Today, we elevate our business knowledge with a few business insights, then delve into recent events in Arad.
Business Insights
💬 SWIFT messages (standardized messaging formats by the Global Financial Telecommunications network) are widely used in international banking.
💳 MT700 is the most common in Documentary Credits (LC) and it is not limited to a specific country.
✔️ 2 cultural considerations in face-to-face meetings with Somali traders:
- Due to the low smoking rate (less than 5% of the population), working with those who smoke might be challenging, affecting trust.
- Pay attention to seating arrangements in meetings, especially if the counterpart is older and choose a place close to and equal in rank to the opposite party.
💵 When purchasing high-value goods or dealing with a sensitive customer, obtaining inspection and standard certificates ensures the received product matches the desired specifications.
🔗 If the customer has a specific assessment institution in mind, they can propose it, and, of course, the administrative and inspection costs will be borne by the customer.
📋 Inspection certificates can be presented to the buyer or the bank from which the buyer has received documentary credits.
💉 Ethiopia heavily relies on importing various goods, including medical equipment and related food products.
📜 Certification of Analysis (COA) is required for processed food and pharmaceuticals, registered with the Food and Drug Administration (EFDA).
💢 Despite a lack of government support for agricultural machinery exports, around 1.5 trillion Tomans of exports in this field have been achieved due to overproduction.
🚢 Key Russian ports in the Caspian Sea are Makhachkala, Alat, Astrakhan, Solyanka and Lagan.
🔵 The history of maritime trade between Iranian ports and these ports dates back to the 15th century but there was an increase in trade since 2022 due to Ukraine's war and sanctions against Russia.
❌ Following sanctions against Russia, the country is significantly reducing its trade relations.
➕ According to the Center for Strategic Research (CSR), Russia seeks to deepen trade relations with China, Turkey, Azerbaijan, Iran, and other Southeast Asian countries.
📈 Having information such as product technical specifications, packaging, advantages, domestic and international exhibitions, and the producing and importing countries is crucial.
🧷 For example, Tajikistan is one of the biggest producers of dried raisins and raisin, but it buys this product from Iran for re-export to Armenia and Turkey.
🚛 Transportation documents differ from cargo documents and depend on the type of transport:
1) Commercial Invoice:
Used by customs authorities for proper classification and calculation of duties, taxes and customs clearance.
2) Bill Of Lading:
A mandatory legal document specifying the cargo's transport method and it is divided into three general categories of air waybill, land waybill and sea waybill. Also, this document is a contract of carriage and is non-negotiable and non-transferable.
📍 Iranian matchwood has good profit margins in the Nigerian market, with packaging similar to Iran and selling at 8 cents per box.
📦 The packaging of matches in Nigeria is similar to Iran, where each carton contains 100 packs of ten small boxes and is sold at the rate of 8 cents in the Nigerian market.
⏺ Chad, located in Central Africa, has significant imports in the food, machinery, and textile industries.
✅ However, it lacks direct access to open waters, requiring the use of the Douala Cameroon or Lagos Nigeria ports.
🍗 Importing beef, chicken, and dairy products in Uganda is challenging, indicating restrictions and a lengthy approval process.
❗ Uganda also imposes tariffs on essential food items like flour, sugar, and cooking oils.
January 27th Visual Magazine
Mr. Shabani's Meeting with Ibrahim Al-Aqili, Representative of Iraq
Mr. Ghorbani's Meeting with International Negotiators
Mr. Shabani's Meeting with the Agency Management Team
Mr. Shabani's Meeting with Commercial Supporter unit
Mr. Talia's meeting with Trade Consultants
Mohammad Sadeghi, Manager of Aladdin Company in Australia
Bagher Bagheri, IT Specialist from Italy
Visit of Somalia and Guinea representatives to the Fruit Leather Production Factory
Representative of Guinea's Visit to the Pipe Factory
Visit of Senegal and Nigeria representatives to the Textile Production Factory
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