Washington, DC, March 22, 2021 --(PR.com
)-- The International Association for Verification of World Trade Records (IAVWTR) released its 2020 figures today for its global trader verification and certification service introduced to bring transparency to first-time deals between importers and exporters.
The IAVWTR certified 5,239 exporters, operating in more than 23 sectors, in the Middle East and North Africa (MENA) region alone.
In mainly India, Pakistan, and Bangladesh, it is becoming increasingly common for importers to request an IAVWTR Certificate from exporters that they are doing business with for the first time.
Working with an exporter to examine its past bill of lading data and financial records, the IAVWTR, while withholding all sensitive data, releases the following information only on a certificate issued to an exporter: which goods exporter has exported in the past 12 months and their HS codes, invoice totals corresponding to the bills of lading notated as exporter turnover, exporter's legal status in the country of origin, and optionally last four digits of the leading bank account used for export proceeds.
"We added the partial bank account number part so that when an importer examines the certificate, it is sure that it is sending advance payments to an account verified by an independent global organization, which is the IAVWTR," said Jenna Bradley, Consultant at the IAVWTR.
Headquartered in Washington, D.C., the International Association for Verification of World Trade Records (IAVWTR) is a private, for-profit global organization that verifies traders' prior trade and financial records for transparency in new international trade relationships.