IRTA meaning in International ?
Answer: What is International Reciprocal Trade Association mean?
The International Reciprocal Trade Association (IRTA), www.irta.com is the global trade association for trade exchanges which includes retail barter exchanges, corporate trade companies, complementary currency organizations and counter trade systems. IRTA promotes proper accountability rules, equitable standards, ethics and governmental relations, for the organized barter industry and its participating members. IRTA takes a major industry advocacy position to preserve, protect and enhance the barter industry. Its members are situated in Australia, New Zealand, Canada, Brazil, France, Israel, Italy, Japan, Vietnam, Malaysia, Thailand, Mexico, Poland, Portugal, Sardinia, Singapore, Turkey, China, India the United Kingdom and the United States. IRTA's home office is in Olde Towne, Portsmouth, Virginia, USA. The President & CEO of IRTA is Ron D. Whitney.
IRTA estimates that the 400,000 participating businesses transacted $14 billion globally in 2019 and 2020 — and it is anticipated that the 14 billion trade volume number will grow another 5 to 10% a year. The 14 billion dollar number represents barter transactions conducted by four sectors of the barter industry; retail, corporate, counter trade and complementary currency.
A barter exchange acts as a third party record keeper for its participating business clients. These member businesses buy and sell products and services on a barter basis using trade credits to account for each transaction. Barter exchanges practice third party bartering, meaning the seller does not have to buy from whom he or she sold to, rather, the seller's account is credited the market value of the sale in trade dollars. This modern trade and barter method is different than the ancient “direct trade” when people swapped one thing for another. Modern trade and barter has evolved into a sophisticated alternative way for business owners to increase sales and revenue, conserving cash, move inventory, maximize their excess or unused capacity to improve their financial bottom line.
Education is important to IRTA. IRTA offers three professional designations; the Certified Trade Broker, (CTB), and the Certified Trade Executive (CTE). The CTE and CTB course curriculums and exams can be taken on line at www.irtaeducation.com
IRTA has its own international inter-exchange trading platform called Universal Currency Clearinghouse Inc. (UC) www.ucci.trade - UC is the largest industry owned international trading platform in the modern trade and barter industry. It completed over 14.5 million dollars (USD) of inter-exchange trading in 2019.
One of IRTA's biggest historical achievements was getting the Tax Equity & Fiscal Responsibility Act (TEFRA) passed in the U.S. in 1982 whereby the Internal Revenue Service (IRS) recognized trade exchanges as third party record keepers. Pursuant to TEFRA, Barter exchanges send-out IRTA 1099B information returns annual for all their exchange members who have sold products or services on trade for the prior calendar year. Barter sales are taxable in the U.S.
IRTA holds international conventions annually in the U.S. and internationally to provide education, certification and business networking opportunities for its members, and those interested in the modern trade and barter industry. IRTA held a Virtual International Convention from September 23rd to 25th, 2020 - the virtual convention set an all-time convention attendance record. IRTA has scheduled its 2021 virtual convention for September 22nd through 24th. Covid-19 permitting, IRTA will also provide a hybrid in-person option for the 2021 virtual convention.
IRTA regularly releases Advisory Memos to the barter industry and public-at-large covering numerous important topical issues of interest.
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