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URC REVISION ANYONE? ............................3 DOC CREDIT CLINIC.......................................4 ADB TRADE FINANCE SEMINAR ......................5 A BLUE SKY ABOVE DARK CLOUDS .................6 WEBLINKS FOR EXPORTERS ...........................7 IFC FIT INITIATIVE UPDATE ............................7 TRANSPORT DOCUMENTS & LCS ....................11 CHINA SYSTEMS UPDATE ...............................13 CAREERS IN EXPORTING ...............................15 NOTATIONS AND MULTIMODAL DOCS ..............18 RECENT EVENTS ...........................................20

TradeBriefeBSI rade

Jan. 2011

ISSUE 6

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Date for Diary! Incoterms® 2010 Dubai 20 February 2011 Global Rules effective from1 January 2011

http://www.ebsi.ie/incoterms IATTO MEMBERS MEETING DISCUSSES GLOBAL ACCREDITATION

ICC NIGERIA AND EBSI DELIVER AFRICA’S FIRST INCOTERMS® 2010 SEMINAR Karachi, Pakistan

Brussels, Belgium

IATTO, the International Association of Trade Training Organisations, called a meeting of its core membership in Brussels on 6 December 2010 to lay out the next steps in establishing a global International Trade Accreditation which could be offered by all IATTO Members. The event also allowed participants comprising of leading international trade training organisations from 11 countries to network and develop further projects on a bilateral basis. Thomas Smith of eBSI reported deep satisfaction with the meeting’s outcome and the positive initiatives IATTO has brought to Trade Training Organisations worldwide.

eBSI Export Academy’s Vincent O’Brien was invited by ICC Pakistan to deliver Pakistan’s National Incoterms® 2010 seminar since the new rules were launched in late September 2010. The 1 day event included interventions from a number of leading Pakistani experts in Trade and Logistics and also gave a very appropriate setting for the graduation of the IFC FIT Initiative online learning program in Trade Finance established in 2008 by eBSI, the Institute of Bankers Pakistan and the International Finance Corporation.

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News & Commentary

Directors Note Welcome

eBSI Online to

this latest edition of eBSI Tradebrief and welcome to 2011 – the year of the Rabbit! We are very excited at eBSI as we have come through a major enhancement program of our electronic learning platform – always with our network of trade practitioners in mind. Jenya will be telling you more but frankly, seeing is believing. Read on for trade insights from trade experts such as: Xavier Fornt and Carlos Bacigalupe from Spain, Kim Christensen from Denmark, Rasim Abderrahim from Jordan and Pavel Andrle from Czech Republic. Thanking continuing guidance.

you for support

your and

Best wishes for 2011 and the new decade.

Major enhancements! BY Name: Jevgenia Zotova Position: ITS Coordinator Employer: eBSI Location: Tallinn Estonia Specialisation: Support Learning Services Contact: jzotova@ebsi.ie

Video Commentaries will play an important role in eBSI’s New Courses

The eBSI electronic learning platform has proven robust in delivering high quality online learning to all corners of the World for more than 10 years. It is with great pleasure that I can tell you about our new cutting edge enhancements recently implemented. We have upgraded our course units with extensive usage of video, interactive simulations, and learner driven knowledge retention exercises. Each unit is now self contained with a newly designed intuitive interface and learner oriented navigation system that puts the learner in control. Extensive use of text streaming in sync with tutor audio interventions enhance not only the learners technical skills but also the use of the English language in a business oriented environment.

Vincent O’Brien Everything relating to eBSI’s courses moves forward focusing on interactivity, learner engagement and ease of access and use. You will see this reflected in our new online forums which have been completely redesigned to maximize collaboration and now even includes top posters listings, most active discussions and a weekly mailing of the latest posts to all course participants! With greater interaction between course participants and lecturers being a primary focus, we have put a lot of time and effort into devising ways to present complicated topics in a clear and readily understandable fashion. Learning is a serious business, but successful learning requires stimulation and this is best achieved by having fun. All eBSI online learning programs focus on engaging and entertaining learning activities. The learner will encounter challenges, quizzes, knowledge building simulations and puzzles. I have included some pictures to give you a small taste of our enhancements, but its best to discover them for yourself on one of our courses! I look forward to welcoming you to eBSI Online!

Jenya

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TradeBriefeBSI Perhaps it's time for a URC 522 revision. One of the most valuable activities of the ICC Banking Commission is, without any doubt, the constant updating of the International Rules that they issue to govern various aspects of international trade. The banking world changes very quickly, and Rules must be adapted.

Expert Profile Name: Xavier Fornt Position: Professor International Economics Employer: College of International Business Location: Barcelona, Spain Specialisation: International Trade Finance Contact: xavier_fornt@yahoo.es

In the last few years, first we had the Revision of UCP for documentary credits: the new and very successful UCP 600. After this, we began with the revision of the Uniform Rules for Demand Guarantees, and some months ago appeared the new URDG 758.

Both finished and very well accepted sets of international rules, not only by bankers, but by Traders too. Now the Incoterms®, which will enter in force very soon in January 2011 and the International Standard Banking Practices are in the process of a revision. Very necessary in both cases. Incoterms® because the last version was 10 years old, and ISBP needs to be adapted to work better with the new UCP 600. But what about the collections? We have now the Uniform Rules for Collections - URC 522, which were adopted in 1995, that’s 15 years ago. And 15 years is a long time in today’s world. Things change very quickly, and in our collections business we have today a situation completely different to that in 1995. Let me comment as an example about electronic collections, meaning those collections where the process is undertaken without sending financial documents in paper form. Examples can be found with the ‘Lettre de Change Relevé’ (L.C.R.) in France, or the ‘Ricevuta Bancaria’ (RIBA) in Italy or similar systems in other countries. LCR collections such as the EASYCOLLECT service offered by Societe Generale, offers clients a fast, simplified procedure for the collection, subject to final payment, of clean bills of exchange denominated in euro and payable in France. All clean bills of exchange, whether accepted or not, and whether subject to protest or not, are eligible for LCR, provided they are denominated in euro, and contain the standardized bank references ( "RIB" ) of the drawee. Costs are substantially lower since a fixed commission is charged and is based on a specific scale. The credit advice (subject to final payment) is automatically provided on the day following maturity via SWIFT MT450 with appropriate references. The debit advice (remittances fee, unpaid items fee) is provided via an MT900 the day following the posting of the entry on clients account. Clients are automatically advised of unpaid items via an MT456. RIBA is an electronic evolution of the paper draft, an Italian invention dating back to medieval times. It is issued by the supplier and sent to the customer through the banking network. The debtor's bank notifies his client who pays it at maturity with a credit transfer. If he does not pay within two days of due date, an electronic notice of 'unpaid' is sent to the creditor's bank. RIBAS have expiry dates but 'unpaids' carry no legal penalty (in France unpaid LCRs get a Bank of France notation). Nevertheless, the visibility of unpaids (to the debtor's bank) is supposed to deter rogue behaviour by the debtor (a long history of unpaids affects his credit standing). The percentage of unpaid RIBAs in Italy varies widely between north and south and between different business. Even though a RIBA cannot enforce payment it is always preferred to a 'direct remittance' (cheque or money transfer), where the debtor is completely free to initiate the payment. RIBA is a fully automated collection instrument and is widely used by all types of companies. Other advantages of RIBA are automatic reconciliation with invoices and borrowing rates lower than overdraft. Today these forms of collections are successfully used, and yet they are not regulated in our old URC 522 rules. Every bank has his own requirements, perhaps it would be better to have uniform regulations. And what is coming soon? Direct debit services are operating as a form of clean collections. And here again, we find different requirements and regulations, always outside of the collections rules. In both cases we are referring only to clean collections, not documentary collections. For documentary collections perhaps the need is not too high, as we have some problems in the circulation of electronic documents, a case in point is the low use of electronic documentary credits, but for clean collections, perhaps it would be time to review our old Rules, and include in the revised URC, electronic operations, like in documentary credits, with an e-

Xavier Fornt

URC supplement, or consider a similar approach to that in the new URDG 758.

International Trade Certified Training Programmes

     

Programme Intakes every two months from March 2011

Certificate in Logistics Certificate in Finance ITS Accreditation Advanced Certificate in International Trade & Logistics Diploma in Export Operations Certified Courses in Shipping

Delivered exclusively by: eBSI Export Academy Tel: +353 94 9381444 Web: http://www.ebsi.ie

EBSI EXPORT ACADEMY

Fax: +353 94 Email: info@ebsi.ie

9381708

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Doc Credit Clinic

The DOC CREDIT CLINIC – ‘Can you tolerate this?’ Q 2011/01 - 'Can you tolerate this?’ Our company is in the business of trading and exporting lumber or non processed wood, mostly but not necessarily hardwoods. On occasions we also trade in lumber handling or wood processing equipment. Many of our transactions are secured by Confirmed Letters of Credit and we regularly encounter problems when we present invoices which evidence values or quantities slightly different to what is stated in the goods description in the LC. The treatment of this situation by different banks is often inconsistent and causes frustration. Here are some specific cases. When a lot of money is involved the consequences can be serious especially in the current turbulent trading environment. Case I. LC was for an amount of USD330,000.00 allowing a tolerance in amount of ‘+/- 5%’ . We effected a part shipment of lumber and invoiced for the value of USD310,000.00

Expert Profile Name: Vincent O’Brien Position: First Director Employer: eBSI Location: Most likely on a plane Specialisation: International Trade Finance Contact: vob@ebsi.ie

The bank claimed this presented invoice was discrepant as the invoice amount was below the tolerance of 5% allowed in the LC. The LC was silent regarding part shipments being allowed or not. Do you agree with this claimed discrepancy? Case 2. LC was for an amount of USD1.5m but was silent concerning tolerances in respect of the value or the quantity of the goods and in this LC part shipment was ‘not allowed’. The goods description in the LC describe the goods in terms of ‘tonnes of lumber . We made one shipment and presentation of documents within the validity of the Credit. The invoice presented showed a weight of 98% of the quantity of the goods stated in the LC and the dollar amount was on a pro-rata basis in the amount of USD1,470,000.00. This was also considered a discrepancy by a different bank under a separate LC. As far as our company is concerned, we effected a full shipment within the tolerances allowable in UCP for the quantity of goods. Is the invoiced shipment for 98% of the quantity and value of goods specified in the LC a valid discrepancy when part shipment is not allowed and the LC is silent in respect of any tolerances? We await your reply. Answer You should not tolerate these claimed discrepancies and I will tell you why! Case 1.

Case 2.

I disagree with the bank. The Credit allowed for a tolerance of 5% in the amount available under the Credit and was silent in respect of part shipment allowed or not allowed. Remember, under UCP 600, sub-article 31 (a), ‘partial drawings or shipments are allowed’.

Even though part shipment is not allowed in this second case, the invoice which evidences shipment of 98% of the quantity of the goods and in turn 98% of the value of the goods is acceptable.

You effected a first partial shipment valued at USD310,000.00. There is no discrepancy. Even if the part shipment was only valued at USD31,000.00 it would have been acceptable and you could make further part shipments within the validity and up to the maximum amount available under the Credit (USD330,000.00 x 105% = USD346,500.00.) If the bank wanted to receive a presentation for goods shipped only within the restricted tolerance of 5% more or less of the amount of the Credit then the Credit should have stated ‘USD330,000.00 allowing tolerance of ‘+/- 5%’ with part shipment not allowed.

Please note that a tolerance of 5% more or 5% less is permissible in respect of the quantity of the goods under UCP 600, sub-article 30 (b) ‘A tolerance not to exceed 5% more or 5% less than the quantity of the goods is allowed’. However, from a practical perspective please remember that this tolerance is applicable when goods are described in the Credit in terms of volume or weight or measurement as in this particular case. Should you be making a shipment in the future of individual items of equipment or packed machinery you should also remember that UCP 600, sub- article 30 (b) has a proviso in respect of this tolerance ‘provided the credit does not state the quantity in terms of a stipulated number of packing units or individual items and the total amount of the drawings does not exceed the amount of the credit’ Dealing with these invalid discrepancies must be ‘intolerable’ but then again as you are in the lumber business, you are probably quite accustomed to dealing with ‘dead-wood’ on a daily basis!

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ADB Trade Finance Seminar

Manila, Philippines A one week Trade Finance workshop was organised by Asian Development Bank (ADB) and delivered by Vincent O’Brien of eBSI on 23-27 August 2010. This was the first formal training delivered by eBSI to ADB at their headquarters despite having delivered training for them in many of their countries of operations over the years. ADB is one of the four top multilateral development banks that choose eBSI as a trade finance training provider. The objective of this trade finance workshop was to provide participants with the required tools to understand and analyse corporate customers trade finance needs so that they can provide trade finance solutions which match the customers needs and in turn generate continuing lines of income for their respective banks. The workshop was designed to guide the participants through the typical trading cycle identifying the correct trade products for different stages and situations and how to apply them. Participants from the regional offices of the ADB joined the staff at head quarters for this week long training program.

Trade Finance Operations Program Outline The Trade Finance Operations seminar focused on the following areas in order to ensure first of all a proper understanding of the spectrum of trade finance products a bank can offer and how to manage them. Below is a summary of topics covered: * * * * * * * * * * * * * * * * * * *

Benefits to Banks from International Trade Services. Essentials to develop International Trade Services. Payment and Risk Categories. Understanding customers contracting requirements Concise summary of Incoterms® Risk Analysis of Trade Products Documentary Collection in Detail. Managing Export Collections Fundamentals of Documentary Credits Types of Letter of Credit Standby Letter of Credit Bonds and Guarantees Implications for Bank Customers ICC Rules for the Issuance of Bonds and Guarantees Receivables and Supply Chain Financing Forfaiting Factoring Invoice Discounting Warehouse Finance

Vincent O’Brien interacts with participants from ADB in an advanced Trade Finance case study.

Risk Mitigation Module A separate session was held at the end of the workshop to cover risk mitigation in more detail and included ADB Risk management staff along with the Trade Finance Operations team. This type of interdepartmental group training can be very beneficial in allowing separate departments to understand the concerns and issues faced by their colleagues in separate departments.

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Expert Commentary

A Blue Sky above Dark Clouds

Long time ago, when I was very young, I learnt to fly in a little airfield in Minorca, an island in the Mediterranean Sea. While in summer the weather was always resplendent and you could enjoy flying from dawn to sunset, the situation was quite different in the short winter afternoons when dark clouds and a local strong wind, called the “Tramontana”, shattered our young illusions about getting behind the controls of our small plane and watching from a few hundred feet above, the daily life of our fellow Expert Profile Name: Carlos Bacigalupe countrymen. I remember that when student pilots gathered together in the Position: Trade Finance Specialist hangar cursing the dark cloud layer, our flying instructor, a man with Employer: eBSI thousands of hours of flight experience, looked at us and said with a smile: Location: Madrid, Spain “Cheer up! Above the dark clouds, there is a bright blue sky…” Specialisation: Trade Finance Later on, during my lifetime, when some unfavorable circumstances or any kind of Contact: cb@ebsi.ie problems have come my way, I always remembered my instructor’s words and that helped me to find a way out of the problem. Today, several European countries are suffering an economic and financial crisis of monumental proportions; thousands of small businesses are disappearing because the shortage of credit from troubled banks is not allowing them to continue their business; unemployment is reaching unacceptable levels for communities used to a comfortable way of living; politicians are overwhelmed by events and can do no more than try to stop the blows of the stock market; everybody looks to the European Central Bank, hoping they will find a solution to stop the long list of countries that need to be urgently bailed out. Greece was the first to require assistance, followed recently by Ireland. Nevertheless, economic crisis are not new in international markets; they periodically appear after periods of rapid credit expansion which creates bubbles not supported by the real economy or after dramatic situations that shattered the countries' monetary policies. Perhaps the most well known economic crisis is the one which followed the end of the First World War, in 1918. Most European economies had contracted – Germany’s and France’s by 30 percent, Britain by less than 5 percent – as men and capital were wasted, as factories diverted to producing arms, and livestock slaughtered. To meet the War’s financial needs, the governments of Europe had spent some $ 200 billion, consuming almost half of their nation’s GDP in mutual destruction. The central banks of the belligerent countries both increased the money supply and incurred heavy debts, mainly granted by banks within the United States. After the Versailles Treaty, Germany was compelled to indemnify the victorious countries, i.e. France, England, Belgium, Italy and the United States of America, with an astonishing figure of 269 billion gold marks - equivalent to 100,000 tons of pure gold – what would be today around USD 778 billion. As a result of this heavy burden, the defeated Germany fell into a deep economic recession: hyperinflation; riots and strikes; political instability; continuous change of governments, some of them in office just a week; it was “a kind of madness”. On the victor’s side, things were not much better; both French and British governments tried to renegotiate the debts incurred with the US banks, setting out that they have suffered the heaviest burden in both lives and destruction of assets, while the United States only joined the war towards the end of the conflict. The overall picture was dramatic, with the specter of another war on the horizon. Even in such difficult circumstances, the human factor made its appearance. Four men, each one head of his country’s Central Bank, assumed the task to reorganize the economic situation: Montagu Norman, Bank of England; Benjamin Strong, Federal Reserve Bank; Emile Moreau, Banque de France; and Hjalmar Schacht, of Reichsbank, were able to put in force the “Dawes Plan”, so called after Charles Dawes, a Chicago banker who headed the US delegation to the Reparations Commission, and, with the support of new loans from US banks, stabilised the European economies. Norman and Strong were good friends and they spent holidays together in the French Riviera, where they designed the main lines of the project and submitted, first to Hjalmar Schacht and later to Emile Moreau. Only through the personal approach – not through diplomatic negotiations – they reached agreement. The crisis we are facing today is quite different. If we ask a panel of experts what are the origins of this crisis, we will get various replies: an economic expansion driven by over optimism and a sharp rise in risk taking; a strong demand for commodities which launched a speculative process which was disconnected from the real economy; systemic financial risks with inappropriate supervision which allowed an unsustainable expansion of credit; etc. New important players joined the game: China has become the world’s largest exporter and the world’s second largest economy, surpassing Japan; Developing countries now account for 37% of global trade and, besides, they hold approximately two thirds of global foreign currency reserves; Brazil, South-Africa and India have become big players in foreign direct investment activity; etc. Other policies are playing its role in global trade: the Doha round is in a stalemate situation (perhaps because of the difficulty in adopting reforms related to competition, trade and investment, as well as agricultural matters). It looks like the economic situation is worse than ever. It’s not true! Figures released in recent conferences and global trade studies have shown the start of a turnaround in global trade. Transaction numbers in trade banks around the world have started growing after a two year fall. In a survey of over 5 million transactions studied by the ICC Default register only 1,100 defaults were recorded reflecting the inherently safer nature of Trade above other bank finance transactions. With a little optimism and a lot of imagination, we will find the way out of this crisis. Keep in mind my old instructor’s thought: …”up there, above all these dark clouds, there is a bright blue sky”. Carlos Bacigalupe

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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 weblinks@ebsi.ie! • Country Portals

Export Import Blogs is a division of ExportNation dedicated to offering a blogging platform through wordpress for international traders. Content is moderated but can be submitted for consideration. A great platform to show your expertise!. http://www.exportimportblogs.com/

Coracle Voice is a social media, news monitoring and online consultancy service for the shipping industry. Coracle Voice is brought to you by Coracle Onlinehttp://coraclevoice.co.uk/

Coracle delivers expert professional development packages and training solutions for the shipping industry. Their blended and adaptable skills courses allow shipping professionals to easily integrate education and training into their work or home lives. That is why eBSI counts Coracle as its strategic education partner for our clients in the Shipping industry. Check out their new iphone apps for the shipping industry at: http://www.coracleonline.com/apps

Export Law Blog is a very interesting and informative resource for anyone interested in International Trade Law or compliance issues with a wide variety of articles posted by various contributors. http://www.exportlawblog.com/

Loopthing is a social networking platform which enables businesses to create and maintain win-win relationships with other businesses and individuals around the world. http://www.loopthing.com/

Freight Dawg is a Logisitics blog edited by Eric Joiner, a Distinguished Logistics Professional in the USA with over 25 years experience. Freight Dawg topics range from leadership, careers, green supply chains, supply chain technology, most transportation modes, passenger airlines, as well as logistics and supply chain strategy. http://www.freightdawg.com/

GlobalTrade.net is an initiative from the Federation of International Trade Associations (www.fita.org) with the objective of being a knowledge resource for international trade professionals & a crossborder database of international trade service providers. http://www.GlobalTrade.net

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The Black Pig Blog is an online blog relating to Shipping and Freight where the author John Shingleton helps other freight specialists with his insight on the industry. http://www.afrotrade.net

Tradea – An import export community of traders who can create blogs and a homepage through which they can communicate their trade offers. http://www.tradea.org

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IFC FIT Initiative

IFC FIT INITIATIVE GRADUATIONS 2010 Nigeria, Bangladesh and Pakistan celebrate new ‘FIT’ Grads! Lagos, Nigeria Nigeria celebrated its second IFC FIT Initiative graduation ceremony in Lagos when a Seminar took place on Incoterms® 2010 on 2 December 2010. The graduation took place at the end of the seminar celebrating the achievements of Trade Finance Professionals in Nigeria in their passing the success criteria established for the conferral of the Finance of International Trade Certificate from the Institute of Export UK and the Certificate of Accomplishment in UCP600 Mentor online training. 45 Graduates emerged this year from Nigeria bringing to just under 100 IFC FIT Graduates since the program launched last year. The next intake of the IFC FIT Program starts globally from end February 2010.

Next Intake Dates for the IFC FIT Initiative The next program intakes will take place in the following countries on 24 January 2011 Bangladesh, Ataur Rahman, Bangladesh@ifcfitinitiative.net Pakistan, Umar Farooq, Pakistan@ifcfitinitiative.net Nigeria, Bunmi Funke, Nigeria@ifcfitinitiative.net Vietnam, Martin Nguyen, Vietnam@ifcfitinitiative.net Cambodia, Cambodia@ifcfitinitiative.net East Africa, Kenya@ifcfitinitiative.net For other countries please contact info@ifcfitinitiative.net

Vincent O’Brien, Mrs Omolara Akanji and Mrs Bunmi Funke at the URDG Seminar in Lagos

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IFC FIT Initiative

Vincent O’Brien with IFC FIT Graduates at event in Chittagong 5 December 2010

Graduation Events Bangladesh eBSI and ICC Bangladesh delivered a series of seminars on the new Incoterms® 2010 starting with a seminar in Chittagong on 5 December and then continuing with a two day event on 6 and 7 December 2010 in the country's Capital, Dhaka The seminars also gave occasion to celebrate the latest batch of graduates of the IFC FIT Program online Finance of International Trade Certification as pictured above at the graduation ceremony in Dhaka on 6 December 2010. Bangladeshi participants also graduated at an event in Chittagong on the 5th of December 2010. Pictures of the main events can be seen on this page, and more in-depth info on both the IFC FIT Program and the events covered here can be seem on the course central website at www.ifcfitinitiative.com.

Major Initiative in development of South-South Trade The IFC FIT Initiative has been developed specifically to assist in bringing quality trade finance training to trade finance professionals in countries considered to be developing, or lower to middle income economies as measured according to the 2009 GNI per capita statistics calculated using the world bank atlas method. Within this classification the IFC FIT Initiative has been launched to date in Bangladesh (2008), Pakistan (2008), Nigeria (2009, Cambodia (2009), Vietnam (2009) and in Kenya, Uganda and Tanzania under a regional project in East Africa in 2010.

FIT Initiative Incoterms® 2010 Seminar in Dhaka 7 December 2010

Further country programs are planned in 2011 and 2012. For further information on further country rollouts please contact the project coordinator for the FIT Initiative at info@ifcfitinitiative.com. A very large turnout for the Incoterms® 2010 Dhaka Trainining.

Graduates from Mutual Trust Bank at the FIT Initiative Graduation Ceremony on 6 December 2010 in Dhaka, Bangladesh

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IFC FIT Initiative

FIT Initiative Graduation held in Dhaka Bangladesh on 1 August 2010

Pakistan Events Pakistan also had a very active December with three events being held under the IFC FIT Initiative with a seminar delivered with Institute of Bankers Pakistan in Advanced Trade Finance Cases held in Karachi and Lahore and finishing with a seminar in conjunction with ICC Pakistan on the new Incoterms® 2010 rules. Full details on these and future events can be found at http://www.ifcfitinitiative.com/participatingcountries/pakistan-national-campus

Next Intakes The next roll out of the IFC FIT Initiative will commence for participants in Bangladesh, Cambodia, East Africa, Nigeria, Pakistan and Vietnam on the 24th of January 2011. Participants of the IFC FIT Initiative become a part of an international network of trade finance professionals! Those interested in participating in the program or requiring further details can contact the IFC FIT Program Administration at info@ifcfitinitiative.com or contact directly their local coordinators listed on the previous page. The IFC FIT Program is now firmly established with almost 500 graduates already! Will you be next?

Join us on Facebook!

http://www.facebook.com/pages/IFC-FIT-InitiativeFinance-of-International-Trade/144415565569188

The IFC ‘FIT Initiative’ is an e-learning program that is designed with an important dual purpose: 1. to train and certify international trade finance professionals 2. to build an online global network of international trade and finance professionals who will share knowledge and experience on an online platform specifically developed for the program This Three Month program is delivered in a combination of the following learning elements: Online Support site for students Students will be incorporated into the eBSI Alumni and will be able to collaborate through a purpose built learning platform. Online Specialised training in UCP 600 ICC Approved Online Training in UCP 600 (Mentor or Upskill 600).

Online Collaboration Site for stakeholders To leverage the network aspect of the 'FIT' Initiative all stakeholders (participants, tutors and coordinators) will have access to an online networking and collaboration system designed to facilitate exchange of ideas and contact building. Online Interactive Core Learning Material The Finance of International Trade (FIT) course is comprised of the following Learning Units: * Methods of Payment * Bills of Exchange * Documentary Collections * Documentary Credits * Import Documentary Credits * Bonds & Guarantees * Forfaiting, Factoring & Invoice Discounting * Structured Trade Finance * Export Credit Agencies * Complex Transactions * Warehouse Financing * GTFP Trade Facilitation Program

Project Partners in the IFC FIT Initiative eBSI Gratefully acknowledges the participation and contribution provided to the success of this project by the following project participants:

Vincent O’Brien received award from ICC Pakistan.

FIT Initiative Graduation held in Chittagong Bangladesh on 2 August 2010

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Expert Commentary

Beware of the requirements for the transport document Most problems that arise in relation with LCs arise from the wording in the LC – rather than the UCP 600. For that reason it is important that great care is observed when issuing the LC! More often than not the LC will include requirements to the LC that need to be included in the transport document. For a number of those requirements the trade finance officer will take it on “face value” simply expecting it to be reflected in the transport document, without any kind of qualifications – or reflections as to whether the requirement is reasonable or achievable.

Expert Profile Name: Kim Christensen Position: Head of Trade Products & Business Relations Employer: Nordea Trade Finance Location: Copenhagen, Denmark Specialisation: International Trade Finance Contact: kim.christensen@nordea.com

Unfortunately it is also often the case that the shipping line finds itself unable to insert such requirements into the transport document. The shipping line is of course obligated based on the transport document issued, given it reflects the contract of carriage, and therefore will not be willing/able to insert text onto the document that they can not verify. When the shipping line refuses to insert a LC requirement into the transport document, the consequence is that the beneficiary is not able to make a complying presentation – with the result that payment may be delayed – or never received. The below is a list of examples found in “real” LCs. Example 1: “Bill of lading to show that the goods exported from the Kingdom of Saudi Arabia are of Malaysian origin”. What the shipping line can determine is the place of receipt of the goods, but can not certify the origin of goods. “Origin” refers to the place where the goods were manufactured or grown, which easily could be at another place or in another country than the place of receipt by the carrier. Such statement should not be required to be in the transport document – but preferably should be called for in a Certificate of Origin. The documentary credit practice regarding the Certificate of Origin is outlined in ISBP (681) paragraph 181 – 185. Example 2: “Bill of lading to show that the goods have been packed in standard export packing”. The shipping line is simply not able to verify this information; it may even be unsure as to what is meant by that. What exactly is “Standard export packing”? Such a condition should not be a part of the transport document – unless agreed with the shipping line. In most cases the goods are packed by the exporter – therefore it should be the exporter (the beneficiary to the LC) that makes such a statement – either in the packing list or in a separate certificate. Example 3: “Bill of lading to indicate that shipment is compliant with the import laws of Brazil” Given the increasing complexity of import regulations in different countries, the shipping line is not in a position to determine if the goods are compliant with the import laws involved. If such requirement must be reflected in the documents presented under the LC it should be in a document issued by a party who can verify such statement for example the exporter or an appropriate authority. Example 4: “Bill of lading to be marked “HANDLE WITH CARE”” Under Article III, Rule 2 of The Hague- and Hague-Visby Rules “the carrier shall properly and carefully load, handle, stow, carry, keep, care for, and discharge the goods carried”. For the shipping line it is therefore not clear what the intention of such requirement is. Does this “expand” the normal duty of care of the shipping line? If at all – such statement should be stated on the actual boxes – and reflected in the marking found on for example the packing list.

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Expert Commentary

Example 5: Bill of lading to show that goods are actually on board” Both for the shipping industry – and under the LC regime (for example where the LC calls for a bill of lading) – the standard requirement is that the goods are “shipped on board”. By stating this in a different way in the LC both the shipping line and the LC bank may be in doubt if that changes the basic requirement. For example should the LC officer require more that would normally be the case in terms of the on board notation? There are many more of such examples, and more often than not they cause problems because: • The banks do not react when advising – simply because it is outside their “remit” • The beneficiary to the LC does not react because they consider this the responsibility of the shipping line. • The shipping line may refuse to insert the requirement into the transport document, because it is information they are unable to verify.

The solution may not be a simple one; but some general guidance may include:

• • • •

Consistency of terminology – especially in terms of the names of documents required, standard clauses, or as highlighted in our table above about the naming of the port in Abu Dhabi, locations. That the applicant carefully considers the value of each requirement – and whether or not it is important. That the applicant must make sure that a certain requirement must be evidenced by a document issued by a party that has the appropriate authority and knowledge to do so. That banks review all requirements in an LC in a critical way – and direct the attention of their customer to points that may cause confusion and problems at a later stage. That the beneficiary checks carefully the LC just after having received it, in order to make sure that all requirements can be fulfilled. Especially regarding requirements to be reflected in a document not issued by the beneficiary – for example the transport document.

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China Systems Update

CS Prize Draw featuring full scholarship for online program to be awarded to one lucky attendee at Dubai Chamber of Commerce Incoterms® 2010 seminar

A Major International Seminar in Incoterms® 2010 will be held on Sunday 20th February 2011 in Dubai Chamber of Commerce & Industry, UAE. This seminar will be delivered by Vincent O’Brien, ICC Representative to the WTO Expert Group on the Global Financial Crisis and long standing member of the ICC Banking Commission. For the program or to register - please contact: Dubai Chamber of Commerce & Industry, Legal Services Department, Tel: +9714 2028399/369, Fax: +9714 2028811

Agenda and Register at: http://www.dubaichamber.com/incoterms2010/

CS Newsflash

China Systems selected straight

as GTR’s best trade finance software provider for the 5th year

GTR - 25 November 2010. China Systems is the proud winner of Global Trade Review’s (GTR) readers’ poll for best trade finance software provider for the fifth year running. International Finance Bank – December 2010. China Systems, the world’s leading trade services solutions vendor, went live with its CS Eximbills back-office solution at International Finance Bank (IFB), only six months after contract signing. CS Eximbills is now fully integrated with Jack Henry’s SilverLake core banking system at this Miami-based bank, providing comprehensive trade finance functionality while updating DDA accounts and lines of credit in the Core System in real-time. According to Senior Vice President Alejandro Safie, “By partnering with China Systems, International Finance Bank can now deploy the leading trade finance technology solution to our customers and continue to offer the reliable and flexible products that they expect from us. China Systems has proven in a very short period of time that they can deliver and support a solution that will satisfy the current and future needs of our customers at a volatile time in the markets we serve.” International Finance Bank joins a group of world class financial organizations that have selected Eximbills for their core trade finance processing requirements.

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Advertisement Feature

Receivable Finance International 2011 Factoring Conference and Exhibition, March 17- 18, 2011 Parco dei Principi Hotel, Rome, Italy

Save the Date for your Diary! March 17-18 2011

Parco dei Principi Hotel, Rome, Italy - March 17- 18, 2011

Following the reports of returning to growth by many international receivables finance markets, BCR publishing is inviting industry professionals to discuss new opportunities for business development in the new economic era. We will discuss: How factoring companies and banks should react to the changing global dynamics to facilitate their business growth? The new risk culture for factors reinvesting in growth? What steps receivable finance organisations should take to facilitate trade and exports of their clients What challenges new regulatory initiatives for aiding the economic recovery will bring to receivables financiers Who should attend? Senior managers who are looking for new knowledge to help to grow the business from: Trade finance organizations, Factoring companies and Banks, Invoice Discounters and Asset Based Lenders, Accounting and Law firms, Brokers and Corporate Advisors, Credit Insurers and IT providers Considered the leading event for the European receivable finance industry, Receivable Finance International conference and exhibition attracts the highest quality speakers. To register your interest and receive a 15% early bird discount (GBP 977 instead of the full price GBP 1150) please e-mail us at info@bcrpub.co.uk. About BCR conferences: BCR conferences are carefully designed to provide a productive and informative forum for senior-level discussion for factoring professionals. As a result, attendees go back to their firms armed with new ideas, concepts and contacts to grow their businesses. To see the list of previous events please visit us at www.bcrpub.co.uk BCR Publishing is the publisher of the World Factoring Yearbook, World Supply Chain Finance Yearbook and receivables finance information website: www.factorscan.com

Other publications from BCR World Supply Chain Finanace Yearbook 2010

World Factoring Yearbook 2010

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Expert Commentary

Careers in Exporting… Trade Entrepreneur I have been following the articles of Thomas Smith on careers in exporting and felt it was opportune for me to contribute some of my own thoughts on this and reflect upon my experience with eBSI and the relevance of its courses for young professionals seeking a career in international trade. Studying at eBSI provides students with a prestigious certification to join different specialisations in the trade profession. Those who have taken serious steps to learn well and to expand in their education and training at eBSI have more abilities to join the world of entrepreneurs. If you are seeking a future in trade and have received an acknowledged eBSI certificate in trade, aim at no less than becoming your own ENTREPRENEUR in the profession or practice that you end up doing. If for some reason you find it less risky to join an established company first, I still argue that you should aim at becoming no less than an ENTREPRENEURIAL MANAGER in the role you choose to develop in that company.

Expert Profile Name: Rasim Abderrahim Position: Trade Development Consultant Employer: Sustainabilitycorp.net Location: Amman, Jordan Specialisation: Trade Development Contact: rasim@sustainabilitycorp.net

To lead is to accept the role of an “agent of change”, which is not different from a risk-taking entrepreneur who takes initiative to create and do and to learn and adapt. Today, trade jobs require team players and where teams are involved resources are involved. Education and training at eBSI brings you the skills needed to take calculated risks and stay competitive in your profession. Joining the Distribution Trade According to the WTO, in all countries, distribution represents a large share of domestic production and employment. The sector is highly dynamic and changing rapidly. There is a trend towards greater concentration and the rapid development of new forms of competition - for example, through electronic commerce. Distributions services include commission agents' services, wholesale trade services, retailing services and franchising. According to the European Commission (EC), the distribution sector provides the necessary link between producers and consumers, within and across borders. The efficiency of the sector is crucial to ensuring that consumers have access to a wide variety of goods at competitive prices. Failure of the distribution sector to perform its role well which can arise if government policies restrict competition - can lead to a significant misallocation of resources and economic costs. According to the European Union, to work in the dynamic Distribution and Trade Sector of Europe, professionals need to be competent and effective to be considered ready for any job function in this sector. The three most important roles within trade are “Managers of SMEs, Sales and Marketing Professionals, and Service providers. In fact, these functions are also covered in many cases by competitive entrepreneurs and consultants. International Trade Entrepreneurs need to prove they have good “knowledge”, “social skills”, and “problem solving skills, “self-management skills, “business management skill”, and “entrepreneurial skills”. With the above prerequisites in context, reaching the goal of becoming an international trade entrepreneur also requires knowledge and understanding of international rules such as those set by the International Chamber of Commerce and international conventions governing the transport, customs, compliance and security. The lifelong access to trade forums and updated content in the areas studied by eBSI graduates is invaluable in this respect.

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Expert Commentary

Your education at eBSI saves you time to understand the theory and practice in trade and brings you closer to the applicable trade systems at home, regionally, and internationally. I suggest that you won’t have completed your trade education at eBSI until you have learned at least the following functions and how to creatively innovative in developing these export tools: ˜ ˜ ˜ ˜ ˜

Export Marketing Planning Export Costing and Pricing Market Entry Strategies Selecting, Negotiating, and Communicating with Trade Partners Export Promotion Tools

With time and practice in applying the lessons gained through eBSI all these export tools will be in your international trade entrepreneur toolbox! If you happen to have skills in direct mail communications (by electronic and non-electronic means), brochure writing and development, multimedia presentation development, web site development and advertising, these are plusses to your side. However, to be in trade, you need to learn more and more to convert your knowledge to skills. I found trade shows and exhibitions to be important aspects of bolstering learning outcomes in the trade profession if the professional is building his or her trade career path towards entrepreneurship. In short, trade shows and exhibitions create the environment for a self-managed learning process and plug you inside the sphere of export promotion. Moreover, trade shows and exhibitions provide you with another learning process about market entry strategies. In that environment, learning the “target market planning tools” and “partner identification and selection tools” is broader and goes beyond the basic product, price, and promotion tools and pushes you towards true entrepreneurship in the trade profession. My last advice is to roam between the wholesale and retail functions and to avoid getting stuck in one aspect of the trade system. Although you do not need to run a large store to be in wholesale, you should not shy away from the wholesale trade for fears of being unable to find the trade finance opportunities that you need. Play as many roles and as much functions as you can in “trade and trading” at home and regionally before you step foot in the international trade system. Let eBSI guide you to your future in trade by creating a sustainable relationship with eBSI to move you successfully from knowledge to the learning outcomes in whatever you wish to practice in trade. Good luck in a future in trade, and best wishes to all readers and colleagues at eBSI. I wish all of you a happy and prosperous New Year.

Rasim EBSI EXPORT ACADEMY

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Advertisement Feature

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Expert Commentary

URDG IMPLEMENTATION WORLDWIDE After a rapid and efficient revision of the URDG, the new rules came into effect on 1 July. Still, the new URDG 758 will rightly remain high on the ICC Banking Commission agenda for some time, for the revision is not the end of the story. In fact, it's the beginning of a no less important task: implementing the rules as efficiently as possible! Based on my experience with seminars and the on-going implementation of URDG 758 in my country, I'd like to share my thoughts with the readers of eBSI TradeBrief.

Expert Profile Name: Pavel Andrle Position: Secretary - Banking Commission Employer: ICC Czech Republic Location: Prague, Czech Republic Specialisation: Trade Finance Training Contact: pa@cmail.cz

URDG 758 and national law Guarantors need to be familiar with the provisions of their national law in relation to abstract guarantees. What is the relationship between national law and URDG 758 provided the guarantee is subject to these rules? It is a fact that the provisions of the national (governing) law will prevail over the URDG. However, it's necessary to stress that this applies only to the mandatory provisions of the national law, not to the optional ones. In many countries there is only limited written law concerning abstract guarantees; therefore, any conflict between URDG 758 and the national law will be unlikely. Nevertheless, there still can be some issues. For instance, under Czech law a guarantor cannot issue a guarantee on its own behalf, which is clearly allowed by article 2 of URDG 758. Czech law does not provide for guarantees issued by non-banks; therefore, a "guarantee" issued by a non-bank would arguably be accessory in nature, even if it's subject to URDG 758. There might be some other provisions in the new URDG which are currently dealt with differently by national law. For example, guarantors should clearly understand the impact of sub-article 25 (c), which states that a guarantee shall terminate after three years from issue if the guarantee or counter guarantee states no expiry date of expiry event; or article 26, which concerns force majeure. Overall, though, I believe the scope for clashes between the law and the URDG 758 is very limited indeed. The drafters of URDG 758 were correct to tackle these important issues and create balanced international standards. Still, this needs to be clearly communicated and understood to be upheld by decision makers. In fact, URDG 758 should be even more successful in establishing international standards than their predecessor. This is because they tackle so many practical issues that were not covered previously - including advising, amendments and refusals, among others. Practitioners would be well advised to be aware of URDG 758 even if their guarantee in question is not subject to them, since they may well be applied as "customs and usages" in international trade, recognized by national laws to fill the gap.

The instructing party URDG 758 give new meaning to the term "instructing party", more so than it had with the URDG 458 regime. In many instances the instructing party is different from the applicant - the party whose obligation is supported by the guarantee. This change is a significant and welcome enhancement, since this common practice now has clear backing in the rules. URDG 758 throughout its text make clear that the party the guarantor receives instructions from, talks to, informs, goes to for reimbursement, etc., is the instructing party, not the applicant (if they are different parties).

Pavel Andrle has delivered a series of seminars on behalf of ICC on the new URDG 758.

However, guarantors should consider their relevant standard agreements to make sure they comply. The applicant does not apply for a guarantee, amendment, etc., unless it is also the "instructing party". Therefore, the term "applicant" might be somewhat confusing in this context. Consequently, in case the applicant and instructing party differ, adjustments in the standard agreements might be necessary.

Amendments URDG 758 includes new provisions on amendments, which is a great improvement over its predecessor. The provisions have been influenced by UCP 600 and, on one troublesome point, go a step further. The problematic issue in question occurs when the beneficiary does not notify its rejection or acceptance of the amendment advised to it. In such a case, the guarantor determines whether the amendment was accepted or not based on the presentation, if possible. URDG 758 sub-article 11 (c) indicates that in such a situation a presentation that complies only with the guarantee as amended will be deemed to be a notification of the acceptance of such an amendment. Sub-article 10 (c) of UCP 600, on which this rule is based, does not include the word "only", which can lead to confusion. Suppose the beneficiary says nothing and the presentation complies with the credit as amended, but also with the credit before the amendment was received? Can one consider such a presentation to be notification of acceptance of the amendment? Certainly not, since one cannot determine from the presentation whether the amendment has been accepted or rejected and, more significantly, the amendment remains valid and ready to be accepted or rejected at a later stage.

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Expert Commentary

Examination Another aspect of URDG 758 is worth reiterating here. Guarantors examine all data in presented documents required by the guarantee. First, the data must comply with the specific requirements of the guarantee, i.e., must meet the terms and conditions of the guarantee. Second, the data in the stipulated document must not be in conflict with other data in that document. Moreover, the data in one document must not be in conflict with data in any other required document. And finally, the data in a required document must not be in conflict with any data in the guarantee, including those of nondocumentary nature. In my view it is important to emphasize this examination standard, which might cause problems for an unwary beneficiary. Documents required to support a demand have usually been issued some time before any demand and primarily to meet the requirements of the underlying contract (not those of the guarantee itself). One example is copies of invoices and transport documents, which are often required under payment guarantees, that is, guarantees given on behalf of a buyer to a seller covering the buyer's payment obligations. Interestingly ISP98, the rules for international standbys, state in article 4.03, "Examination for Inconsistency", the following: "An issuer or nominated person is required to examine documents for inconsistency with each other only to the extent provided in the standby." ISP98 also cover the issue of non-documentary conditions differently in relation to examination of stipulated documents. In accordance with article 4.11, the guarantor (issuer) will not examine the data in stipulated documents for inconsistency (or conflict) with non-documentary conditions of the guarantee. Force majeure The new treatment of force majeure is one of the most important changes in URDG 758 and is arguably the most complex treatment of this issue in all of the ICC rules covering documentary instruments. It deals in a transparent way with three different situations which might be affected by force majeure: 1) the impossibility to present a demand; 2) the impossibility to examine a presentation; 3) the impossibility to pay a complying demand. Obviously, the ambition of the URDG Drafting Group was to find a balanced solution, to provide protection to the beneficiary if the duration of the force majeure is relatively short-term (thus, the extension for a period of 30 calendar days from the expiry date stipulated in the guarantee), and also in cases when the demand was already presented but not yet examined or paid because of force majeure. It was necessary to provide adequate protection to the guarantor vis-Ă -vis the instructing party and also to the guarantor towards the counter-guarantor when there is an indirect guarantee.

Under URDG 458, the party that suffered the consequences of force majeure was the beneficiary. But URDG 758 significantly improves the position of the beneficiary. If the presentation of a demand is prevented by force majeure and the guarantee would expire during the period of force majeure, the guarantee is automatically extended for 30 calendar days from the original expiry. This provision protects the beneficiary in the event of a relatively short-term force majeure event. However, if the demand has been already presented but has not yet been examined by the guarantor because of force majeure, the running of the time for the examination is suspended until the resumption of the guarantor´s business. If the complying demand has been presented but not yet paid because of force majeure, payment is to be made by the guarantor when the force majeure terminates, even if the guarantee has expired. In these situations, protections for the beneficiary are considerably enhanced. Guarantors and counter-guarantors should be fully aware of these new provisions and make the necessary changes in their standard agreements, systems and procedures, if necessary, to comply with them.

Conclusion There is no doubt that the new URDG 758 are a significant improvement over the previous version of the rules, and they are likely to become the international standard in the field of demand guarantees. However, they are much more complex than their predecessors and implementing them in day-to-day usage will be more demanding. It is our job to make it happen. Pavel Andrle is an international trade finance consultant and trainer and Secretary of the Banking Commission of ICC Czech Republic. His e-mail is pa@cmail.cz Originally published in DCInsight Vol. 16 No.4 October - December 2010

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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! Karachi, Pakistan

eBSI, IFC and the Institute of Bankers Pakistan took part in a 3 city Tour of Pakistan delivering seminars entitled Managing Trade in Turbulent Times including the new Uniform Rules for Demand Guarantees which came into force on 1 July 2010. Mr. Shezad Sharjeel, Regional manager for Middle East, opened the tour in Karachi on behalf of IFC.

Shezad Sharjeel, Makiko Toyoda & Vincent O’Brien at URDG seminar in Karachi 2 July 2010.

Lahore, Pakistan

The second city on the Pakistan itinerary was Lahore on 4 July 2010, where Vincent O’Brien delivered a seminar entitled Managing Trade in Turbulent Times. He was joined by Mr. Umar Farooq, local tutor for Pakistan under the IFC FIT Initiative.

Vincent O’Brien with Participants in Lahore URDG Seminar on 4 July 2010.

Islamabad, Pakistan

The third and final stage of the Managing Trade in Turbulent Times Tour of seminars was in Islamabad, Capital of Pakistan on 5 July 2010.

Vincent O’Brien and Umar Farooq with Islamabad participants of the URDG Seminar

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eBSI Recent Events Colombo, Sri Lanka

eBSI Trade Finance Tutor Mr. Pavel Andrle delivered a 2 day Seminar on 20 & 21 July 2010 with Ceylon Chamber of Commerce on the topics of UCP 600 and URDG 758 as part of a CACCI road show there.

Pavel Andrle & participants following the highly UCP 600 event.

Colombo, Sri Lanka

The CACCI Road show in Sri Lanka continued with a workshop on UCP 600, ISBP 2007 and the revised ICC Rules for Demand Guarantees for the Federation of Chambers of Commerce and Industry in Sri Lanka on 22 & 23 July 2010.

Pavel Andrle with Participants in Colombo.

Chittagong, Bangladesh

The International Chamber of Commerce National Committee in Bangladesh, who coordinates the IFC FIT Initiative in Bangladesh, invited Vincent O’Brien to deliver a training seminar on the new URDG rules in Chittagong and Dhaka.

Vincent O’Brien with Participants in Chittagong, Bangladesh.

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eBSI Recent Events

Chittagong, Bangladesh

The second URDG seminar held with the International Chamber of Commerce National Committee in Bangladesh was in Dhaka, it’s Capital on 2 August 2010. Given the importance of the URDG rules and the holding of the launch of the third edition of the IFC FIT Program the event was very well attended.

Participants from Dhaka with Vincent O’Brien at the URDG seminar. Manila, Philippines

The Asian Development Bank commissioned eBSI to deliver a Trade Finance workshop for TFFP Staff in Manila to update them on the latest trends in Trade Finance and in Risk Mitigation during a week long workshop from 23-27 August 2010.

Vincent O’Brien & Thomas Smith with participants at the ADB Trade Finance seminar.

Tashkent, Uzbekistan

Pavel Andrle, eBSI’s Trade Finance Tutor was also invited to Uzbekistan to deliver a week long training on UCP 600 and ISBP 681 for local bankers in Tashkent on 2327 August 2010.

Pavel Andrle with Participants in Tashkent after receiving their certificates of attendance.

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eBSI Recent Events

Ho Chi Minh City, Vietnam

eBSI organized a training seminar led by Vincent O’Brien, eBSI’s First Director, on the Uniform Rules for Demand Guarantees new revision, URDG 758. The highly successful seminar was held in Ho Chi Minh City, Vietnam on 31 August 2010.

Vincent O’Brien with Vietnamese participants at the URDG 758 Rules workshop.

Paris, France

The long awaited launch of Incoterms® 2010 took place at a special conference and Masterclass on 27-29 September 2010. The new rules will be promoted in a series of seminars by eBSI tutors Vincent O’Brien, Pavel Andrle and Carlos Bacigalupe among others over the coming months including seminars in Ireland, Nigeria, India, Sri Lanka, Vietnam. Bangladesh, Pakistan, Poland and others.

Vincent O’Brien at launch of Incoterms® 2010 at ICC Paris headquarters.

Bishkek, Kyrgyzstan

The final seminar in the highly successful 14 country EBRD Trade Fraud Prevention and Identification Tour took place on 18 & 19 October 2010 in Bishkek Kyrgyzstan. The seminar was delivered by Vincent O’Brien, eBSI First Director and ICC Banking Commission Member.

Vincent O’Brien with attendees of the final EBRD Trade Fraud Prevention and Identification Seminar in Bishkek

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eBSI Recent Events

Istanbul, Turkey

Vincent O’Brien attended the EBRD TFP Crisis Response Conference in Istanbul, Turkey on 20-22 October where he delivered presentations on the ICC Global Trade Finance Survey and on training initiatives supported by the EBRD Trade Facilitation Programme.

Vincent O’Brien presents the findings of the ICC Global Trade Finance Survey in Istanbul

Managua, Nicaragua

eBSI Consultant and Structured Trade Finance Tutor Mr. Carlos Bacigalupe, delivered an IFC supported 1 day Trade Finance Seminar in Managua for Importer/Exporter Clients of Banco De Finanzas. Topics covered on the day included payment instruments covered under the IFC GTFP Program and an overview of the recently updated Incoterms® 2010.

Carlos Bacigalupe with local coordinators of the workshop in Managua.

Dublin, Cork and Galway, Ireland

eBSI in collaboration with the Irish National Committee of the International Chamber of Commerce and Chambers Ireland delivered a road show of information seminars in Dublin, Cork and Galway on the new Incoterms® 2010 on 9-11 November 2010.

Ian Talbot, CEO Chambers Ireland, Vincent O’Brien, Director eBSI. Mark O’Mahony, Chambers Ireland and Gerry Ennis of Ulster Bank Group.

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eBSI Recent Events New Delhi, Mumbai and Chennai, India

eBSI Trade Finance Tutor Pavel Andrle started a tour of India and South East Asia delivering Incoterms® 2010 Seminars with a three city run of Seminars in New Delhi, Mumbai and Chennai on 18, 19 and 22 November in collaboration with ICC India and Standard Chartered Bank.

Pavel Andrle with other panelists at the Mumbai Incoterms® 2010 Seminar

Dubai, United Arab Emirates

A Major International Seminar in Documentary Credit Management was held on 28th November 2010 in Dubai Chamber of Commerce & Industry, UAE. This seminar was delivered by Vincent O’Brien, ICC Representative to the WTO Expert Group on the Global Financial Crisis and long standing member of the ICC Banking Commission.

Vincent O’Brien with participants of the Advanced Documentary Credit Management Seminar

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Upcoming Events

Global Trade Review The world’s leading international trade finance and export finance magazine.

4th Annual Russia & 8th Annual Middle East 5th Annual Africa Trade & Export Finance Eurasia Trade & Trade & Export Conference Export Finance Forum Finance Conference February 21-22, 2011 February 8, 2011 March 8-9, 2011 The Baltschug Kempinski The Jumeirah Beach Hotel The Table Bay Hotel Dubai, United Arab Moscow, Russia Cape Town, South Emirates Africa

GTR Awards Dinner April 14, 2011 The Landmark Hotel London, United Kingdom

emeafinance The complete information source for the finance industry in the EMEA region.

Competition!

eBSI Upcoming Events: Worldwide: Intakes for eBSI elearning programs 24 January 2011 & 25 March 2011 Country Specific: Moscow, Russia – GTR Conference 8 February 2011 Jakarta, Indonesia – IFC Trade Finance Training 14-18 February 2011 Dubai, UAE – Incoterms® 2010 Seminar 20 February 2011 Dubai, UAE – 8th Annual Middle East Trade & Export Finance 21-22 February 2011 Cape Town, South Africa – Africa Trade & Export Finance 8 – 9 March 2011 Dhaka, Bangladesh 9 March 2011 – ICC Bangladesh Letter of Credit Cases Riyadh, Saudi Arabia 17 March 2011 Paris, France 14-15 April 2011- ICC Paris Incoterms® 2010 Masterclass Istanbul, Turkey 15 May 2011 – IFC Global Partners Meeting If you would like information on any of these events please email events@ebsi.ie and we will send you the relevant details.

Win the ‘China Systems Scholarship’ compliments of China Systems Corporation. In order to have a chance to win simply subscribe to eBSI Tradebrief or stay with us if you already are a subscriber. To subscribe to this quarterly ezine simply email TradeBrief@ebsi.ie and we will add you to our subscriber list and add an entry to the draw for a free scholarship for our International Trade Specialist Accreditation worth EUR 2000! We congratulate Mr. Ayemibo Bamidele who graduated from the China Systems Corporation Scholarship and works in the Trade Finance Department of Diamond Bank, Nigeria.

Certificate in Logistics

Learn all you need to know about Transport and Logistics!      

Online Tutorials Certified by the Chartered Institute of Logistics & Transport Includes Section on Logistics Customer Service Recognised Internationally Interactive self-paced learning 3 Written Assignments and 1 Online Exam

EBSI EXPORT ACADEMY

Contact us for more details: The electronic Business Tel: +353 94 9381444 Web: http://www.ebsi.ie

School International Fax: +353 94 9381708 Email: info@ebsi.ie

www.ebsi.ie

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eBSI TradeBrief Issue 6