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					               URC REVISION ANYONE? ........................... 3
TradeBrief  
                DOC CREDIT CLINIC ..................................... 4
                ADB TRADE FINANCE SEMINAR ..................... 5
                                                                              ISSUE 6                          Jan. 2011

               A BLUE SKY ABOVE DARK CLOUDS ................ 6
rade           WEBLINKS FOR EXPORTERS .......................... 7                                                                       y..
               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


                                                                                                            Date for Diary!
                                                                                                          Incoterms® 2010
                                                                                                        Dubai 20 February 2011
                                                                                                  Global Rules effective from1 January 2011
GLOBAL ACCREDITATION                                                            FIRST INCOTERMS® 2010 SEMINAR
       Brussels, Belgium                                                                Karachi, Pakistan
IATTO, the International Association of Trade Training                           eBSI Export Academy’s Vincent O’Brien was invited by
Organisations, called a meeting of its core membership in                        ICC    Pakistan   to   deliver Pakistan’s   National
Brussels on 6 December 2010 to lay out the next steps in                         Incoterms® 2010 seminar since the new rules were
establishing a global International Trade Accreditation which                    launched in late September 2010.
could be offered by all IATTO Members.
                                                                                 The 1 day event included interventions from a number
The event also allowed participants comprising of leading                        of leading Pakistani experts in Trade and Logistics and
international trade training organisations from 11 countries to
                                                                                 also gave a very appropriate setting for the
network and develop further projects on a bilateral basis.
                                                                                 graduation of the IFC FIT Initiative online learning
Thomas Smith of eBSI reported deep satisfaction with the                         program in Trade Finance established in 2008 by
meeting’s outcome and the positive initiatives IATTO has                         eBSI, the Institute of Bankers Pakistan and the
brought to Trade Training Organisations worldwide.
                                                                                 International Finance Corporation.

                                                          EBSI EXPORT ACADEMY                                            1
         eBSI                                                                               News & Commentary
     Directors Note
                                        eBSI Online
                 Welcome      to
                                          Major enhancements!
                 this      latest
                 edition of eBSI                                                            BY
                 Tradebrief and                                                             Name: Jevgenia Zotova
                 welcome       to                                                           Position: ITS Coordinator
                                                                                            Employer: eBSI
                 2011 – the                                                                 Location: Tallinn Estonia
                 year of the                                                                Specialisation: Support Learning Services
We are very excited at eBSI as
                                     Video Commentaries will play an important
we have come through a major                role in eBSI’s New Courses
enhancement program of our
                                    The eBSI electronic learning platform has proven robust in delivering high quality
electronic learning platform –      online learning to all corners of the World for more than 10 years. It is with great
always with our network of          pleasure that I can tell you about our new cutting edge enhancements recently
trade practitioners in mind.        implemented. We have upgraded our course units with extensive usage of video,
Jenya will be telling you more      interactive simulations, and learner driven knowledge retention exercises.
but frankly, seeing is believing.
Read on for trade insights from     Each unit is now self
trade experts such as: Xavier       contained with a newly
Fornt and Carlos Bacigalupe         designed intuitive interface
from Spain, Kim Christensen         and     learner     oriented
                                    navigation    system    that
from       Denmark,       Rasim
                                    puts the learner in control.
Abderrahim from Jordan and
Pavel    Andrle  from     Czech     Extensive use of text
Republic.                           streaming in sync with
                                    tutor audio interventions
Thanking     you    for     your
                                    enhance not only the
continuing     support       and    learners technical skills but
guidance.                           also the use of the English
Best wishes for 2011 and the        language in a business
new decade.                         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!
                                    EBSI EXPORT ACADEMY                                                            2

 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                                Expert Profile
 that they issue to govern various aspects of international trade.                                  Name: Xavier Fornt
                                                                                                    Position: Professor International Economics
                                                                                                    Employer: College of International Business
 The banking world changes very quickly, and Rules must be adapted.                                 Location: Barcelona, Spain
                                                                                                    Specialisation: International Trade Finance
 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-
URC supplement, or consider a similar approach to that in the new URDG 758.                                    Xavier Fornt
                                                       International Trade
                                                 Certified Training Programmes
                                    Programme Intakes every two months from March 2011
             Certificate in Logistics
             Certificate in Finance
             ITS Accreditation
             Advanced Certificate in                               Delivered exclusively by:
              International Trade & Logistics                       eBSI Export Academy
             Diploma in Export Operations                          Tel:   +353     94    9381444     Fax:     +353   94    9381708
             Certified Courses in Shipping                         Web:           Email:

                                                EBSI EXPORT ACADEMY                                                      3
         eBSI                                                                                             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       Expert Profile
 goods description in the LC. The treatment of this situation by different banks is often       Name: Vincent O’Brien
 inconsistent and causes frustration.                                                           Position: First Director
 Here are some specific cases. When a lot of money is involved the consequences can             Employer: eBSI
                                                                                                Location: Most likely on a plane
 be serious especially in the current turbulent trading environment.                            Specialisation: International Trade Finance
 Case I.                                                                                        Contact:
 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
 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.

 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               Even though part shipment is not allowed in this second case, the
 tolerance of 5% in the amount available under the Credit         invoice which evidences shipment of 98% of the quantity of the
 and was silent in respect of part shipment allowed or not        goods and in turn 98% of the value of the goods is acceptable.
 allowed. Remember, under UCP 600, sub-article 31 (a),
 ‘partial drawings or shipments are 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
 You effected a first partial shipment valued at                  30 (b) ‘A tolerance not to exceed 5% more or 5% less than the
 USD310,000.00.                                                   quantity of the goods is allowed’.
 There is no discrepancy.                                         However, from a practical perspective please remember that this
                                                                  tolerance is applicable when goods are described in the Credit in
 Even if the part shipment was only valued at                     terms of volume or weight or measurement as in this particular
 USD31,000.00 it would have been acceptable and you               case.
 could make further part shipments within the validity and
 up to the maximum amount available under the Credit              Should you be making a shipment in the future of individual items
 (USD330,000.00 x 105% = USD346,500.00.)                          of equipment or packed machinery you should also remember that
                                                                  UCP 600, sub- article 30 (b) has a proviso in respect of this
 If the bank wanted to receive a presentation for goods           tolerance ‘provided the credit does not state the quantity in terms
 shipped only within the restricted tolerance of 5% more or       of a stipulated number of packing units or individual items and the
 less of the amount of the Credit then the Credit should          total amount of the drawings does not exceed the amount of the
 have stated ‘USD330,000.00 allowing tolerance of ‘+/- 5%’        credit’
 with part shipment not allowed.
                                                                  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!

                                            EBSI EXPORT ACADEMY                                                          4
         eBSI                                                             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
             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                                          Vincent O’Brien interacts with participants from ADB in an
                                                                               advanced Trade Finance case study.
    *   Warehouse Finance

   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

                                       EBSI EXPORT ACADEMY                                                   5
         eBSI                                                                               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
countrymen. I remember that when student pilots gathered together in the                    Name: Carlos Bacigalupe
hangar cursing the dark cloud layer, our flying instructor, a man with                      Position: Trade Finance Specialist
thousands of hours of flight experience, looked at us and said with a smile:                Employer: eBSI
                                                                                            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:
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 re-
 organize 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
                                       EBSI EXPORT ACADEMY                                                     6
         eBSI                                                            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
  • Import Export Directories                             If you have a site to recommend then send it
                                                          to Weblinks for Exporters at!
  • 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              Coracle Voice is a social media, news monitoring
    submitted for consideration. A great platform to show your          and online consultancy service for the shipping
    expertise!.                       industry. Coracle Voice is brought to you by
                                                                        Coracle Online

    Coracle delivers expert professional development packages and
    training solutions for the shipping industry. Their blended and
    adaptable skills courses allow shipping professionals to easily                   The Black Pig Blog is an online blog
                                                                                      relating to Shipping and Freight
    integrate education and training into their work or home lives.
                                                                                      where the author John Shingleton
    That is why eBSI counts Coracle as its strategic education                        helps other freight specialists with
    partner for our clients in the Shipping industry. Check out their                 his insight on the industry.
    new iphone apps for the shipping industry at:                           

                                                                    Freight Dawg is a Logisitics blog edited by Eric
         Export Law Blog is a very interesting and                  Joiner, a Distinguished Logistics Professional in the
         informative resource for anyone interested in              USA with over 25 years experience. Freight Dawg
         International Trade Law or compliance issues               topics range from leadership, careers, green supply
         with a wide variety of articles posted by various          chains,     supply    chain     technology,     most
         contributors.                                              transportation modes, passenger airlines, as well                              as logistics and supply chain strategy.

    Loopthing is a social networking is an initiative from the
         platform which enables             Federation of International Trade              Tradea – An import export
        businesses to create and          Associations ( with the           community of traders who can
     maintain win-win relationships    objective of being a knowledge resource for        create blogs and a homepage
       with other businesses and       international trade professionals & a cross-          through which they can
     individuals around the world.        border database of international trade        communicate their trade offers.                      service providers.            

                                   EBSI EXPORT ACADEMY                                                  7
         eBSI                                                                                     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,

       Pakistan, Umar Farooq,

       Nigeria, Bunmi Funke,

       Vietnam, Martin Nguyen,


       East Africa,
 For other countries please contact

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

                                                  EBSI EXPORT ACADEMY                               8
         eBSI                                                                                            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

 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),                        FIT Initiative Incoterms® 2010 Seminar in Dhaka 7 December 2010
 Nigeria    (2009,    Cambodia   (2009),
 Vietnam (2009) and in Kenya, Uganda
 and Tanzania under a regional project
 in East Africa in 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
                                                                  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
                                       EBSI EXPORT ACADEMY                                                    9
         eBSI                                                                                                      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
                                                         The IFC ‘FIT Initiative’ is an e-learning        Online Collaboration Site for stakeholders
  Next Intakes                                           program that is designed with an important       To leverage the network aspect of the 'FIT'
  The next roll out of the IFC FIT Initiative will       dual purpose:                                    Initiative all stakeholders (participants, tutors
  commence for participants in Bangladesh,                  1. to train and certify international trade   and coordinators) will have access to an online
                                                         finance professionals                            networking and collaboration system designed to
  Cambodia, East Africa, Nigeria, Pakistan and
                                                            2. to build an online global network of       facilitate exchange of ideas and contact building.
  Vietnam on the 24th of January 2011.                   international trade and finance professionals
  Participants of the IFC FIT Initiative become a        who will share knowledge and experience on       Online Interactive Core Learning Material
  part of an international network of trade finance      an online platform specifically developed for    The Finance of International Trade (FIT) course
  professionals!                                         the program                                      is comprised of the following Learning Units:
                                                         This Three Month program is delivered in a          * Methods of Payment
  Those interested in participating in the program       combination  of  the   following  learning          * Bills of Exchange
  or requiring further details can contact the IFC       elements:                                           * Documentary Collections
                                                                                                             * Documentary Credits
  FIT        Program         Administration       at                                                         * Import Documentary Credits or contact directly their    Online Support site for students
                                                         Students will be incorporated into the eBSI         * Bonds & Guarantees
  local coordinators listed on the previous page.                                                            * Forfaiting, Factoring & Invoice Discounting
                                                         Alumni and will be able to collaborate through
                                                         a purpose built learning platform.                  * Structured Trade Finance
  The IFC FIT Program is now firmly established                                                              * Export Credit Agencies
  with almost 500 graduates already! Will you be         Online Specialised training in UCP 600              * Complex Transactions
  next?                                                  ICC Approved Online Training in UCP 600             * Warehouse Financing
                                                         (Mentor or Upskill 600).                            * GTFP Trade Facilitation Program
  Join us on Facebook!
                                                                                    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
                                              EBSI EXPORT ACADEMY                                                                   10
         eBSI                                                                              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                     Expert Profile
 it on “face value” simply expecting it to be reflected in the                        Name: Kim Christensen
                                                                                      Position: Head of Trade Products & Business
 transport document, without any kind of qualifications – or                          Relations
 reflections as to whether the requirement is reasonable or                           Employer: Nordea Trade Finance
 achievable.                                                                          Location: Copenhagen, Denmark
                                                                                      Specialisation: International Trade Finance

 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.

                                     EBSI EXPORT ACADEMY                                                       11
         eBSI                                                                            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

 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,
 •       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.

                                      EBSI EXPORT ACADEMY                                               12
         eBSI                                                                            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 20 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:

 CS Newsflash
                  China Systems selected         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.

                                   EBSI EXPORT ACADEMY                                                   13
         eBSI                                                                           Advertisement Feature
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                                      EBSI EXPORT ACADEMY                                               14
         eBSI                                                                       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
                                                                                   Expert Profile
 serious steps to learn well and to expand in their education and training at      Name: Rasim Abderrahim
 eBSI have more abilities to join the world of entrepreneurs. If you are           Position: Trade Development Consultant
 seeking a future in trade and have received an acknowledged eBSI                  Employer:
                                                                                   Location: Amman, Jordan
 certificate in trade, aim at no less than becoming your own ENTREPRENEUR          Specialisation: Trade Development
 in the profession or practice that you end up doing. If for some reason you       Contact:
 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.
 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.

                                   EBSI EXPORT ACADEMY                                                 15
         eBSI                                                                     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

 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.


                                  EBSI EXPORT ACADEMY                                        16
         eBSI                                                                                 Advertisement Feature

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                                       EBSI EXPORT ACADEMY                                                       17
         eBSI                                                                                 Expert Commentary

 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                                    Expert Profile
 task: implementing the rules as efficiently as possible!                                     Name: Pavel Andrle
                                                                                              Position: Secretary - Banking Commission
 Based on my experience with seminars and the on-going                                        Employer: ICC Czech Republic
 implementation of URDG 758 in my country, I'd like to                                        Location: Prague, Czech Republic
                                                                                              Specialisation: Trade Finance Training
 share my thoughts with the readers of eBSI TradeBrief.                                       Contact:

 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).

                                                      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,
    Pavel Andrle has delivered a series of seminars   adjustments in the standard agreements might be necessary.
       on behalf of ICC on the new URDG 758.

 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.

                                            EBSI EXPORT ACADEMY                                                     18
         eBSI                                                                                  Expert Commentary
 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 non-
 documentary 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             Under URDG 458, the party that suffered the consequences
 vis-à-vis the instructing party and also to the guarantor             of force majeure was the beneficiary. But URDG 758
 towards the counter-guarantor when there is an indirect               significantly improves the position of the beneficiary. If the
 guarantee.                                                            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.

 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 Originally published in DCInsight Vol. 16 No.4 October - December 2010

                                        EBSI EXPORT ACADEMY                                                        19
         eBSI                                                                                 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

                                       EBSI EXPORT ACADEMY                                                       20
         eBSI                                                                                  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.

                                      EBSI EXPORT ACADEMY                                                21
         eBSI                                                                                        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 23-
   27 August 2010.

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

                                          EBSI EXPORT ACADEMY                                                    22
         eBSI                                                                                                     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

                                             EBSI EXPORT ACADEMY                                                       23
         eBSI                                                                                             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.

                                         EBSI EXPORT ACADEMY                                                      24
         eBSI                                                                                 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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         eBSI                                                                                           Upcoming Events

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