj r multinational. My business at that time had a net worth of 1$ 05 million. Sales Agents Since the sale of my company I have consulted for many manufacturers and exporters and have assisted them in introducing their products or services to the market place. I have also been involved in reorganiiz ng many companys' sales structures. I always had the belief that the sales force was the key element that could pull any company through any difficult economic time. Sales, therefore was always my prime focus when working in any organiaz tion. I have often been involved in finding good international representation for clients because I still had a good personal network of contacts. www.ebsi.ie 9 EBSI EXPORT ACADEMY TradeBrief tary eBSI Expert Commen Pareto?s Law for Epx ort Sales Agent Recruitment In general terms, less than 20 % of sales agents are successful. This is "normal" and apparently an industry average. 08 % of the agents we re unsuccessful and eventually have to be replaced. This is a continuous and very labor intensive process. The cost of recruiting, retraining the new agents, salespeople, the sales lost and the customers lost and market share lost to competing lines can be astronomical. Why does this happen ? First of all, some business people think they are the only manufacturere/ xporter in the world. Fact is, there are millions, all wanting to sell their u" niuq e" line of products. Fact is too ; that in an ideal world the manufacturere/ xporter wants to employ someone by paying them only after a fully paid sale has taken place hence the popularity of sales or commercial agents. Many times the case may be that the sales agent isn?t convinced that they have the best product in the form of your product. The sales agent has to personally i" nvest" first in selling your product without having earned a cent yet. So they have little or no other choice than to try to sell your product and, yes, mostly on an opportunistic basis. The problem is, the sales agent will naturally focus on products they know they can sell. Another limiting factor is the number of product lines being handled by the sales agent. 121- 5 product lines should be any agent?s limit. A typical sales agent will earn most of their income from 20 % of their entire portfolio ; the remainder of the portfolio is trial, error and opportunistic. Chances are considerable that you are in the other r" emaining " section of the agent's portfolio. That?s not an optimum solution. This is why finding, recruiting and appointing sales agents is an art and a highly skilled task. Assuming we have found the best agent for our purposes, the most difficult part still remains after the Agent has been appointed : MANAGEMENT. This is true with both independents/ elfe- mployed agents or employed sales staff. Interviewing a sales agent is a task which not only needs to determine how good a sales professional they are, but to a greater extent, we need to look at how they are running their business. That includes looking at the product lines they currently sell in detail and identify which ones could match with your products, rather than compete with them. An exporter or manufacturer needs to make sure that the sales agent is not uj st trying to get more product lines with the premise that the more lines they carry, the more chance of selling s? omething?. That?s why a focused and well structured product line portfolio which complements or synergises with our own product lines is an essential ingredient when choosing a sales agent. Key Criteria Among other items of data I like to collect on potential export sales agents, of course as mentioned, their product lines, their management style, their successes rate, which product lines are under performing and why from the perspective of the export sales agent. The fact of the matter is that, when we go in search of a good export sales agent, the best of the bunch will be difficult to find because they are already on the road selling. Those that are sitting at home randomly applying to represent your, or someone else?s product line is likely the wrong agent to work with. This is where the criteria and suggestions above can assist in your search for the right person for your company. Online Resources One of my own personal initiatives in assisting manufacturers in finding agents has been to set up an international trade directory at www.export-trading.com . Its focus is as a location where Manufacturers can be found by potential buyers. For the more proactive among you a website at http://www.exportid.com/ provides an online directory of specialised export agents seeking principals. Remember to take into account the points in this article when evaluating potential export sales agents for your company and you will be well on your way to being in the top 20 % of successful product lines offered by your future sales agent ! Gerhard Korver oL oking for export markets, new products, sales agents, manufacturing agents, buying agents worldw- ide ? You can post your products, services, or search for distributors and sales representatives (free) at www.export- trading.com Email: infoe@ xportt- rading.com Other Web Sites : www.freeexportdirectory.com www.ebsi.ie 10 EBSI EXPORT ACADEMY TradeBrief eBSI China Systems Update CS Prize Draw At ICC Banking Commission Orlando USA ? 23 September 2010 Mike Quinn, JP Morgan Global Trade, necniV t O?Bneir nnanuo sec t eh Managing Director with Vin O?Brien as he Regina Prehofer, Chair, ICC Banking China Ssets my Prize Dwra . collects entries. Commission draws first prize winner. Regina Prehofer, presents a high spec Kah Chye Tan, Global Head of Corporate Cash Kah Chye Tan, newly appointed Chair, ICC Ferarri Laptop to the first prize winner Per and Trade, Standard Chartered Bank and newly Banking Commission presents the second Johannson of Svenska Handels Banken. appointed Chair, ICC Banking Commission prize for Mirja Fonck of Pohjola Bank Finland. verifies second prize winner. CS Newsflash China Systems, the world?s leading trade services solutions vendor, has recently signed International Finance Bank, based in Miami, for use of its Trade Services solution CS Eximbills. International Finance Bank will deploy the platform automating traditional trade finance business functions under a contract that will see the proej ct implemented oj intly with China Systems and International Finance Bank staff. The system will be fully integrated with the Bank?s systems in a realt- im e environment. The implementation is expected to take uj st over one month. In another important development, Umpuq a Bank, a su bsidiary of Umpuq a Holdings Corporation (NASDA:Q UMP)Q , has teamed with China Systems USA & Canada Inc. (China Systems), to offer its international banking customers the latest in automated trade finance technologies. Umpuq as' International Banking Division recently completed the installation of an integrated system that automates and audits the complete cycle of trade finance transactions. Additionally, the bank has released its Umpuq a Online Trade Services, which provide expanded trade finance functionality for Umpuq a Bank customers, in cluding 2h-4 our online access to letters of credit and outgoing documentary collection services. www.ebsi.ie 11 EBSI EXPORT ACADEMY TradeBrief eBSI Expert Commentary Financing Options for Exporters ? Nigerian Perspective Nigeria is an eem rging economy with high growth potential. Unfortunately, most of it remains untapped due to many exportable commodities being negel cted, as the federa l goev rnem nt? s am in focu s i s the exploration and exportation of crude oil. In addition, the government and financial institutions have so far giev n il ttel or no attention to developing commodity export in te rms of policy implementation and epx ort financing , reps ectiev yl . There is no doubt that Nigeria is capable of increasing her current levels of Expert Profile commodity production. The country is among the top ten in the export of Name: Ayeim bo Baim dele Position: Trade Product aM nager commodities worldwide, despite the fact that nearly all Nigerian commodity Employer: Diamond Bank Nigeria exports are mostly cultivated by small scale farmers. For example, n Chemonics Location: Lagos, Nigeria International Inc.?s 2002 report, Overview of the Nigerian Sesame Industry, Specialisation: Trade & Finance Nigeria is listed as the seventh largest exporter of sesame seeds in the world. Contact: bayemibo@gmail.com Thus, it is proposed that exporters should be financed in order to increase the demand for several Nigerian commodities, which will in turn raise the return on investment (ROI) of farmers. The bigger the ROI of the farmers, the more they will be encouraged to cultivate on a larger scale. New entrants will also be enticed to oj in, and Nigeria?s annual production will ultimately grow as a result. The scope of the proposed financial model for small scale exporters is as follows : 1. Sourcing of export order from commodity importers abroad 2. Commodity sourcing, uq ality control and warehousing 3. Posts- hipment financing and export credit insurance Numbers 1 and 2 should be monitored by the bank in order to reduce performance risk on the part of the exporter and minimiez nonp- ayment risk due to the poor uq ality of exported items. The Scope of the Epx ort Financing Model Post-nt shipme c ing finan and rt expo redit c ce ninsura The average small scale Nigerian exporter uses open account or documentary collection as mode of payment and has to wait for at least 13-4 0 days from the date of shipment to the date of receipt of the export proceeds from the buyer. Posts- hipment financing, which finances exported goods from the date of shipment to the date of receipt of the export proceeds, aims to provide small scale exporters with the working capital needed to minimiez the cash constraints resulting from the extended waiting period. Since the waiting time depends on several factors, the need for posts- hipment finance to reinforce the exporter?s financial position also varies accordingly. Posts- hipment finance can take various forms but mainly involves factoring or discounting of receivables. Export factoring is a complete financial package that combines export working capital financing, foreign accounts receivable bookkeeping, credit protection, and collection services. A factoring house or factor is a bank or specialized financial establishment that purchases invoices or accounts receivables. The factor buys the exporter?s shortt- erm foreign accounts receivables at a discount, usually without recourse, and assumes the risk on the ability of the foreign buyer to pay. It also handles collections on the receivables. The risk of nonp- ayment by foreign buyers is virtually eliminated, allowing exporters to offer open accounts and documentary collection payment terms, improve liuq idity position, and increase competitiveness in the international marketplace. www.ebsi.ie 12 EBSI EXPORT ACADEMY TradeBrief eBSI Country Focus - Nigeria Export factoring for small scale epx orters Although export factoring is a total financial package, this article will only focus on post-shipment export working capital financing. Banks should hire an agency such as Dun and Bradstreet to investigate foreign buyers of different Nigerian commodities to check and confirm their credit standing. Banks can then enter into an agreement with uq alified companies who will issue their export contract locally on a documentary collection basis to exporters that need posts- hipment financing. The bank should also have an agreement with NEXIM Bank or an insurance company to provide export credit insurance for small scale exporters. After presenting the reuq ired documents, a small scale exporter will sign an agreement with the bank to acuq ire an export contract and a posts- hipment export financing facility. The bank will forward the documents to the buyer?s bank with the instructions for documentary collection. The buyer?s bank will transfer the funds to the exporter?s bank, and the bank will then liuq idate the exporter?s facility and credit to the exporter?s account. Export credit insurance The purpose of export credit insurance is to provide offshore protection to exporters of goods and services who sell their products on credit terms. Exporters are insured against losses arising from various risks, either commercial or political. Export credit insurance gives exporters a significant degree of financial security, enabling companies to take on bolder export policies by accepting new purchasers and venturing into new overseas markets with fewer risks. Export Credit Insurance in Nigeria is available through the Nigerian Export Import Bank through their Export Credit Insurance Facility (ECIF). The obej ctives of the facility are : ? To encourage exporters to diversify their export markets without fear of the risks inherent in dealing with new buyers ? To attract new enterprise s into export business ? To encourage exporters to ex tend credit terms to their buyers in order to enhance their competitiveness in the international markets The following exports are eligible for cover under the facility. ? Export of goods wholly or partly manufactured in Nigeria ? Export of commodities, which are expo rtable under the laws of Nigeria. ? Such export must be supported by wr itten contracts of supply concluded on credit terms of not more than 180 days. ? Export of services. Two types of cover are provided under the facility ? Pre-shipment cover ? Post-shipment cover In most cases, one policy shall be issued to cover both pre - and post- shipment risks while pre-shipment policy alone shall be granted on exceptional cases. The risks covered under both pre-shipment and posts- hipment policies are stated below : Pres- hipment risks ? Insolvency of the buyer immediately before shipment is undertaken or other events that make it inadvisable to export, ? Cancellation of export license which was valid at the time production commenced, ? Imposition of restriction on the export of goods not subject to license at the time production commenced. Further information : Further information on Export Credit Insurance in Posts- hipment risks Nigeria can be obtained from the Nigerian Export a) Commercial Risks : ? Insolvency of the buyer ? Protracted default by the buyer ? Buyer's refusal Import Bank through their website at to accept the goods dispatched which conform to contract specifications. http:w// ww.neximbank.com.n g/export_credit_insurance_ facility.php b) Political E/ conomic Risks ? A general moratorium on payment decreed by the government of the ECIF Brochure ECIF Guideline buyer's country. ? Any other measures or decisions of the government of a foreign country, which prevent performance of the contract. ? Political events, economic difficulties, legislative or administrative measures arising outside Nexim?s Main Website covering all the supports Nigeria that prevent or delay the transfer of payments due under the available to Nigerian Exporters can be found at : contract. ? War, revolution and civil disturbance in the country of the buyer, http://www.neximbank.com.ng which prevents or delays the transfer of payments due under the contract. ? Default by a government buyer. ? Any other causes of loss arising outside Nigeria, which is beyond the exporter?s and buyer's control. www.ebsi.ie 13 EBSI EXPORT ACADEMY TradeBrief eBSI Advertisement Feature   DISCOVER HOW GLOBALTRADE.NET CAN HELP YOUR OVERSEAS OPERATIONS  Want to share your expertise to the international trade community and in return gain new business leads from other trade  professionals? FITA Online (http://www.fita.org) makes it possible through its new website http://GlobalTrade.net .         Are You an Importer/Exporter?  Find informative content and service  providers for your international trade  operations in GlobalTrade.net?s  Knowledge Resource.  Here  international trade professionals can  find experts? analysis, market surveys,  tips, white papers, country profiles,  experts? views, webinars, news flows,  video tutorials, etc.     Are You a Service Provider?  Feature your expertise by posting  content to our Knowledge Resource  and listing yourself in our Database  of International Trade Service  Providers. International trade  professionals can select experts such  as international marketing  consultants, trade finance companies,  banks, freight forwarders, quality  control firms, lawyers, accountants,  customs brokers, instructors,  insurance providers for their  international operations.      http://www.GlobalTrade.net is run by FITA Online (http://www.fita.org) , the online services division of the Federation of  International Trade Associations (FITA), together with partners U.S. Commercial Service, UK Trade & Investment,  ThomasNet, Alibaba and Kompass.     eBSI Export Academy has teamed up with FITA Online to provide you with special invitations to try out this new website.    You will be among the first to try it out.  So what are you waiting for? Sign up today!    The new website is currently in its ?soft launch? phase? that meaning you can only access it by an exclusive invite. Launching  in only a matter of weeks, GlobalTrade.net would like to invite all eBSI TradeBrief subscribers to create a profile today, post  informative content and gain new business leads for FREE. Creating a profile and posting content is free. Being listed in the  Database of International Trade Service Providers is free until June 2011.     Simply log in with the ID and Key below to start getting new business today!  ID: eBSI  KEY:  1234    ***    FITA Online offers diverse online services to the worldwide international trade community. Its services include the websites  http://www.globaltrade.net  and http://www.fita.org, as well as International Trade Information Platforms for Banks, online  international trade information systems for government economic development agencies and customized international trade  marketplaces.   Explore GlobalTrade.net for FREE at http://www.globaltrade.net   www.ebsi.ie 14 EBSI EXPORT ACADEMY TradeBrief eBSI Expert Commentary Notations and Multimodal Transport Documents In the autumn 2009 issue of DCInsight, Haluk Erdemol tackled on board notations as they apply to a B/L and multimodal transport docume nts (multimodal bi lls of lading). This is perhaps the most co ntroversial iuss e that has Expert Profile emerged in UCP 600 so far , an d his article was an excellent Name: Pavel Andrle Position: Secretary - Banking Coimm ssion contribution to the ongoing de bate, which hopefully will be Employer: ICC Cez ch Republic resolved some time soon. Here I would like to add some Location: Prague, Cez ch Republic Specialisation: Trade Finance Training personal comments. Contact: pa@ebsi.ie Bill of lading First, it is unfortunate that this confusion took place, as it was, in my view, clearly avoidable. It is a well-known fact that UCP 05 0 article 23 provided clear guidance in saying : I" f the bill of lading indicates a place of receipt or taking in charge different from the port of loading, the on board notation must also include the port of loading stipulated in the Credit and the name of the vessel on which goods have been loaded, even if they have been loaded on the vessel named in the bill of lading." Suba- rticle 23 (a) ( iii) (a) of UCP 05 0 also clearly allowed a bill of lading to show a place of taking in charge different from the port of loading, ando/ r a place of final destination differ ent from the port of discharge. ISBP 465 paragraph 82 further explained that if the Container Yard (CY) or Container Freight Station (CFS) is stated as the place of receipt, and that place is the same as the stated port of loading, these places (place of receipt and the port of loading) would not be considered as different, and conseuq ently the inclusion of the named vessel an d port of loading in the on board notation would not be necessary. This clarification does not appear in the updated ISBP 186 . The intention behind these apparent changes (or omissions) in the UCP 600 and ISBP 861 has not been explained in a timely fashion to the banking community. Naturally, this led to confusion with some believing there was an intention to treat the matter differently under the new UCP (why otherwise was there a change)? ; and others claiming that it was only a change in the drafting style and not in the underlying rules for examination. In its Commentary to UCP 06 0, the UCP Drafting Group explains that the reason for changes in the wording was n" ot to encourage " the use of the p" lace of receipt " and "place of final destination " on bills of lading covering ocean transport. But the reuq irement that the document checker must be able to determine that the bill of lading appears to indicate that the shipped on board statement (by pre-printed wording or by a se parate notation) relates to loading on board the named vessel at the port of loading stated in the credit, and not to any pre- carriage of the goods between a place of receipt and the port of loading, remains the same as it has been under UCP 05 0. The Drafting Groups' desire n" ot to encourage the use of the place of receipt on bill of lading " is understandable. It seems pretty strange when the credit reuq ires only ocean transport from a port of loading to a port of discharge, that the bill of lading should show the place of receipt at all. If the place of receipt is the same as port of loading, and the only difference is that the place of receipt is a CY or CFS, then it seems reasonable. In most cases, containers are received by carriers at these places. The bill of lading is released to the shipper only when the goods are on board the named vessel. But if the place of receipt is very far from the port of loading, say at a distant inland place, then it is likely that the document is actually a multimodal transport document. Usually, the document itself makes this uq ite clear. Pavel Andrle discusses technical LC details with an eBSI consulting client. For instance, if a document is entitled "Bill of aL ding for Combined (Multimodal) Transport Shipment or Port to Port Shipment " and indicates that the P" lace of Receipt " ando/ r P" lace of Delivery " fields are to be filled in only in case the document is used as a combined (multimodal) transport document, should we accept a multimodal transport document in cases when the credit reuq ires a bill of lading covering only a portt- op- ort transport ? It would be nice to receive t" rue ocean transport bills of lading only " when a credit reuq ires a bill of lading covering portt- op- ort transport. However, in practice, especially in the case of landlocked exporters, shippers arrange the transport with one maoj r carrier, which organiez s both the land transport from the inland place to the port of loading and then transport from the port of loading to the port of discharge or even the final place of destination. www.ebsi.ie 15 EBSI EXPORT ACADEMY TradeBrief eBSI Expert Commentary Practice It would be simple if the transport from the inland place of receipt to the port of loading were covered by one transport document, say a road transport document, and the portt- op- ort transport (as reuq ested by the credit) by an ocean bill of lading. In such a case, the bill of lading would not show the place of receipt as the inland place at all (why should it?). However, in practice the carrier issues only one transport document : a multimodal transport document, since that is what he is responsible for. He does not often understand why the shipper wants him to add a separate dated on board notation with the named vessel and the port of loading and, in some cases, he does not actually want to comply with this specific reuq est since, by doing so, he actually c" onverts " the multimodal transport document into a bill of lading. Certainly we accept documents as compliant when the credit reuq ests a bill of lading covering ocean transport only. We do not concern ourselves too much with the prec- arriage (from the place of receipt to the port of loading), provided it is evident that the goods were shipped on the named vessel at the port of loading. If the place of receipt differs from the port of loading (see above) and the bill of lading shows also a prec- arriage means of conveyance (for instance a truck), an on board notation (shipment date, vessel name, port of loading) is necessary. It would be necessary even if the pre-printed wording indicates s" hipped on board. " If the transport document expressly indicates that the s" hipped on board" statement relates to any truck, wagon or any other means of conveyance on which goods are shipped from the place of receipt on the way to the port of loading, than the extended on board notation (showing shipment date, vessel name, port of loading) would be also reuq ested. Do we, as bankers, accept a bill of lading showing a place of final destination different (not just CY or CFS) from the port of discharge ? Under UCP 500 we clearly did ; under UCP 06 0 we do as well, even without clear guidance in UCP 06 0 or ISBP 186 . It may seem strange that we accept a transport document which shows that the goods will go to Prague when what we wanted was for the goods to be delivered only to the port of discharge, say, Hamburg. But we do. Multimodal transport Neither article 2 6 of UCP 500 nor article 1 9 of UCP 06 0 clearly state that a multimodal transport document must show that the goods were "shipped on board " the named vessel in the port of loading if the transport begins by ocean transport from the port of loading stipulated in the credit (as the starting point of the shipment). This issue was very problematic under UCP 05 0, which is why many of us constantly raised the issue during the UCP revision process. Suba- rticle 1 9 (a) (ii) of UCP 06 0 requires a multimodal transport document to: i" ndicate that the goods have been dispatch ed, taken in charge or shipped on board at the place stated in the credit." It is argued that if the multimodal transport starts with ocean transport (from the port of loading as reuq ested in the credit), then it should show that the goods were shipped on board a named vessel at the port of loading stated in the credit. However, since UCP 06 0 does not clearly say so, one might argue that the multimodal transport document might uj st show that the goods were dispatched or taken in charge in the port of loading. In the case of multimodal transport, delivery terms such as FCA, CPT or CIP should preferably be used, as these are a perfect match for the g" oods being dispatched or taken in charge." Many recent Banking Commission opinions made it clear that if the multimodal transport starts at the port of loading stated in the credit, the multimodal transport document must show that the goods have been shipped on board a named vessel at the port of loading stated therein. This may not be ideal, but provided this interpretation is clear and well communicated, it is acceptable. If the applicant wants a multimodal transport document to show that the transport starts at the port of loading with goods being taken in charge only (as opposed to being shipped on a named vessel), he or she can do so by inserting a clear reuq est in the credit. If the credit shows a port, e.g., Hamburg port, as the place of receipt, then in my view the multimodal transport document might well show that the goods have only been taken in charge in the Hamburg port. It should be made perfectly clear that if the multimodal transport starts by ocean transport at the port of loading as stated in the credit, the reuq irements for the multimodal transport document in relation to s" hipped on board at the place stated in the credit " must be exactly the same as those for the bill of lading as set out in article 20. In other words, if the multimodal transport document shows a place of receipt different from the port of loading (see above) and also shows the prec- arriage means of conveyance, an on board notation is reuq ired (indicating the shipment date, name of the vessel and port of loading). If the multimodal transport document shows a uq alification to the vessel as i" ntended," a separate dated on board notati on with the name of the actual vessel is reuq ired. If the multimodal transport document shows a uq alification of the port of loading as i" ntended," a separate dated on bo ard notation with the name of the actual vessel and port of loading is reuq ired. ICC rules are rules of practice. Their goal must be to provide practitioners with clear guidelines to do their oj bs. In this case, the clarity called for has, up to this point, been lacking. Article originally published in DCInsight Vol. 16 No.1 aJ nuary - March 2010 by Pavel Andrle. Pavel Andrle is an international trade finance consultant and trainer for eBSI Export Academy and Secretary of the Banking Commission of ICC Cez ch Republic. His em- ail is pa@ebsi.ie . www.ebsi.ie 16 EBSI EXPORT ACADEMY TradeBrief eBSI eBSI Recent Events Demand for eBSI experts to deliver seminars an d attend conferences around the world has grown dramaticall y despite financial crisis. Here is a brie f overview of some of our more notable appearances since last issue ! Istanbul, Turkey th A special presentation and information event was arranged for the 27 of April by rd IFC in Istanbul prior to their important 3 Annual GTFP Partner?s Meeting on 2 8 and 29 April featured in an earlier issue. Vincent O?Brien delivered a presentation to donors on the results of the GTFP training initiatives. The GTFP itself has seen its volume of activity grow significantly in the last year. rd An exceptional turnout for the IFC 3 Annual GTFP Partner?s Meeting on 228- 9 April 2010 Tashkent, Uzbekistan Vincent O?Brien?s multic- ountry EBRD Trade Finance Fraud Prevention and Identification tour continued into Central Asia with a 2 day event in Tashkent, Uzbekistan on 10 and 11 May. Participants particularly appreciated the emphasis on examination of real life cases in bringing various fraud schemes into greater focus. Vincent O?brien at Certificate awarding event in Tashkent. Dushanbe, Tajikistan The next stop on the multic- ountry EBRD Trade Finance Fraud Prevention and Identification tour was in Dushanbe, Taij kistan on 13 and 1 4 May. Vincent O?brien with participants in Dushanbe at Certificate awarding event. www.ebsi.ie 17 EBSI EXPORT ACADEMY TradeBrief eBSI eBSI Recent Events Skopej , FYR Macedonia The second leg of the EBRD Trade Finance Fraud Prevention and Identification Tour was focused on South Eastern Europe with a seminar taking place in Skopej , FYR Macedonia on 1 8 and 1 9 May. Vincent O?Brien with Participants in Skopje Trade Finance Fraud Prevention Seminar. Belgrade, Serbia The EBRD Trade Finance Fraud Prevention and Identification tour continued its South Eastern Europe leg with a seminar taking place in Belgrade, Serbia on 20 and 21 May. Vincent O?Brien with Participants in Belgrade at the end of the training. Chisinau, Moldova The final stop on the South Eastern Europe EBRD Trade Finance Fraud Prevention and Identification Tour was focused on Chisinau, Moldova and took place on 2 6 & 2 7 May. Vincent O?Brien and Moldovan participants in Chisinau at the certificate conferral ceremony. www.ebsi.ie 18 EBSI EXPORT ACADEMY TradeBrief eBSI eBSI Recent Events Beijing, China Pavel Andrle was invited by ICC China to deliver a seminar to their members on Trade Finance for Emerging Markets on 13 uJ ne 2010. This seminar was attended by 1 8 delegates and covered aspects also of relevance following from the Global Financial Crisis. Pavel Andrle & Trade Finance participants at the ICC China seminar. aL gos, Nigeria The International Chamber of Commerce National Committee in Nigeria invited Vincent O?Brien, eBSI?s First Director to deliver the first ICC seminar in Africa on the Uniform Rules for Demand Guarantees new revision, URDG 57.8 The highly successful seminar was held in aL gos on 2 uJ ne 2010 . Vincent O?Brien with an impressive turnout of Nigerian Bankers at the New URDG 758 Rules workshop held in aL gos, Nigeria. Dubai, United Arab Emirates The growing importance of Demand Guarantees was also reflected by a significant turn out at a U? niform Rules for Demand Guarantees new revision - URDG?857 seminar held in Dubai and organised by Dubai Chamber of Commerce & Industry on 1 4 uJ ne 2010. A Video report on this seminar can be found under our Technical Trade Broadcasts section of the eBSI Export Academy Website at www.ebsi.ie. Vincent O?Brien & Dubai Chamber of Commerce & Industry participants following the highly successful event. www.ebsi.ie 19 EBSI EXPORT ACADEMY TradeBrief eBSI eBSI Recent Events Budapest, Hungary The International Chamber of Commerce National Committee in Hungary invited Vince
Posted: 29 September 2011, last updated 29 September 2011

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