What is the first step in a typical international trade transaction?
A. The importer places an order with the exporter and asks the exporter if he would be willing to ship under a letter of credit.
B. The trusted third party (usually a bank) issues a letter of credit in the importer's favor and sends it to the exporter's bank.
C. The exporter agrees to ship under a letter of credit and specifies relevant information such as prices and delivery terms.
D. The importer applies to a trusted third party (usually a bank) for a letter of credit to be issued in favor of the exporter for the merchandise the importer wishes to buy.
E. The exporter ships the goods to the importer on a common carrier. An official of the carrier gives the exporter a bill of lading.
Answer: A
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