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Tuesday, October 13, 2015
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IRTA Cabo Convention a Huge Success!

IRTA Signs Consulting Agreement with the International Islamic Trade Finance Corporation (ITFC) For the Development of a Multi-Tiered Barter System for OIC Countries

October 8, 2015

IRTA's Cabo San Lucas Convention was a big success!Industry veterans, new exchange owners, complementary currency experts and banking officials gathered from across the globe to learn, network and collaborate for the betterment of the industry.

The convention provided two days of educational seminars on the most relevant topics of importance to the industry. "It really was a wonderful convention with lots of positive energy and goodwill at an amazing venue," said IRTA's President Annette Riggs.

Major award recipients included Bob Bagga, (BizX), the Hall of Fame Award, Sirri Simsek, (Turk Barter), the Paul St. Martin Award, Carl Steinbrenner, Esq. the David Wallach Outstanding Achievement Award, Fred Detwiler, (TradeFirst) and Jeff Burkhardt, (Corporate Barter Network), the Legends of Barter Award, Patty Weston, (IRTA & UC) and Maree St. Clair,(BPS Technology), the Outstanding Achievement Award),Kerri Khalasawi, (TradeFirst) and Bruce Kamm, (Virtual Barter), the IRTA Executive Director Appreciation Award.

IRTA also signed an important consulting agreement with the International Islamic Trade Finance Corporation (ITFC) to provide an
action plan for the creation and implementation of a multi-tiered barter system that will include retail, corporate barter and counter-trade components.

The CEO of the ITFC, Dr. Waleed Al-Wohaib attended the IRTA Cabo Convention and signed the IRTA/ITFC consulting agreement with IRTA's President, Annette Riggs on September 17th, 2015.

The ITFC is the trade finance arm of the Islamic Development Bank, (IDB). The ITFC's mission is to increase trade and economic activity for its member countries and develop new partnerships.

The completion of the IRTA/ITFC consulting agreement is representative of IRTA's determination to help facilitate meaningful barter related programs internationally to improve regional economies and reduce unemployment.

Ancient Barter was man’s first form of commerce and consisted of the one to one direct exchange of goods and services. Advances in technology have greatly expanded and enhanced the scope of Barter far beyond this limited one to one model.

Last year IRTA Member Companies using the “Modern Trade and Barter” process, made it possible for over 400,000 companies World Wide to utilize their Excess Business Capacities and underperforming assets, to earn an estimated $12 Billion dollars in previously lost and wasted revenues.

In terms of income, Excess Business Capacity represents the difference between actual cash revenues received, and the cash revenues and profits that would be realized, if a business operated at 100% of its capacity. Most businesses are operating at less than 100% of their potential business capacity.

IRTA Member Companies can help your business realize lost revenues and make additional profits by making use of your Excess Business Capacity and Underperforming Assets. Consult the worldwide Membership Directory listing on this web site, for an IRTA Member Company located in your geographical area.

Businesses that choose to participate in Modern trade and Barter will become a client of an IRTA Member Company. As clients when they sell their goods and services to other clients in the system they earn trade credits which are deposited into their accounts. They then have the ability to purchase goods and services from other member clients utilizing trade credit in their accounts. IRTA Member Companies play a vital role as they provide organization, system management, record keeping, maintenance of transaction record and broker services to each member client.

IRTA members consist of retail barter exchanges, corporate barter companies and complementary currency organizations.  Retail barter exchanges members' consist primarily of products and service businesses in the retail business sector.  Corporate barter companies focus on larger non-retail corporations and tend to do fewer, but larger barter transactions then do retail exchanges.  Complementary currency organizations focus on providing additional local transactional liquidity to cities and townships through cooperative business models. 

All IRTA Members Companies adhere to a strict IRTA Code of Ethics. Businesses that utilize Modern Trade and Barter can be assured that their trade credits are earned and spent within a network that is committed to a high standard of business by meeting requirements that prove the strength and sustainability of their exchange networks.

It is important to note that there are other forms of modern trade and barter. Some of these include complementary (or local) currency organizations, LETS (Local Exchange Trading Systems) and many other forms of alternative monetary systems to help local and regional economies.

The Sardex Factor

September 20, 2015

Carlo Mancosu and a group of childhood friends founded Sardinia’s first local currency: Sardex. Arts and humanities graduates with little financial experience, they built it from scratch in their home town of Serramanna as the island reeled from the financial crisis. Their hope was that the project would give them a job in the place where they had grown up. But six years later it has turned into a symbol of local action, spreading to create a new network of thousands of businesses. 

Read the Complete Article Published in FT Magazine