URC REVISION ANYONE? ........................... 3
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!
Dubai 20 February 2011
Global Rules effective from1 January 2011
IATTO MEMBERS MEETING DISCUSSES ICC NIGERIA AND EBSI DELIVER AFRICA’S
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 www.ebsi.ie 1
eBSI News & Commentary
edition of eBSI BY
Tradebrief and Name: Jevgenia Zotova
welcome to Position: ITS Coordinator
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.
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 www.ebsi.ie 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
Certified Training Programmes
Programme Intakes every two months from March 2011
Certificate in Logistics
Certificate in Finance
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: http://www.ebsi.ie Email: email@example.com
EBSI EXPORT ACADEMY www.ebsi.ie 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: firstname.lastname@example.org
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?
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 www.ebsi.ie 4
eBSI ADB Trade Finance Seminar
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
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
* 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 www.ebsi.ie 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: email@example.com
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 www.ebsi.ie 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 firstname.lastname@example.org!
• 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!. http://www.exportimportblogs.com/ industry. Coracle Voice is brought to you by
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: http://www.afrotrade.net
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
http://www.exportlawblog.com/ as logistics and supply chain strategy.
Loopthing is a social networking GlobalTrade.net is an initiative from the
platform which enables Federation of International Trade Tradea – An import export
businesses to create and Associations (www.fita.org) 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.
http://www.loopthing.com/ service providers. http://www.tradea.org
EBSI EXPORT ACADEMY www.ebsi.ie 7
eBSI IFC FIT Initiative
IFC FIT INITIATIVE GRADUATIONS 2010
Nigeria, Bangladesh and Pakistan celebrate new ‘FIT’ Grads!
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
East Africa, Kenya@ifcfitinitiative.net
For other countries please contact email@example.com
Vincent O’Brien, Mrs Omolara Akanji and Mrs
Bunmi Funke at the URDG Seminar in Lagos
EBSI EXPORT ACADEMY www.ebsi.ie 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 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), 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 www.ebsi.ie 9
eBSI IFC FIT Initiative
FIT Initiative Graduation held in Dhaka Bangladesh on 1 August 2010
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/participating-
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
firstname.lastname@example.org 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 www.ebsi.ie 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.
“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.
“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.
“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.
“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 www.ebsi.ie 11
eBSI Expert Commentary
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
EBSI EXPORT ACADEMY www.ebsi.ie 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: http://www.dubaichamber.com/incoterms2010/
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 www.ebsi.ie 13
eBSI Advertisement Feature
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EBSI EXPORT ACADEMY www.ebsi.ie 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
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: Sustainabilitycorp.net
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: firstname.lastname@example.org
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
International Trade Entrepreneurs need to prove they have
good “knowledge”, “social skills”, and “problem solving skills,
“self-management skills, “business management skill”, and
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 www.ebsi.ie 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 www.ebsi.ie 16
eBSI Advertisement Feature
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EBSI EXPORT ACADEMY www.ebsi.ie 17
eBSI 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 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: email@example.com
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
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 www.ebsi.ie 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-
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.
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
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 firstname.lastname@example.org Originally published in DCInsight Vol. 16 No.4 October - December 2010
EBSI EXPORT ACADEMY www.ebsi.ie 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!
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.
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
Vincent O’Brien with Participants in Lahore URDG Seminar on 4 July 2010.
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 www.ebsi.ie 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.
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 www.ebsi.ie 21
eBSI eBSI Recent Events
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.
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.
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 www.ebsi.ie 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.
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.
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
Vincent O’Brien with attendees of the final EBRD Trade Fraud Prevention and Identification Seminar in Bishkek
EBSI EXPORT ACADEMY www.ebsi.ie 23
eBSI eBSI Recent Events
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
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 www.ebsi.ie 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
Are You a National of an Emerging Market?
Would you like to Develop a Career in International Trade?
If you said YES to these two questions you may apply for and be eligible to up to 60% grant financial support toward the
cost of the certified programmes listed in this advertisement!
Certificate in Finance Contact us for more details:
International Trade Specialist The electronic Business School International
Accreditation Tel: +353 94 9381444 Fax: +353 94 9381708
Diploma in Export Operations Web: http://www.ebsi.ie Email: email@example.com
EBSI EXPORT ACADEMY www.ebsi.ie 25
eBSI Upcoming Events
Global Trade Review
The world’s leading
finance and export
4th Annual Russia & 8th Annual Middle East 5th Annual Africa GTR Awards
Eurasia Trade & Trade & Export Finance Trade & Export Dinner
Export Finance Forum Conference Finance Conference April 14, 2011
February 8, 2011 February 21-22, 2011 March 8-9, 2011 The Landmark Hotel
The Baltschug Kempinski The Jumeirah Beach Hotel The Table Bay Hotel London,
Dubai, United Arab United Kingdom emeafinance
Moscow, Russia Cape Town, South
Emirates The complete
Africa information source for
the finance industry in
the EMEA region.
eBSI Upcoming Events: Competition!
Worldwide: Intakes for eBSI elearning programs Win the ‘China
24 January 2011 & 25 March 2011
Country Specific: Scholarship’
Moscow, Russia – GTR Conference compliments of
8 February 2011 China Systems
Jakarta, Indonesia – IFC Trade Finance Training Corporation.
14-18 February 2011
In order to have a
Dubai, UAE – Incoterms® 2010 Seminar chance to win
20 February 2011 simply subscribe to
Dubai, UAE – 8th Annual Middle East Trade & Export Finance eBSI Tradebrief or
21-22 February 2011 stay with us if you
already are a
Cape Town, South Africa – Africa Trade & Export Finance
8 – 9 March 2011 subscriber.
9 March 2011 – ICC Bangladesh Letter of Credit Cases
To subscribe to this quarterly ezine simply email
TradeBrief@ebsi.ie and we will add you to our
Riyadh, Saudi Arabia
subscriber list and add an entry to the draw for a
17 March 2011
free scholarship for our International Trade
Paris, France Specialist Accreditation worth EUR 2000!
14-15 April 2011- ICC Paris Incoterms® 2010 Masterclass
We congratulate Mr. Ayemibo Bamidele who
15 May 2011 – IFC Global Partners Meeting graduated from the China Systems Corporation
If you would like information on any of these events please email Scholarship and works in the Trade Finance
firstname.lastname@example.org and we will send you the relevant details. Department of Diamond Bank, Nigeria.
Certificate in Logistics
Learn all you need to know about Transport and Logistics!
Certified by the Chartered Institute of Logistics & Transport
Includes Section on Logistics Customer Service
Interactive self-paced learning Contact us for more details:
3 Written Assignments and 1 Online Exam The electronic Business School International
Tel: +353 94 9381444 Fax: +353 94 9381708
Web: http://www.ebsi.ie Email: email@example.com
EBSI EXPORT ACADEMY www.ebsi.ie 26