Updated September 2026

What are Incoterms®?

The Incoterms® rules are an internationally recognized standard and are used worldwide in international and domestic contracts for the sale of goods.

Developed by the International Chamber of Commerce (ICC), Incoterms® help businesses operating internationally avoid costly misunderstandings by defining the costs, risk and obligations in each international trade transaction to importers, exporters, customs brokers, lawyers and students. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport or preparing a certificate of origin at a port, the Incoterms® rules are there to guide you.

Incoterms 2020

Used in international contracts since 1936, Incoterms® were most recently updated in 2020 by the International Chamber of Commerce and includes 11 terms over two main categories.

Which Incoterms® rule an organization chooses for a trade transaction will depend on a number of factors.

For example, if a buyer has facilities in the destination country and can arrange cost-effective transportation, then a good choice might be EXW or one of the F terms (in which the buyer takes responsibility for the goods after they are delivered to a carrier, alongside a ship or on board a ship).

If a seller is dealing with a buyer that is new to international trade and unsure about how to arrange transportation, then one of the C or D terms would be appropriate because the buyer would not be able to arrange efficient export clearance and transportation.

Negotiating Incoterms® rules

When negotiating contract terms, organizations should consider whether the buyer or the seller would be able to obtain a cost advantage for transportation and warehousing, e.g. because they ship large quantities annually.

Sellers may also add a surcharge to freight costs for the “value-added service”. When a buyer takes control of the supply chain, they are in control of carriers used and can access shipment details for tracking and tracing purposes without having to rely on a third party.

Sellers should consider the risk of goods sold for export remaining in the seller’s country. Under an EXW term, the buyer takes possession in the seller’s country and could actually resell the goods to the original seller’s clients. However, provisions in contracts could be included to avoid such cases.

It is important to note that with Incoterms® rules, there is an understanding that sellers and buyers will assist and exchange information for clearing export and/or import customs and for obtaining cargo insurance.

As well, sellers and buyers notify each other of delivery and collection arrival and departure times, in advance to ensure proper preparations can be made and to avoid issues and extra costs.

Selecting Incoterms® rules

Organizations must ensure their selection of an Incoterms® rule is appropriate for the type of goods, the means of transport, and that it is suitable for the intended payment transaction.

For example, FOB is appropriate to transport everyday items, but not to transport urgently required medical supplies.

Despite the long-standing use of Incoterms® rules, organizations still use them incorrectly.

It’s recommended that sellers and buyers consult with international trade experts and legal counsel for an explanation or a professional opinion on international sales contracts.

Using the wrong Incoterms® rule means that the contract between the buyer and seller might not be adhered to, which could result in delivery and payment problems, and unanticipated costs and disputes.

It might also mean that customs declarations are incorrect, which can have some serious legal ramifications. It is important to ensure that the Incoterms® rule selected will provide the documentation required to complete the transaction, for example, to claim the goods from the carrier, to take delivery or pick up goods, to obtain cargo insurance, and most importantly, to get paid.

Variations to any of the rules must be clearly stipulated in the contract of sale and must consider the effects, i.e. if there will also be a variation in the transfer of risk and assumption of costs.

This is very important for those terms where the buyer may wish to obtain additional insurance coverage (CIF and CIP) or where the carrier for the transfer of risk may not be the seller’s first carrier, or where the loading or unloading of the goods varies. If there are too many variations, sellers and buyers may need to select a different Incoterms® rule that better meets their needs.

Incorporating Incoterms® rules

When used properly, Incoterms® rules impose certainty on a sale contract. Incoterms® rules influence the documentary requirements for a shipment.

Using the correct Incoterms® rule is often essential for collecting payment, especially if documentary credit is the form of payment being used.

The ICC recommends that the Incoterms® 2020 rules be referred to specifically whenever the terms are used together with detail on location. For example, if the Incoterms® rule is Carriage Paid To (CPT), a reference to an exact airport or seaport should always accompany the destination; if a company had negotiated CPT to the Frankfurt Airport, the C term should state “CPT airport Frankfurt, Germany, Incoterms® 2020”.

It is important to further specify the actual point of delivery at the terminal, port or place of destination, to avoid doubt, confusion and extra costs (e.g. FCA Eckenheimer Landstr. 60b, 60318 Frankfurt, GERMANY).

Other sales terms

Incoterms® rules have traditionally been used in international sale contracts when goods pass across national borders. In various areas of the world, however, trade blocs like the European Union have made border formalities between different countries less significant.

Consequently, the subtitle of the Incoterms® 2020 rules formally recognizes they are available for application to both international and domestic sale contracts. As a result, the Incoterms® 2020 rules clearly state that the obligation to comply with export/import formalities exists only where applicable.

Two developments have persuaded the ICC that a movement in this direction is timely. First, traders commonly use Incoterms® rules for purely domestic contracts. The second reason is the greater willingness in the U.S. to use Incoterms® rules in domestic trade rather than the former Uniform Commercial Code (UCC) shipment and delivery terms. UCC terms should not be used for international sales. This can cause confusion, because the UCC terms are written the same way as Incoterms® rules, but do not have the same meaning.

It must be remembered that Incoterms® rules do not constitute a contract. They are a standardized means of setting out obligations with respect to carriage and insurance.

They do not contain provisions for delivery times and do not regulate the issue of title. Other terms of sales contracts must be negotiated and agreed upon. However, it is very important to include Incoterms® rules in contracts between sellers and buyers.

In the past, disputes surrounding these issues were dealt with by applying the sales law of the relevant country specified in the commercial contract. However, the UN Convention for the International Sale of Goods (CISG), which was ratified in 1980, has come to replace national sales laws in more and more countries.

Currently, when a sales contract does not make clear which national sales law applies, the CISG provides uniform, internationally applicable rules to govern legal questions surrounding transactions. From the perspective of the CISG, Incoterms® rules have to take the CISG into consideration because they supplement its provisions.

The post Choosing the wrong Incoterms® can mess up your contract – here’s how to get it right appeared first on Trade Ready.

Some of the earliest records of customs applications stem back to a time before the creation of most nations as we know them today. For example, around the world, ancient indigenous communities often traded with other tribes through tribute systems that offered more than just the goods exchanged.

In China, as maritime trade became more sophisticated, different regions established agencies and formalized customs laws to oversee trading ships and their goods. Likewise, the Roman Empire created detailed documents and rules for goods across their empire spanning into Asia.

More recently, in the past few hundred years, as nations and their governments became more established, they created official customs agencies, many with the original purpose of collecting taxes and tariffs on goods to help fund their growing economies.

Now, of course, we know that agencies such as U.S. Customs and Border Protection (CBP), the European Commission’s Directorate-General for Taxation and Customs Union (DG TAXUD), and the developing EU Customs Authority (EUCA) are all part of an intricate international network that helps ensure customs compliance and facilitates the safe, efficient movement of goods across borders.

Clearly, change is no stranger to the world of customs compliance.

Those working in the field  of customs compliance today will tell you that a host of factors are transforming the landscape, creating the demand for new skills and job roles that did not exist even a mere five years ago.

For individuals seeking work in the world of compliance, these rapid changes mean that there are opportunities to seize. Roles focused on tariff expertise, AI tech governance, supply chain strategy, and risk mitigation are all on the rise, and those who gain these skills sooner than later are putting themselves on a fast-track to success.

Want to know which trade compliance and customs roles and skills are in demand? Check out our list below:

1. Customs Compliance Specialist

At the heart of modern trade operations is the Customs Compliance Specialist. This is the professional responsible for ensuring that every shipment is correctly classified, documented, and cleared.

With the EU rolling out its multi-year customs reform and the United States expanding its enforcement focus on forced-labour violations, compliance expertise for every modern company is a top priority.

That’s because more rules mean more risk and these mistakes could equate to revenue lost, slower business, and even criminal penalties.

Why the demand is rising:

• Increased scrutiny around tariff codes and country-of-origin rules
• Digital modernization pushing companies toward real-time accuracy
• Rising penalties for misclassification and inadequate documentation

Training pathways:

• HS and tariff classification training
• FITTskills courses on global value chains and compliance
• Country-specific customs frameworks (e.g., CBP, EU, China GACC)

Why this training matters:

These skills ensure professionals can navigate the world’s most closely monitored and frequently updated trade rules with precision. Most people gain these competencies through structured programs like the FITTskills Program, customs authority training modules, or accredited tariff-classification workshops that provide hands-on, practical application.

2. Import/Export Compliance Analyst

This role focuses on ensuring companies meet all regulatory, documentation, and audit requirements related to cross-border trade. Today’s analysts need a blend of legal understanding, risk interpretation, and technical accuracy to keep pace with global regulatory changes.

Why the demand is rising:

• Rapidly evolving sanctions, tariff regimes, and compliance obligations
• Higher regulatory expectations for audit readiness
• Growing overlap between legal compliance and logistics operations

Training pathways:

• Regulatory compliance certification
• Sanctions/export controls coursework (e.g., BIS training)
• FITTskills Global Value Chain Course

Access this free FITTskills Lite resource with material from the Global Value Chain course.

Why this training matters:

Analysts who can interpret rules accurately reduce corporate exposure to fines, seizures, and forced-labour enforcement actions. Professionals typically earn these skills through FITTskills courses, government training programs, or accredited compliance bodies that teach real-world application, not just compliance theory.

3. Trade Technology and Compliance Systems Manager

As AI-driven customs portals and global trade management (GTM) systems become the norm, companies need people who can configure, test, validate, and oversee these systems. This role blends regulatory knowledge with digital literacy.

Moreover, it requires people who understand how compliance works beyond technology:

Which people and teams make the trade happen physically?

What issues are they dealing with daily?

What aspects of customs operations are best performed by people and which tasks can be automated?

These are all questions that these roles need to ask and answer daily.

Why the demand is rising:

• Accelerated digitization of customs clearance
• Increased reliance on ERP and GTM systems for real-time compliance
• The need for human oversight in AI-driven classification and risk alerts

Training pathways:

• ERP/GTM system training (SAP GTS, Oracle GTM, Descartes)
• Data analytics for trade operations
• AI governance and validation fundamentals

Why this training matters:

Digital systems are only as accurate as the people who manage them, making system training essential for audit readiness and regulatory accuracy. Most professionals gain these skills through vendor certifications, AI-governance programs, or the FITTskills Global Value Chain course that explain the compliance logic behind these tools.

But, beyond understanding the technology, compliance managers will need know the best times to use and apply the technology, and when not to.

Automation is only beneficial to businesses who use it at the right times for the right purposes.

The people who govern the technology must, at any moment, be able to decide when to update an algorithm or to stop using it altogether. A balance between human reason and automated efficiency is the key to success in this role.

4. Export Controls and Sanctions Compliance Specialist

With political and economic sanctions changing by the week and export controls tightening across multiple regions, this role has become one of the most strategically important in global trade. Hires for this position have to know up-to-the minute sanctions and customs rules and they must know how to operationalize these complex regulatory requirements into everyday business procedures.

The best companies will also be looking for candidates who can future-proof business against potential sanction threats and changes through risk mitigation strategies.

Why the demand is rising:

• New geopolitical conflicts and realignments
• Expansion of forced-labour import bans
• Increased enforcement of export-control and dual-use rules

Training pathways:

• FITTskills courses or workshops on risk analysis and management
• EAR (Export Administration Regulations) and ITAR training
• OFAC sanctions compliance

Why this training matters:

Sanctions enforcement is high-risk, high-impact work, and regulators expect companies to prove their employees have formal, updated training. Professionals typically obtain these skills through government-issued training (BIS, OFAC), compliance associations, and comprehensive training programs, like the FITTskills program, which translates regulations into practical workflows.

5. Trade and Customs Advisor/Consultant

Trade and customs advisors and consultants guide organizations through multi-jurisdictional customs challenges, from valuation to free-trade agreements to special economic zones. They also work at large financial institutions, advising small businesses or important clients on import and export processes, trade procedures, and documentation.

Skills like interpreting rules of origin, HS classification codes, Incoterms, and overall supply chain knowledge are critical for success in this role.

Why the demand is rising:

• Companies need strategic guidance across multiple jurisdictions.
• Free trade agreements and customs regulations are becoming increasingly complex.
• Organizations require expert interpretation during customs audits, reviews, and disputes.
• Financial institutions and other business service providers increasingly support clients with international trade and customs requirements.

Training pathways:

• Advanced customs, trade-agreement and valuation training
• The FITTskills Global Value Chain course and Feasibility of International Trade course

Professional designations training pathways such as FITTskills Program (one pathway to satisfy the educational requirement for the CITP), and the CCLP offered by CITT

Why this training matters:

Trade and customs advisors need the expertise to provide accurate, practical guidance that reduces risk, ensures compliance, and supports successful international business. Programs like FITTskills, leading to the CITP designation, demonstrate applied knowledge across the full international trade process.

While customs specialists provide deep technical expertise, organizations also need professionals who understand how customs fits within the broader international trade transaction.

A CITP brings this end-to-end perspective, enabling them to provide strategic advice and effectively engage and manage customs brokers, compliance specialists, and other trade service providers.

Adaptable and eager minds will gain traction in today’s customs compliance landscape

Whether businesses like it or not, customs compliance is only becoming more complex and the companies that succeed will be those that invest in the right talent to navigate that complexity.

For adaptable, ambitious jobseekers, this moment represents a rare opening: a chance to understand the geopolitical and technological forces reshaping global trade and to play a direct role in that transformation. And if history illustrates anything, it’s this: progress in customs has always been driven by people, especially those who stepped in to shape it.

The post 5 growing customs compliance jobs and the skills required to get hired appeared first on Trade Ready.

My own experience has been built in this environment. Over more than 15 years working in mineral purchasing, processing, international marketing and cross-border exports, I have seen how decisions made at one stage of a transaction can affect every stage that follows.

A quality issue at the source can become a commercial dispute at the destination. An unclear contract term can create an unexpected cost at the port. A documentation delay can hold up a vessel even when the cargo itself is ready.

The examples in this article come from the global minerals trade, but the underlying lessons are not limited to mining or commodities. Whether a company exports manufactured goods, agricultural products, technology, consumer products or professional services, the same fundamentals apply. Exporters must understand what they are selling, identify the right customer, set clear expectations, manage operational risk, coordinate reliable partners and protect the commercial relationship.

The following seven takeaways reflect lessons from my own industry, but each can be applied by exporters across sectors, products and markets.

1. Export readiness begins long before the sales contract

A successful export does not begin when a buyer signs an agreement or a vessel arrives at port. It begins much earlier, with a clear understanding of the product and every stage of its value chain.

In mineral trade, that journey can include exploration, extraction, processing, storage, inland transportation, sampling, laboratory analysis, port handling and ocean freight. A decision made at any one of these stages can affect product quality, shipment timing, commercial performance and the buyer’s confidence.

This remains true even for exporters and traders that do not own the mine or processing facility.

Companies may outsource or purchase from upstream suppliers, but they cannot outsource their responsibility to understand how the product is produced, handled and verified.

Actionable learning: Map the entire value chain during the market entry planning stage. Identify the operational dependencies, control points and parties responsible for product quality, timing and documentation at each stage.

2. Quality control must continue until loading is complete

Mineral products are sold according to detailed physical and chemical specifications. Depending on the commodity, the contract may set limits for grade, moisture, particle size, sulphur, phosphorus, silica or other impurities. Even a small deviation can lead to price adjustments, payment deductions, penalties or cargo rejection.

Testing at the processing plant is not enough. Representative sampling continues while material is transported to port, accumulated in stockpiles and loaded onto the vessel.

The reason is practical: once a bulk cargo is inside a vessel’s hold, replacing, separating or correcting it may no longer be feasible.

The best time to find a quality issue is before loading or, at the latest, while there is still an opportunity to stop and correct the process.

Actionable learning: Build a quality assurance plan that follows the cargo from source to vessel. Define where samples will be taken, who will conduct the testing, which laboratory methods will apply and what happens if results fall outside the agreed specification.

3. Match the sales strategy to the buyer’s business model

Not all buyers evaluate suppliers in the same way. Mineral buyers can be divided into two broad groups: industrial end users and trading companies.

Industrial buyers, such as steel mills, smelters, cement producers and fertilizer manufacturers, consume the material in their own operations. They typically prioritize consistent specifications, dependable delivery schedules and long-term supply capacity. Their supplier qualification process may be demanding, but a successful relationship can lead to stable demand and stronger long-term commercial value.

Trading companies do not generally consume the product. They purchase and resell it to industrial customers. They may offer greater flexibility around shipment timing, transaction structure and, in some cases, specifications. However, they are often more price-sensitive and focused on commercial competitiveness.

Neither customer type is automatically better. The right choice depends on the exporter’s capabilities, experience, production reliability and market-entry objectives.

Actionable learning: Before approaching a prospect, determine how it creates value. Then tailor the proposal around its priorities, whether that means technical consistency and continuity for an end user, or flexibility, price and marketability for a seller.

4. Build credibility through consistent engagement and operational transparency

International business relationships increasingly begin online through professional platforms, websites, email and virtual meetings. But initial contact is only the beginning. Converting an online introduction into a real transaction requires professional communication, useful information and consistent follow-up.

Industry conferences, trade exhibitions and technical forums also remain valuable because they give exporters direct access to decision-makers and market intelligence. Once credibility has been established, a site visit to the mine or processing plant can be especially powerful.

A site visit allows the potential customer to assess production capacity, processing facilities, quality controls and the supplier’s overall operating capability. It turns marketing claims into visible evidence.

Actionable learning: Treat business development as a staged process. Begin with targeted research and outreach, demonstrate commercial credibility through accurate information and follow-up, and use site visits to validate operational capacity when the relationship is sufficiently advanced.

5. Plan logistics around real port conditions, not assumptions

A freight quote does not tell the whole logistics story. Vessel selection must account for cargo volume, route, draft limitations, berth availability, vessel-size restrictions, cargo-handling equipment and the operating capacity of both loading and discharge ports.

Exporters must also understand storage availability, weather exposure, working hours and realistic loading and discharge rates. These details affect how long a vessel is permitted to remain in port. When operations exceed the agreed laytime, demurrage charges can become substantial.

The chosen Incoterms® rule also matters because it determines which party carries specific costs, responsibilities and risks.

FOB, CFR and CIF are commonly used in bulk mineral shipments, but each creates a different allocation of responsibility. The appropriate choice depends on the ports, commodity, freight arrangements and the seller’s ability to manage additional risk.

Actionable learning: Validate port and vessel assumptions with experienced shipping agents and operational partners before signing the contract. Model likely loading and discharge scenarios, including delays, and select an Incoterms® rule that reflects the company’s actual capabilities.

6. Documentation and payment must move together

A vessel can be fully loaded and still remain in port because the documents are not ready. In mineral trade, documents move the vessel just as much as the cargo does.

Document preparation should begin before the vessel arrives and continue alongside loading. Some records can only be finalized after the loaded quantity, vessel information, inspection results and shipment details are confirmed. This requires coordination among inspection firms, laboratories, customs authorities, shipping agents, port operators and vessel representatives.

Payment structures should be designed with the same care. Depending on the transaction and relationship, options may include advance payment, letters of credit, documentary collection, cash against documents, telegraphic transfer or staged payments.

The release of original shipping documents should be aligned with the agreed payment milestones so the seller does not give up control prematurely.

Actionable learning: Create a document responsibility matrix and payment timeline before shipment. Identify each required document, its preparer, approval deadline and connection to payment or cargo release.

7. Manage risk early and allocate it clearly

Risk cannot be eliminated from international trade. It can, however, be identified early, assigned appropriately and managed with practical safeguards.

The main areas requiring attention include: counterparty reliability, price volatility, specification compliance, logistics and demurrage, political and regulatory disruption, payment security and dispute resolution.

Due diligence should examine the buyer’s commercial background, financial reliability, reputation, payment history and trading experience. Pricing clauses should clearly define the commodity index, quotation period or formula used to calculate the final price. Force majeure provisions should explain qualifying events, notice requirements, party responsibilities and consequences. Contracts should also identify governing law, dispute-resolution procedures and the agreed court or arbitration forum.

Many disputes, are not caused by bad intentions. They arise from unclear specifications, ambiguous responsibilities, incomplete documents or weak contracts.

Actionable learning: Conduct a pre-transaction risk review involving commercial, operational, logistics, finance and legal stakeholders. Resolve uncertainty in the contract before it becomes a costly disagreement during execution.

Preparation, partnership and trust

The most important takeaway is that long-term export success rests on trust, but trust is not built through promises alone. It grows from consistent product quality, reliable delivery, transparency, accurate information and a record of keeping commitments.

For mineral exporters, that means understanding the product from source to destination, choosing customers strategically, maintaining control over quality, planning logistics realistically, securing payment and documenting responsibilities clearly.

The same principle applies across international trade: the strongest transactions are built well before the goods cross a border.

Preparation reduces avoidable risk, capable partners strengthen execution and consistent performance creates the trust required for lasting global business relationships.

This article was adapted from the FITTskills Live webinar Mine to market: Managing global trade complexity.

The post What every exporter can learn from the global minerals trade: 7 key takeaways appeared first on Trade Ready.

Some professionals find their way into international trade by chance. For Ismail Benmezdad, CITP, it was a deliberate choice. From early in his career, he was drawn to the scale and complexity of global commerce; how goods move across continents, navigate regulatory frameworks, and ultimately reach the markets and communities that rely on them.

“I was drawn to international trade because of its complexity and global scope,” he explains.

“I wanted a career that combined strategic planning, analytical problem-solving, and the opportunity to connect markets across borders.”

That combination of strategy, execution, and global integration has defined his professional journey.

Rising through the ranks: where operations meet ingenuity

As Director of Operations at KLN Logistics Inc., Ismail leads large-scale logistics and warehouse operations, aligning service performance with financial and strategic objectives. His career progression reflects a consistent ability to safeguard revenue, manage risk, and deliver operational transformation.

One pivotal experience involved a high-value shipment placed under unexpected customs hold, threatening a major client commitment.

“The hold would have disrupted delivery timelines and placed a strategic account at risk,” he recalls.

“By engaging customs authorities directly and aligning cross-functional teams under accelerated timelines, we mitigated the risk and preserved the client relationship.”

Beyond immediate problem resolution, such situations underscore the importance of structured risk management and proactive stakeholder engagement.

In another initiative, he led a comprehensive warehouse optimization program that reduced operating costs by more than 20% while improving service reliability.

“The real achievement was not only cost reduction,” he notes, “but creating a performance-driven culture that connected operational efficiency with customer outcomes.”

The initiative integrated process redesign, performance metrics, and targeted technology enhancements, laying groundwork for sustainable operational scalability.

Engineering stronger supply chains

In his leadership roles, including Director of Operations and former Terminal Manager, Ismail has overseen complex freight and warehouse networks, implementing initiatives that enhance service levels while controlling cost structures.

“One of the most impactful projects involved optimizing freight operations to simultaneously reduce transit times and operating expenses,” he explains. “The outcome strengthened both customer satisfaction and overall operational performance.”

These improvements were driven by disciplined route analysis, vendor negotiations, workforce alignment, and a willingness to challenge legacy processes.

His experience reinforces a fundamental principle: operational excellence is not accidental, it is systematically designed.

The lesson he wishes he learned sooner

Reflecting on his career, Ismail identifies adaptability as the most critical leadership insight.

“The most valuable lesson I learned is that adaptability must be embedded into operational strategy,” he says.

“Global trade is influenced by regulatory shifts, geopolitical volatility, and market fluctuations.”

“Organizations that succeed are those that institutionalize agility—through scenario planning, diversified partnerships, and continuous improvement.”

For him, adaptability is not reactive. It is a strategic design principle that strengthens enterprise resilience.

FITTskills training: turning experience into strategy

Ismail’s natural leadership was strengthened through formal training. Completing the FITTskills program allowed him to reinforce years of hands-on experience with structured methodology and global best practices.

“FITTskills provided me with in-depth knowledge of international trade,” he says. “These courses have strengthened my ability to evaluate cross-border risk, regulatory exposure, and market-entry feasibility with greater strategic clarity.”

One course stood out in particular: Feasibility of International Trade.
“It gave me the most value,” he notes. “It helped me, and I use what I learned now in my daily work.”

With this training, he now approaches decisions with a sharper analytical lens, balancing operational realities with long-term strategic considerations.

Why he pursued the CITP designation

For Ismail, applying for the Certified International Trade Professional (CITP) designation was the natural next step.

“I chose to apply for the CITP designation because it’s a globally recognized certification that reflects expertise and commitment in international trade,” he says.

“Earning the CITP designation was a proud and rewarding milestone for me. It validated my expertise in international trade and logistics.”

Recognition matters in an industry built on trust. And for Ismail, the designation amplifies both confidence and credibility.

Looking ahead: using the CITP to unlock future opportunities

Ismail views the CITP designation as an enabler for expanded executive responsibility.

“It positions me to contribute at a more strategic level—supporting enterprise-wide supply chain optimization, cross-border growth initiatives, and long-term operational resilience.”

As global supply chains face increasing complexity, digitization, and geopolitical pressure, he remains focused on building systems that balance efficiency, risk management, and sustainable growth.

The post CITP Spotlight: Ismail Benmezdad — Director of Operations, Kerry Logistics Inc. appeared first on Trade Ready.

Grab a cup of something nice and warm and immerse yourself in our TradeReady reader favourites from 2021:

10 global trade trends we’ll be watching in 2021

We’re ending the year with a popular article from the beginning of the year on 10 global trade trends. In the article, we dove into our international business predictions for 2021—mainly focused on the incredible pivoting that businesses around the world would have to do in order to succeed throughout the pandemic. From virtual trade missions to supply chain as a service (SCaaS) and elastic logistics, there were so many innovations that we foresaw going into use. Read the article to see if we got our forecast right.

Drivers for a circular economy: Why businesses are shifting from linear models to circular economies

In celebration of Earth Day 2021, we discussed the drivers for circular economies—production models that focus on reusing, recycling, repairing, refurbishing, repurposing, or sharing existing materials and goods for as long as possible. Discover the drivers, which include price risks, supply risks, degradation of natural systems, and regulatory trends, and more.

10 Export costs you need to consider when projecting cash outflows

To help readers understand more about some of the common costs in international business and exporting, we compiled a list of 10 export costs that need to be considered when projecting cash outflows. Peruse the list and discover our export cost timeline as well.

What’s the difference between inbound and outbound logistics?

Among the important fundamentals that individuals involved in international business need to understand are inbound and outbound logistics. This article covers the details surrounding the two common exporting terms and gives insightful examples of how you use both when doing business around the world.

A quick guide to international trade organizations

If you conduct international business, there are several main organizations that you need to know about, from the World Trade Organization (WTO) to the International Chamber of Commerce. Discover some of the most important ones, what they do, and how they relate to international trade in this useful article.

The biggest international trade lessons from the Suez Canal crisis

One of the biggest topics discussed in 2021, the Suez Canal Crisis spawned many memes and critical dissections of the international trade ecosystem, especially in regard to shipping and critical shipping routes. Read this article and discover what happened during the crisis and the most important lessons trade professionals can take away from it.

How the Jobs and Growth Fund supports Canada’s economy through COVID-19

It’s no secret that 2021 was ripe with economic stress for individuals in Canada and across the world. Luckily, in Canada, there were several important initiatives that promoted jobs and growth throughout the year in response to the pandemic, important among them the Job and Growth Fund. Learn all about it in this insightful read.

3 common reasons why startups fail internationally (and how to avoid them)

Starting a business isn’t easy. For many, there are mistakes made along the way, but those who plan ahead learn about these mistakes so they can avoid them. In the article, get prepared for global business by reading about 3 common reasons why startups fail internationally.

10 effective techniques for managing requests for discounts in international trade

In our economically turbulent times, requests for discounts are becoming common practice between trade professionals. Managing them, however, requires tact, strategy, and finesse. Learn some of the best techniques from CITP Rahim Mohtaram.

Demystifying market entry strategy: The three key parts of an effective ASEAN entry strategy

Discover how to create an effective ASEAN entry strategy in this article by CITP Peter Gray. With over 20 years of Asia Pacific experience, he discusses everything from SLEPT factors to sales and marketing strategy in this in-depth look at overseas expansion for today’s global businesses.

The post Best of 2021: Our top 10 most popular international business articles from the past year appeared first on Trade Ready.

Global value chains have a critical role in the world economy and in our daily lives, representing more than two-thirds of global trade, providing essential products and services, and supporting jobs across a diversity of economic sectors ranging from agricultural and natural resources to traditional and high-tech manufacturing and a vast and diverse list of services.

While the ongoing discussions on GVCs have produced worthwhile conversations by creating more awareness and a better understanding of their relevance, we cannot deny that these discussions are not enough to remedy future disruptions that might happen as a consequence of new contingencies. Nor can they support efforts to build more resilient value chains after COVID-19.

The ongoing discussions that have occurred over the last two years are promising, but tangible actions are missing. So, what can we do to guarantee the proper functioning of global value chains and to build the desired resilience? What should we do to avoid the shortage of essential products and services for the benefit of all? What has to be done to pave the way for SME success in GVCs? How can we make GVCs more inclusive to underrepresented groups such as businesses led by women, youth, and indigenous people? How do we support the shift that GVCs are experiencing from operating under traditional business models to innovative and digital ones? Even though there are no simple answers to these complex questions, there are a few actions that can bring us closer to the goal of achieving resilient and sustainable supply chains.

Learn more about Global Value Chain fundamentals for business in the FITTskills Online Course: Global Value Chain.

Below are three proposals that could push us from fruitful discussions on supply chains toward meaningful actions:

1) Private and public sectors should work together 

To minimize or avoid future disruptions, input and coordinated efforts from all the participants and stakeholders of GVCs are imperative. Two key players in this process are the members from private and public sectors who have been very active in GVC discussions since the pandemic arose. Both have shown a strong commitment and determination to support effective and efficient vaccine production and distribution worldwide and have guaranteed access to essentials for all—which are a precondition for inclusive and strong global supply chains.

The actions that could be implemented as a result of the synergies built between private and public sectors are certainly diverse, but one that could be particularly useful is working together to predict future shocks and prepare for them.

International organizations, such as the OECD, have suggested that governments and companies should apply stress tests at the GVC level for ensuring that essentials can be supplied when disruptive events happen.

Both companies and governments may be interested in these findings via the implementation of these stress tests, as they would highlight the blockages, gaps, and fragile links in the GVCs when facing crisis scenarios. Testing the systems would allow greater visibility of any concerns across the entire supply chain. 

In addition, trade experts, policymakers, scholars, business people, and leaders from private and public sectors need to work collectively to design formal mechanisms for sharing information among them. This will create and produce available dedicated platforms where participants and stakeholders can find relevant GVC data to revise statistics and define new metrics that respond better to GVC dynamics and the decision-making process.

Private and public sector members must move quickly and take the issues of GVCs seriously. They need to learn what has worked well and what can be improved while working collaboratively to avoid repeating the same mistakes. Research from the McKinsey Global Institute (MGI) found that disruptions are occurring more frequently than we think and that these have a costly price for companies. The MGI study also points out that manufacturing companies can expect to see their production disrupted for two weeks every two years on average and that, over the course of a decade, these companies can expect to lose nearly forty percent of their earnings in one year due to these interruptions.

The call for action for private and public sector members to collaborate is real and necessary. It will put all their expertise and knowledge on the ground, starting with the implementation of stress tests, followed by the use of the results to define risk management strategies and provide financial and technical assistance for GVCs participants. GVCs may continue being powerful engines for growth and development, but they require coordination and collective actions between the private and public sectors.

2) Promote free and open markets for GVC resilience

It was reasonable that national governments closed their borders during the first stage of the Covid-19 pandemic to protect their people. We were facing a health emergency that we did not know how to address and contain, and so, a logical solution was to restrict the movement of people and goods across borders. However, the closure of borders alongside government measures taken to tackle the COVID-19 pandemic have seriously affected GVC operations. Unsurprisingly, they’ve had an overall negative impact on trade and investments worldwide, with The Global Trade Alert Report finding that, from the policy interventions made, 170 countries experienced their merchandise exports facing their worst market-access scenario abroad in 2020, whereas only 26 economies actually saw improved market access. The same report added that policy measures implemented around the globe represented 17,252 negative spillover effects.

It must be highlighted that global trade was not the cause of the COVID-19 pandemic, but the interconnected commercial networks among nations meant that policy responses of one government had mostly adverse effects on their trading partners. Every nation has the right to design its own trade policy according to its own economic reality, but closing borders and isolation are not the solutions.

Public policies that aim to unwind trade integration and re-shore production are harmful strategies that will have a negative impact on domestic companies. They increase fragility to local disruptions with no option to implement diversification strategies through international markets.

GVC resilience should not be seen as simply a domestic matter, but as regional and international matters that need to be addressed in collaboration with like-minded countries.

Thus, it is indispensable to promote free, open, and inclusive markets as a basic element to create resilience and sustainability in supply chains. Lowering and eliminating barriers to trade can help companies diversify markets by maximizing sourcing opportunities, easing access to new markets, and reducing risk exposure. Likewise, revising rules on Foreign Direct Investment (FDI) should be considered as a fundamental element for strengthening GVC performance.

A particular consideration that governments must assess is the strategic role that multinational enterprises (MNEs) play in global supply chains. MNEs are key drivers in GVCs, investing in trading inputs and outputs, investing in productive assets wherever needed, and integrating and working with SMEs across supply chains. The actions to open markets are diverse, from standardizing and digitizing customs processes, reducing the cost of cross-border trade, and working on the permanent removal of import tariffs and export restrictions on essential products and services to the establishment of predictable rules on investments and the elimination of barriers to the movement of businesspeople and essential workers.

3) Boost cooperation at the regional and multilateral level

As countries continue to navigate paths towards recovering from the effects of the global pandemic, it must be recognized that cooperation among governments and companies is instrumental in improving resilience to shocks in supply chains for three main reasons:

First, it can support diversification efforts by articulating regulations across different nations that mean access to new markets, which, otherwise, local companies would not have access to.

Second, collaboration among nations can help in anticipating and managing risks in a better way by sharing business intelligence data, research, and analyses on potential shocks of critical inputs and other elements that could disrupt supply chains—namely weather, transportation, logistics, ports, airports, telecommunications, labour market changes, and industry trends.

Third, cooperation can help share real-time data in global supply chains so governments and companies can react and make adjustments if needed, identifying bottlenecks, gaps, and potential threats and opportunities further down GVCs.

Resilience building will give better results if actions are implemented and harmonized across countries. Governments need to utilize collective forums to turn ideas into concrete policies, rules, and/or programs. They also need to take advantage of their participation and memberships in regional and multilateral organizations and in trade agreements. Cooperation must be promoted on an ongoing basis under fundamental principles such as prosperity for all, non-discrimination, inclusiveness, transparency, equity, predictability, and sustainability.

A particular action that nations may want to consider is reviewing and updating the provisions of their trade agreements, ensuring these are not running behind business challenges and can respond to the new realities that GVCs face. They must also be tailored to confront crises. To carry out this process, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which has brought together eleven Asia-Pacific economies, could be used as a benchmark.

Moreover, an important action that should be prioritized at the multilateral level is concluding at least one of the ongoing SME, e-commerce, services, investment, or agriculture negotiations that are currently happening in the WTO. Reaching an agreement in any of these negotiations will contribute to GVC resilience.

For all the above reasons, the invitation to translate fruitful discussions into tangible actions at the local, regional and multilateral levels will guarantee that key products and services can move freely around the world. It will also ensure that global value chains operate resiliently during periods of crisis and will continue to positively drive the global economy for the benefit of all.

Learn how to adapt and sell products and services in international markets with the FITTskills Online Course: Products & Services for a Global Market.

The post Global value chains: From fruitful discussions to meaningful actions appeared first on Trade Ready.

Sustainability is one core component of an effective supply chain. Fortunately, modern tools, devices, and software, such as the Internet of Things (IoT) and blockchain, are streamlining how we balance these systems. With highly transparent and secure networks, we stand to improve the overall sustainability of supply chains for cleaner and more lucrative results.

The IoT and blockchain support sustainable supply chains in a variety of ways. By exploring these sustainable functions and how you might integrate them into your business processes, you can build the supply chain stability you’re looking for in an uncertain economy.

IoT provides data transparency that supports decision-making

The Internet of Things is the term given to devices that collect data and then communicate that data over the internet. IoT devices range from industrial sensors to wearable devices, all with various implications when it comes to the functionality of a supply chain. These implications are far-reaching across transportation and supply chains and would not be possible without the world of big data that the IoT taps into and makes useful.

IoT is instrumental, for instance, in developing eco-friendly, efficient fulfillment center strategies. That’s because these processes rely on the kind of big data transparency that only the IoT can offer on a scale that reverberates through the entire supply chain. The IoT enables accurate tracking methods, consistent protocols, and data analysis that all stand to change supply chain decision-making for the better.

Many companies have already experienced the sustainable benefits that come through industrial IoT. Shipping line giant Maersk, for example, built an infrastructure of sensors and mobile and satellite communication technology with the help of Ericsson to monitor its fleet of 300,000 refrigerated produce containers. The increase in transparency of container conditions led to a decrease in necessary inspections. This, Maersk says, means reduced resource use and even CO2 emissions.

As we have seen, the IoT supports supply chain flexibility in the following ways:

• By improving supply chain transparency
• By improving system efficiency
• By reducing resource consumption

As you explore the use of connected devices in your supply chain, consider these benefits. But also understand that with more connected devices, you present your company with more digital security risks.

Want to learn more about managing your company’s supply chain? Take the FITTskills Global Value Chain course here.

Blockchain protects data from interference

Connectivity offers us much in terms of actionable insight and effective communication. And yet, digital threats are a huge concern for supply chain companies. In one infamous example, Target became the subject of a data breach through its vendor and had to inform 110 million customers of their potentially stolen credit card data.

It is precisely attacks like these that make it necessary for supply chain companies to protect themselves against all the threats of the digital world. Malware opens up the gates to your data. From there, you stand to suffer incalculable losses from the damage to your reputation alone. Blockchain systems, however, are changing the playing field with enhanced security measures for protecting data.

Blockchains are decentralized data systems designed for cryptocurrencies like Bitcoin. They store data in nodes linked by cryptographic hashes. Now, blockchains are being integrated by companies like FedEx to improve the traceability of their packages because blockchain can store a (mostly) tamper-proof record of inventory locations and conditions.

With greater accuracy in a record, any data breach can be caught and prevented more efficiently. Simultaneously, these improvements offer much greater sustainability potential through their ability to pinpoint spoiled products or remove recalls with greater precision. Supply chain companies that can track inventory can more effectively reduce waste.

In this sense, blockchain and the IoT fulfill similar functions and offer similar benefits across a supply chain. In fact, utilizing these technologies in tandem can be a great way to maximize supply chain potential.

IoT and Blockchain streamline security and sustainability

The IoT offers unprecedented insight into business functions and supply chain conditions. But traditional networks for hosting this data present all kinds of digital threats. That’s where blockchain can come in to help improve the security of an IoT network and provide new business potential.

Blockchain is unique in its use of servers in various locations to host, protect, and backup data. To infiltrate such a system typically requires absurd amounts of computing power. By leveraging the power of the IoT to assemble supply chain insights, then protecting those insights on a blockchain, you can build greater accountability and security for your supply chain. From here, sustainability becomes easy.

That’s because sustainability means longevity without damage. Getting there requires insight only accurate data records can provide. Apply the IoT and blockchain as you assemble the information architecture needed to streamline a supply chain, and watch cost and resource-saving opportunities open up across your ventures.

The post How the IoT and blockchain are supporting sustainable supply chains appeared first on Trade Ready.

There are many important details that need to be covered when dealing with cargo insurance—defined as the transfer of risk to a third party, the insurance company, who takes on the risk for a fee called an insurance premium—and every stakeholder involved in the international trade transaction has insurance.

Want to learn more about how to manage your company’s supply chain and logistics? Check out the FITTskills Global Value Chain online course!

For those who are aiming to obtain insurance, they must be aware of the process, which requires the following agreements by the insured and the insurer:

Setting the insurable value

The shipper can insure the cargo for the invoice value of the goods, plus freight and other charges. Most insurers offer insurance at 110 percent of the CIF value. The additional 10 percent is included as compensation for loss of profit. Generally, the beneficiary of the insurance policy determines which risks should be covered by insurance and negotiates to include that degree of coverage in the sales contract. It is rare to obtain insurance for more than 110 percent of the CIF value of the goods. The purpose of insurance is to compensate the insured for loss or damage, not to generate profit to the insured for the accident or event that led to the loss or damage.

Determining who takes out the policy

Usually, the terms of the sales agreement indicate which of the parties must obtain insurance. The Incoterms® 2020 rules for CIF or CIP require the seller to obtain cargo insurance to protect the buyer against the risk of loss. The rules require a policy that will allow the buyer to claim directly from the insurer, and requires the seller to provide the buyer with a copy of the insurance policy or other evidence of insurance coverage.

The remaining Incoterms®2020 rules leave the purchase of marine cargo insurance to the discretion of the buyer. Most insurance brokers are familiar with the requirements applicable to each trade term. The insurance ramifications of the Incoterms® rules being considered should be investigated before entering into a sales contract. Insurance can be quite costly, and in some cases it is unavailable.

Do you need a better understanding of Incoterms^® 2020 definitions/rules and obligations? The Incoterms^® 2020 online course, presented by FITT and the Canadian Chamber of Commerce (CCC), is designed to help international trade professionals gain an understanding of the latest edition of the Incoterms^® rules (which came into effect on January 1, 2020).

Finalizing the policy

Once all details of the policy are determined and the insurance premium paid, an insurance policy is issued to the insured. The insurance policy is the contract between the insurer (i.e. the insurance company) and the insured (the shipper on the B/L or waybill) in which the insurer promises to pay the beneficiary (the person named in the insurance policy) for damage to, or loss of, the insured goods due to particular risks.

Legal Considerations

In terms of risk, it is also important to understand the protections that may be provided to international trading organizations based on the conventions, treaties and agreements to which countries are signatories. It is important to understand the geopolitical aspects of international trade in order to determine how international conventions, treaties and agreement may be beneficial.

The answers to the following questions will assist in this assessment:

• What is being shipped?
• What is the shipment’s final destination?
• Who owns the land, air and sea en-route to the final destination?
• Where is it stopping along the way to the final destination?
• Are there passage rights, bans, boycotts, wars or trade restrictions on specific goods that could hinder the transportation of the goods being shipped?
• What is the process if an accident or natural disaster destroys some or all of the goods?
• What is the percentage of coverage, and where do the obligations of different stakeholders begin and end?
• What is the notice period to file a claim or initiate liability litigation? How should the notice be given?

The post Necessary agreements and legal considerations for cargo insurance in international trade appeared first on Trade Ready.

That’s why, last week, Startup Canada hosted a Twitter Chat with FITT and an all-CITP®|FIBP® (Certified International Trade Professional) panel of business experts. These seasoned professionals gave practical advice on “How to weather-proof your business.” With varied markets, supply chain disruptions and so many other hurdles in the international business landscape right now, they offered up international market entry strategies, risk-mitigation techniques, and personal stories on how to best navigate these waters.

The Twitter Chat featured:

Daniel Lewis, Author, and International Speaker, CITP
Lora Rigutto, Loyalty and Engagement Manager, FITT, CITP
Craig Atkinson, Founder and Director, Lexmerca International Trade, CITP

Question 1: Staying agile and adaptable

The chat started off with this question: “Business is always changing, but some changes, we never see coming. How do you stay agile and adaptable?”

CITP Lora Rigutto had sage advice about upskilling and updating your knowledge in different areas of business.

While CITP Daniel Lewis answered with the following:

“To stay agile and adaptable I suggest diversifying and developing your skills. Become more knowledgeable about your products, industry, or new industries to gain a competitive edge. Consider becoming an educator, expert, or content creator in your field.”

While I was building my tea business over the past 10 years, I also found opportunities to put myself out there as a Public Speaker and Brand Strategist. When the pandemic hit and rattled my supply chain, I switched on my virtual keynotes and brand strategist superpowers. As a result, I have been able to weather the storm and still generate good business. #StrategicPivot—Daniel Lewis, Author, and International Speaker, CITP

Meanwhile, CITP Craig Atkinson talked about remaining on top of your sector specifics: “I think the best way to stay agile and adaptable is to stay abreast of what is going on in your sector and the potential impact of disruption. Adaptability depends on having a business structure that is flexible.

The second question prompted some excellent advice as well:

Question 2: Planning for global growth

Daniel Lewis chimed in first, suggesting that businesses need to start by asking the questions “why?”:

” I always suggest starting with ‘WHY?’ Whether starting or expanding your business internationally, asking WHY first can provide you with all the reasons (or lack thereof) for a specific course of action. WHY are you expanding?  WHY now?  WHY this market?”

“At the same time, I decided to polish my professional image and sharpen my international business knowledge by becoming a #CITP. With these tools on my belt as a foundation, I was ready to rock n roll!”

“If your WHY is compelling enough, then you can get to the HOW? Approached my global growth plans by first going through international business training where I developed an export plan to better materialize my goals and ambitions.”

Meanwhile, Lora Rigutto gave this nugget of wisdom:

If you fail to plan, you plan to fail. You need to determine how to move goods or deliver services to a target market, overcome regulatory or cultural hurdles, and use market entry and international sales and marketing strategy with clear and measurable sales and marketing objectives.—Lora Rigutto, Loyalty and Engagement Manager, FITT, CITP

Question 3: Weather-proofing and risk mitigation

Question three, “How do you weather-proof your business your own business as you grow globally?” got down to the details and surfaced some great insights, including notes on addressing knowledge gaps from Lora Rigutto.

Daniel Lewis, on the other hand, talked about creating multiple contingency plans with an “If this” guide:

Question 4: Risk and business

Question four addressed an important reality about business: that it always comes with risk.

There were multiple answers for this one from panelists and participants alike:

Question 5: How to expand

Question five dove into global expansion, a quintessential topic for SMEs, and it garnered advice that ranged from influencer adoption strategies to joining trade shows and trade missions.

Question 6: When to expand

Knowing exactly when you’re ready to expand your business is critical for success, and that’s what question six tackled:

Questions 7 and 8: Economic risk and opportunity

While questions seven and eight talked about economic risk and the opportunities they present. Panelists and participants recounted their experiences during the pandemic and how they used these to create opportunities for themselves:

Final Thoughts and Questions

And with that, the official questions were over and the panelists and participants were given an open mic to talk about topics, such as their CITP experiences:

And the single most important thing they did to weather-proof their business over the past year:

A fantastic gathering of great business minds, the Startup Chat gave emerging entrepreneurs and SMEs a lot to think about, in addition to access to Startup Canada and Startup Global’s plethora of resources, contests, and funding opportunities too.

Learn more about Startup Canada’s Startup Global Portal here: http://ow.ly/OBns50FXewH

Don’t forget, once you register, you can access several FITT presentations, workshops, videos, and even a discount on FITTskills training.

The post How to weather-proof your business: CITPs weigh-in with Startup Canada appeared first on Trade Ready.

Updated Nov 8, 2024

Prince Khan’s career journey in international business began in 2012, when he was a fresh college graduate and worked for a new small business as a part of their business expansion team. Playing a central role in the company, his responsibilities were to oversee the custom-made products going out to customers in both Canada and the U.S., and manage service requests in both countries. As their lead on operations and finances, he spent three fruitful years helping the company grow. This was a great learning opportunity for the then 21-year-old Prince, who had just completed college and was looking to enter the workforce. The tenure gave him valuable insights on supply chain management and the issues that can occur if products are delayed, damaged, or held at customs because of missing paperwork.

His next role at the Brampton Entrepreneur Centre in 2015 was mainly advisory; giving him the opportunity to assist small businesses in the local community. His responsibilities revolved around helping clients understand import/export regulations and how to get products in and out of the country. With the experience he had from his previous employer, he was able to effectively help his clients learn about international markets from a regulation standpoint.

In March 2020, Prince joined the Halton Region and got involved in the deeper details of international trade while working at the Global Business Centre.

“I fell in love with the idea of wanting to learn beyond the basics of regulations and wanted to help the Halton Region establish a global presence as a place to invest in Canada. I also wanted to provide my clients with advice on how to effectively conduct trade abroad—beyond just the regulations.”

Returning to the Brampton Entrepreneur Centre as Supervisor in July 2024, Prince continues his work helping entrepreneurs succeed both domestically and in global markets.

Helping a client get access to a vast expansion opportunity

One of the most fulfilling stories from his career was getting his client connected to the director at CCBC (Canada-China Chamber of Commerce). This was of great significance for her because she had a factory in Shenzhen and was able to tap into their connections to grow her business in China via companies that offer a QVC business model.

“By going forward with this expansion strategy, she can now access over 70 million customers in the Greater Bay Area alone. She was also able to go on a trade mission for women in China, even when the deadline closed, so she could meet with potential businesses that might be of value to her. With one simple connection, she gained access to a huge opportunity.”

An impressive array of professional achievements:

• Brampton Mastermind: Prince worked with a group of local entrepreneurs to start a monthly event that attracted crowds of up to 130 people. They roped in successful entrepreneurs to speak about their entrepreneurial journey. This grassroots initiative was a resounding success that received many positive responses from the Brampton community.
• Entrepreneurs Connect: It was while working at the Brampton Entrepreneur Centre in 2015 that Prince has launched this series. It began as an exclusive summer offering where they had local speakers discuss various business topics. Although it started with upwards of 50 people attending, it created quite a buzz in the small business community. In 2019, they went on to obtain sponsorship for the event from established partners, which fetched them a revenue of 25K+. The series soon progressed from being only a summer event to having an occurrence every season, with different sponsors for each.
• Distinguished Alumni Award: A noteworthy feather in his cap was receiving an award from the University of Guelph-Humber in 2017 as a Distinguished Alumni. This was in acknowledgment of his efforts in volunteering over 100 hours to help students place at case competitions. All the students he trained placed somewhere in the top 3 at various events. This was a huge recognition for him.

Learning is a journey that has no end

Prince’s advice to individuals in this profession is to chart a path and set milestones on how you would like to progress in your career.

“Look at how you can improve your knowledge and step outside your comfort zone by taking additional courses or added job responsibilities. Without this, you may feel you haven’t accomplished enough, and that might  hinder your professional growth.”

Motivated by a desire to learn about international trade

In 2012, while Prince was still in the earliest stages of his small business work experience, he decided to pursue a deeper understanding of the various aspects of international trade. He signed up for FITTskills courses and gained important insights on how to prepare when exporting abroad.

“My favourite course was Global Value Chain. With my deep interest in logistics and operations, this course was exactly what I was looking for. It had everything I wanted to know and more. Some of my favourite areas were learning about stakeholders, international trade documents, distribution channels, Incoterms®, and global sourcing. I would highly recommend this course to everyone in the supply chain industry.”

Within five months, he had completed all six courses required to earn the FITT Diploma in International Trade, and this set him on course to apply for the elite CITP®|FIBP® designation, which he earned in February 2021. He believes that leveraging the CITP designation will help him exponentially grow his career and realize his dream of achieving international recognition for the Halton Region Global Business Centre.

For Prince, the word “excited” would be an understatement if he were to describe how he feels about having earned the industry-recognized designation. He has already begun to use his knowledge and credibility to connect with industry professionals, chambers of commerce, trade commissioners, and more.

Prince is now sharing his knowledge as an Adjunct Professor at the University of Guelph-Humber and Algonquin/CDI College, where he teaches courses on emerging technologies, market research, and entrepreneurship. By passing on what he’s learned through his experience and education he aims to build a stronger and more resilient community in Brampton through a bottom-up innovation approach.

“My goal is to create an ecosystem of international trade opportunities for our clients at the Halton Region. By connecting with the right people, I aim to grow international opportunities for those thinking about exporting to new markets.”

It’s just a matter of time before Prince achieves all his cherished goals and dreams. With his energy, talent, and motivation, we’re sure that no horizon is unattainable for him.

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