CHAPTER IINTRODUCTION

International trade can be defined as either the buying (importing) or selling (exporting) of goods or services on a global basis. International trade is the exchange of goods and services between countries. This type of trade gives rise to a world economy, in which prices, or supply and demand, affect and are affected by global events. A decrease in the cost of labor, on the other hand, would result in you having to pay less for your new shoes. Trading globally gives consumers and countries the opportunity to be exposed to goods and services not available in their own countries. Almost every kind of product can be found on the international market: food, clothes, spare parts, oil, jewelry, wine, stocks, currencies and water. Services are also traded: tourism, banking, consulting and transportation. A product that is sold to the global market is an export, and a product that is bought from the global market is an import. Imports and exports are accounted for in a country's current account in the balance of payments.Advantages and Disadvantages of International Trade Advantages to consider: Enhance your domestic competitiveness Increase sales and profits Gain your global market share Reduce dependence on existing markets Exploit international trade technology Extend sales potential of existing products Stabilize seasonal market fluctuations Enhance potential for expansion of your business Sell excess production capacity Maintain cost competitiveness in your domestic market

Disadvantages to keep in mind: You may need to wait for long-term gains Hire staff to launch international trading Modifying of product or packaging Develop new promotional material Incur added administrative costs Dedicate personnel for traveling Wait long for payments Apply for additional financing Deal with special licenses and regulationsRISKS OF INTERNATIONAL TRADERisk Management in international trade involves reducing the cost of funds and managing the risks in international exposure. Apart from foreign exchange currency risk, exporters are facing commercial risk on probable default of the unknown buyers in new markets. Identifying the risks in international trade, quantifying and managing such risks with appropriate facilities / products / instruments are becoming professional functions of a corporate.Types of RisksCustomer Risk:You will need an assessment of the credit worthiness of your customer. This should include checking the following: The identity of your customer. The usual period of credit offered in your customer's country; The credit limit you are prepared to offer your customer; Insolvency. Remember that a customer's insolvency can involve you in a pre credit risk, where losses can occur if your customer becomes insolvent during the manufacturing process or at any time before or after the dispatch of the export consignment. You can obtain the information needed to carry out these checks either yourself or through a reputable credit agency or credit insurer.Country Risk:As well as your customer, their country can pose separate risks that you will need to manage. Country risks traditionally fall into five areas: Sovereign: The willingness or ability of the government to pay its debts. This is affected by the political climate within the country (the legislature, judiciary and government institutions); internal and external threats to the country; international trading performance including balance of payments record; the level of national debt and the amount of foreign exchange reserves. Other political decisions can also frustrate your export sales; these include the imposition of embargoes, tariff or other quotas, and import or export restrictions. Private: The ability of the private sector to pay for its imports. This situation is affected by the state of the domestic economy, the commercial institutions in the country, and the competence of banking and financial services sector. Natural: Some regions of the world suffer from regular climactic catastrophes (for example annual flooding, drought, earthquakes and other disasters). When these occur they can severely disrupt the operations of both the business sector and the government. Fashion and Finance: International trading patterns often create a fashionable region or country as an export market. In these circumstances trade finance is often readily available, allowing you to offer good credit terms to your export customers. However, fashions change and countries can quickly go out of favour for both exports and trade finance. Other: These include transfer risks such as the inconvertibility of the local currency; transaction risks such as late or non-payment, and transition risks for emerging markets where the threats are the effectiveness of the liberalization programme, failure to complete economic structural reforms and any possible destabilising influences. Credit Risk:To decide how much credit you are prepared to advance you must consider: the amount of credit outstanding in your trading accounts, both overseas and domestic; what do you know about your customer and what is the maximum amount of credit you should NOT exceed; can you carry any financial shortfall? What will be the impact on your business if your customer delays payment or does not pay at all? how will you finance the credit period you offer? This means do you have sufficient money to allow you to offer credit terms in export sales contracts as part of your business cycle. Foreign Exchange Risk:When you trade internationally you will most likely be dealing in more than one currency. This means you are exposed to fluctuations in the foreign exchange market. Other risks:If you manufacture goods to order you must include in your export strategy a contingency that will help you manage the risk of a frustrated export - this is when your customer refuses the goods. You should have a plan to either resell the product to another market or realise a salvage value for your goods.You must also have procedures in place for the collection of your invoice amount. Under your contract you may have to collect your money in your customer's country. This does have its risks as collection maybe more uncertain or expensive, so you will have to consider the legal system in their country. Your contract may, however, allow you to take legal steps to recover your debt in another country, including your own.

CHAPTER II

INTERNATIONAL TRADEInternational trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history, its economic, social, and political importance has been on the rise in recent centuries. Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. Without international trade, nations would be limited to the goods and services produced within their own borders.International trade is in principle not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as tariffs, time costs due to border delays and costs associated with country differences such as language, the legal system or culture.Another difference between domestic and international trade is that factors of production such as capital and labour are typically more mobile within a country than across countries. Thus international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labor or other factors of production. Then trade in goods and services can serve as a substitute for trade in factors of production.Instead of importing a factor of production, a country can import goods that make intensive use of the factor of production and are thus embodying the respective factor. An example is the import of labor-intensive goods by the United States from China. Instead of importing Chinese labor the United States is importing goods from China that were produced with Chinese labor[footnoteRef:2]. [2: Available at < http://en.wikipedia.org/wiki/International_trade>, visited on 22.12.2010.]

International trade is also a branch of economics, which, together with international finance, forms the larger branch of international economics. Trade Theory tries to explain empirical elements of trade that comparative advantage-based models above have difficulty with these include the fact that most trade is between countries with similar factor endowment and productivity levels, and the large amount of multinational production (i.e. foreign direct investment) which exists. New Trade theories are often based on assumptions like monopolistic competition and increasing returns to scale. One result of these theories is the home-market effect, which asserts that, if an industry tends to cluster in one location because of returns to scale and if that industry has high transportation costs, the industry will be located in the country with most of its demand to minimize[footnoteRef:3]. [3: Ibid]

REGULATION OF INTERNATIONAL TRADETraditionally trade was regulated through bilateral treaties between two nations. For centuries under the belief in mercantilism most nations had high tariffs and many restrictions on international trade. In the 19th century, especially in the United Kingdom, a belief in free trade became paramount. This belief became the dominant thinking among western nations since then. In the years since the Second World War, controversial multilateral treaties like the General Agreement on Tariffs and Trade (GATT) and World Trade Organization have attempted to promote free trade while creating a globally regulated trade structure. These trade agreements have often resulted in discontent and protest with claims of unfair trade that is not beneficial to developing countries[footnoteRef:4]. [4: Id]

Free trade is usually most strongly supported by the most economically powerful nations, though they often engage in selective protectionism for those industries which are strategically important such as the protective tariffs applied to agriculture by the United States and Europe. The Netherlands and the United Kingdom were both strong advocates of free trade when they were economically dominant, today the United States, the United Kingdom, Australia and Japan are its greatest proponents. However, many other countries (such as India, China and Russia) are increasingly becoming advocates of free trade as they become more economically powerful themselves. As tariff levels fall there is also an increasing willingness to negotiate non tariff measures, including foreign direct investment, procurement and trade facilitation. The latter looks at the transaction cost associated with meeting trade and customs procedures[footnoteRef:5]. [5: Id]

Traditionally agricultural interests are usually in favour of free trade while manufacturing sectors often support protectionism. This has changed somewhat in recent years, however. In fact, agricultural lobbies, particularly in the United States, Europe and Japan, are chiefly responsible for particular rules in the major international trade treaties which allow for more protectionist measures in agriculture than for most other goods and services.During recessions there is often strong domestic pressure to increase tariffs to protect domestic industries. This occurred around the world during the Great Depression. Many economists have attempted to portray tariffs as the underlining reason behind the collapse in world trade that many believe seriously deepened the depression.The regulation of international trade is done through the World Trade Organization at the global level, and through several other regional arrangements such as MERCOSUR in South America, the North American Free Trade Agreement (NAFTA) between the United States, Canada and Mexico, and the European Union between 27 independent states. The 2005 Buenos Aires talks on the planned establishment of the Free Trade Area of the Americas (FTAA) failed largely because of opposition from the populations of Latin American nations. Similar agreements such as the Multilateral Agreement on Investment (MAI) have also failed in recent years[footnoteRef:6]. [6: Id]

WORLD TRADE ORGANIZATIONThe World Trade Organization (WTO) is the most powerful body for controlling the dynamics of global trade. It was established in 1st January 1995. It has the power to enforce its rules through sanctions and helps in the formulation of trade agreements between various countries. It also oversees that agreement terms are adhered to by the participating countries and resolves disputes[footnoteRef:7]. [7: Available at < http://www.economywatch.com/international-trade/>, visited on 23.12.2010]

World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. Consumers and producers know that they can enjoy secure supplies and greater choice of the finished products, components, raw materials and services that they use. Producers and exporters know that foreign markets will remain open to them[footnoteRef:8]. [8: Available at , visited on 23.12.2010.]

The result is also a more prosperous, peaceful and accountable economic world. Virtually all decisions in the WTO are taken by consensus among all member countries and they are ratified by members' parliaments. Trade friction is channelled into the WTO's dispute settlement process where the focus is on interpreting agreements and commitments, and how to ensure that countries' trade policies conform with them. That way, the risk of disputes spilling over into political or military conflict is reduced.By lowering trade barriers, the WTOs system also breaks down other barriers between peoples and nations. At the heart of the system known as the multilateral trading system are the WTOs agreements, negotiated and signed by a large majority of the worlds trading nations, and ratified in their parliaments. These agreements are the legal ground-rules for international commerce. Essentially, they are contracts, guaranteeing member countries important trade rights. They also bind governments to keep their trade policies within agreed limits to everybodys benefit. The agreements were negotiated and signed by governments. But their purpose is to help producers of goods and services, exporters, and importers conduct their business. The goal is to improve the welfare of the peoples of the member countries[footnoteRef:9]. [9: Ibid]

FUNCTIONS: Administering WTO trade agreements. Forum for trade negotiations. Handling trade disputes. Monitoring national trade policies. Technical assistance and training for developing countries. Cooperation with other international organizations[footnoteRef:10]. [10: Id]

CHAPTER III

RISK MANAGEMENT

Trade financing had been widely used in many business transactions both at the domestic and international level. However, the traders and bankers fully aware of the risks they are exposed to.This risk exposed via Letter of Credit, Standby Letter of Credit, (Banker's) Guarantees, Bank-to-Bank Reimbursements and Trust Receipts. It will also help understand the legal aspects and grasp the crucial key concepts of risk management. This would assist to evaluate, monitor and review banks customers more effectively. Exposure: Risk exposed to bankers in LC, SBLC, Letter of Indemnity (LOI), and banker's guarantees operations. Risk associated with bank-to-bank reimbursements and trust receipts. Understand a banker's obligations under the law. Contemporary trade frauds and scams. The conflicts in different law systems and other jurisdiction risk. The risk exposed to bankers' customers for better monitoring of their customers' businesses. The impact of certain discrepancies and make better decision for waivers. Effective risk management skills and tools[footnoteRef:11]. [11: Available at , visited on 09.01.2011]

RISK IN INTERNATIONAL TRADECompanies doing business across international borders face many of the same risks as would normally be evident in strictly domestic transactions. For example, Buyer insolvency (purchaser cannot pay); Non-acceptance (buyer rejects goods as different from the agreed upon specifications); Credit risk (allowing the buyer to take possession of goods prior to payment); Regulatory risk (e.g., a change in rules that prevents the transaction); Intervention (governmental action to prevent a transaction being completed); Political risk (change in leadership interfering with transactions or prices); and War and other uncontrollable events.In addition, international trade also faces the risk of unfavorable exchange rate movements (and, the potential benefit of favorable movements)[footnoteRef:12]. [12: Available at , visited on 09.01.2011]

The other factors are also important which are bank uses to face in their normal course of business like the foreign exchange risk. Commercial banks take "safety, liquidity and profitability" as their main business objective, in which "security" goes first. Trade financing has a short period, it also occupied fewer funds than other forms of financing, it is also a financing of high-income, and therefore, trade financing accords with commercial banks operating targets in liquidity and profitability. Consequently, the "security" of the trade financing has become the primary objective of innovation. The process of trade financing innovation also creates new risks along with the new business.Compared with the traditional business, trade financing innovations have different characteristics in risk identification and evaluation. Trade financing innovations not only improve the competitiveness of commercial banks, but also brought new risksthe risks in banks judgment and ability to prevent potential risks. Therefore, the composition of a scientific and accurate method for risk identification and evaluation for trade financing innovation has become the key to success[footnoteRef:13]. [13: Available at < http://www.ccsenet.org/journal/index.php/ijbm/article/view/1254/1217>, visited on 09.01.2011]

FOREIGN EXCHANGE RISK MANAGEMENT Foreign Currency Exposure Exchange risk is logical sequence when a conversion of currencies takes place i.e. switching over from one currency to another. From a Corporate entity point of view, currency exposure is the extent of vulnerability which will affect its profit and loss figures and Balance sheet resulting purely from the exchange rate movements. Hence in a corporate business strategy, foreign exchange risk management assumes great significance. Foreign Currency Exposure can be divided in to three parts : Transaction Exposure Translation Exposure Economic Exposure Transaction Exposure: Whenever there is a commitment to pay currency at a future date , any movement in the exchange rates will determine the domestic currency value of the transactions . Importers are subjected to transactions exposure. With liberalization process set in the country , the exchange market have been subjected to full interplay of market forces. The transaction exposure would still increase if a long term trade agreement with a country has been entered in to and therefore the corporate would be not in the position to switch over its trade flow. Translation Exposure: In case of domestic corporate with global operations they have to pay or receive money. Any large movement in exchange rate in either case would have its impact on domestic currency value of these transactions and if the exchange movements are wide and transactions are large it would have a serious impact on the financial position of the company. Between two Balance sheets dates, it may alter the net asset value and gearing ratio. In case of multinationals, the reported profits of overseas subsidiaries can be affected by the change in the exchange rate at which profit figures are translated in to domestic currency[footnoteRef:14]. [14: Available at , visited on 09.01.2011]

Economic Exposure: In cross border trade, the strength of currency of competitors, relative cost and prices in each country which have a bearing on exchange rate and the structure of the business itself gives rise to economic exposure which may put the companies at a competitive disadvantage. Though this is not a direct foreign exchange risk exposure but the underlying economic factors may become a risk factor[footnoteRef:15]. [15: Ibid]

PAYMENT RELATED RISK MANAGEMENTIt is impossible to be in international trade without involving your bank for all the services they provide such as advice on financial issues and the potential risks involved. It is true that one critical hurdle for SMEs is the lack of information on international trade processes, documentation and banking procedures necessary to carry on with business abroad. For result oriented and cost effective international trade, you will very definitely need access to accurate and timely information and a sound knowledge of banking.Payment Options in International TradeQuite obviously all payments in an international trade are made through bank either by way of wire transfer or check with the latter not being preferred for not being the quickest. The following are some of the common ways of payment modes in international trade. Banker's Draft is a cheaper option and easier to obtain but there is a risk of loss in transit. The only advantage it has against check is quicker credit that the exporter gets. Letter of Credit. This international trade instrument is mutually convenient for both the parties. The exporter gets paid once he produces the copy of BoL (bill of lading) which he receives from the shipping company and the LoC, to the bank, regardless of whether the consignment as arrived at destination or not. Wire transfer is by far the fastest and the cheapest option in which the importer will instruct his bank to transfer the amount to the exporters bank account. The first time, the transfer happens in about 10-15 days depending on the destination country and the routing bank. International wire transfers are made through intermediary banks/correspondent banks.Although not in a big way, some China manufacturers accept Paypal for smaller amounts such as US$5,000 but require 3% extra to compensate for the charges. Paypal is the quickest and easiest mode of payment in international trade.Banks that are serving international trade, understand the crucial role they are required to play. Many large banks maintain worldwide correspondents to provide quick delivery of actual currency, wired money or drafts. You may choose your bank for international trade account on the basis of whether the bank can extend advances against the account receivables. Banks also let you enter into forward exchange contract with your bank and fix the amount of the foreign exchange you receive when you are dealing in convertible currencies[footnoteRef:16]. [16: Available at , visited on 09.01.2011]

CHAPTER IV

RISK MITIGATION IN INTERNATIONAL TRADE

Markets that facilitate cross-border transactions, including those that hedge and transfer risks attached to exchange rate movements and payment defaults as well as those for transit insurance and export finance, can all enhance both trade and FDI. These sophisticated markets are often largely absent in many countries, and their development can take considerable time. In the interim, correcting for market failures in host countries may require help from home countries. For example, in the absence of a developed financial sector, and while being careful to avoid trade distortions and to ensure a level playing field, trade financing and insurance can often best be provided by home country firms to users in developing countries.Trade financing and insurance can create the risk of moral hazard where insurance or other public guarantees distort the behaviour of economic agents, prompting them to take excessive risks on the basis that any direct losses or negative externalities will be socialised through public intervention. As a result, the provision of insurance and guarantees from developed country trade and investment partners might remove some of the urgency to enact policies conducive to a better investment climate in host developing countries. Key considerationsThe access of the financial institutions in developing countries to guarantees covering payments risk on trade transactions and the technical assistance that developing countries may require to help speed up the introduction and implementation of related measures and financial instruments[footnoteRef:17]. [17: Available at , visited on 09.01.2011]

In this connection, the International Finance Corporation (IFC) of the World Bank Group has set up the Global Trade Finance Programme (GTFP) to provide partial or full guarantees covering payments risk on banks in emerging markets for trade-related transactions. These guarantees are transaction-specific and involve a variety of underlying instruments: letters of credit, trade-related promissory notes, accepted drafts, bills of exchange, guarantees, bid and performance bonds and advance payment guarantees. Through the GTFP bank network, local financial institutions can establish working partnerships with the many major international banks participating in the programme, thus broadening access to finance and reducing cash collateral requirements. Trade finance training is also offered, and the IFC may place experienced trade finance bankers with issuing banks to help them develop trade finance and other banking skills[footnoteRef:18]. [18: Ibid]

The WTO-UNCTAD International Trade Centre (ITC) has set up a technical assistance programme to strengthen schemes and mechanisms offered by both private and public financial institutions in the field of export finance, short-term trade credit and credit insurance and guarantees. The programme also aims to build up the capacity of entrepreneurs and credit officers in dealing with credit and financial risk management. It is targeted at three distinct levels where constraints and needs require a different set of activities: (i) public and private manufacturers and traders; (ii) financial institutions, export-import banks, export credit insurance and guarantee agencies; and (iii) the financing environment, including organisations that have a direct impact on the availability and cost of trade finance[footnoteRef:19]. [19: Id]

Many governments provide official export credits through dedicated Export Credit Agencies (ECAs) in support of national exporters competing for overseas sales. ECAs provide credits to foreign buyers either directly or via private financial institutions benefiting from their insurance or guarantee cover. Reflecting differences in financial resources, some countries might provide officially-supported export credits through their ECA on terms that competing ECAs, especially in developing countries, are unable to match, thus distorting trade. The OECD has developed disciplines in this area (the Export Credit Arrangement) and provides a forum for discussion and coordination of national export credit agencies. The main purpose of the Export Credit Arrangement is to provide a framework for the orderly use of officially supported export credits. In practice, this means providing a level playing field where exporters compete on the basis of the price and quality of their products rather than the financial terms provided and reducing subsidies and trade distortions related to officially-supported export credits[footnoteRef:20]. [20: Id]

POLICY PRACTICES TO SCRUTINISEThe PFI should consider the following measures: Establish consultations among government, financial institutions and traders on national practices in export finance and export and import insurance measures in order to identify potential training needs and legislative updates. Assess and adapt the guidelines to decision-makers and bankers on setting up credit insurance schemes and institutions contained in the ITCs Export Credit Insurance and Guarantee Schemes: A practical guide for developing and transition economies. The Guide analyses the needs and constraints related to export credit insurance, outlines the organisational structure of an export credit agency, the legal infrastructure required for its activities and the range of policies on offer. Consider taking up the training opportunities offered under the Global Trade Finance Programme by the IFC. Gradually build up national expertise on export credit matters, e.g. official financing support, maximum repayment terms, minimum risk premiums and trade-related aid for projects, and goods and services sold on credit terms of two years or more. Set up an information database on export credit matters for countries that are not parties to the OECD Export Credit Arrangement[footnoteRef:21]. [21: Id]

EXPORT CREDIT INSURANCEA receivable insurance product that allows an insured to transform unforeseen commercial and/or political obstacles into manageable risks.

Risks Covered in Commercial Risk:Nonpayment by overseas buyer due to insolvency and slow pay. Currency fluctuation due to government actions are considered commercial risk. Note: Does not cover product dispute.Political Risk:Nonpayment due to war, revolution, cancellation of import/export license, currency inconvertibility, and other government actions.Risk Mitigation ToolInsure selected receivables against non-payment. Marketing ToolExtend competitive credit terms to international buyers. Financing ToolArrange attractive financing with the exporter's lender by using insured foreign receivables as additional collateral[footnoteRef:22]. [22: Available at , visited on 09.11.2011]

CONCLUSIONS

With the advantages of liquid and profitable, trade finance is a business that is actively promoted by commercial banks. Bankers wish to enlarge the business scope and increase market share through trade financing innovation. In this process, a large number of circumstances and problems that were not seen before would emerge. The process of business innovation is also a process of risks creation. New market, new institution, new portfolio are bound to be accompanied by new risks. Effective identification and evaluation of innovative risks are essential to the safety of commercial banks.Market innovation, institution innovation and portfolio innovation are three major sources of innovative risks. Classification and identification of these risks can establish a framework for risks evaluation of trade financing innovation. Risk identification framework along with the establishment of risk evaluation indicator system will enable bankers to have an apprehensive understanding of the risks involved in trade financing innovation, and provide the bankers with early risk alert and guidance in the innovation.The risk mitigation in the international trade can be done through the various ways by hedging, insurance coverage etc. the risk mitigation is the main and important for this type of trade finance because otherwise the lender will be in a problem by lending high value to the lender. Effective mitigation process can bring much better lending process by which the international trade can be financed in a risk free manner.

RESEARCH METHODOLOGY Legal phenomena require their own research methodology. Such research methodology may be applicable to subjects of International or Municipal law, evaluation of Acts of different countries, implementation and consequences of Codes and Acts of different nations. Many statistical techniques and methods cannot automatically be considered as useful in legal studies simply because they have proved useful in other disciplines.

The nature of legal issues and the subject matter of law are radically different from other sciences. Therefore the content of the propositions and explanations is also different. The methodology of legal studies involves their own rules, interpretations and criteria for admissible explanations as well as research designs, data-collecting techniques and data-process routines. Legal studies lack the appropriate methods, tools and techniques suitable for the legal issues. In most of the legal investigations, qualitative data has to be analyzed. Hence this separate study of legal methodology is taken up.

Now each and every research is remains incomplete if the methodology has not been mentioned. There are various methods from which one has to follow a particular method for completion of the project. A good researcher always mentions the method he/ she apply for his or her project. It is essential as because to do the project in a systematic way, that the work would contain any loopholes. And also by mentioning the methodology is the honesty of the researcher will reflects through the project. There are mainly two types of methodology that is generally adopted and they are the Doctrinal and Empirical method.

Doctrinal Method: This method is collecting the necessary materials from the documentary sources. Again documentary sources are of two types paper document and electronic document. Paper document contains all the writings available from the books, articles, journals, and newspapers. Whereas the electronic documents in this aspect means the documents available in the World Wide Web. Empirical Method: In these method the databases are generally been collected trough field survey, interviews etc. Simply means gathering knowledge through practical experiences.To complete my project I have followed Doctrinal Research Methodology. In my research I have taken help from the NALSAR University of Law library and also the World Wide Web.

BIBLIOGRAPHY

WEBSITES

http://en.wikipedia.org/wiki/International_trade http://www.economywatch.com/international-trade/ http://www.wto.org/english/thewto_e/whatis_e/inbrief_e/inbr00_e.htm http://www.tolee.com/html/col290.htm>, visited on 09.01.2011 http://en.wikipedia.org/wiki/International_trade http://www.ccsenet.org/journal/index.php/ijbm/article/view/1254/1217 http://tradejunction.apeda.com/ready%20reckoner/how_to_avoid_exchange.aspx http://www.articlesbase.com/business-articles/role-of-banks-in-international-trade-209842.html

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