3rd BRICS Heads of ECAs Meeting
The meeting is part of events series organized under the Chairmanship of China in BRICS Forum and was hosted by SINOSURE, China Export & Credit Insurance Corporation. The meeting was attended by five heads of ECAs of BRICS countries: Mr. Alexey Tyupanov, Chairman of the Management Board & CEO of Russian Agency for Export Credit and Investment Insurance (EXIAR), Mr. Marcelo Franco, CEO of Brazilian Guarantees Agency (ABGF), Ms. Geetha Muralidhar, Chairman cum Managing Director of Indian ECGC Limited, Mr. Kutoane Kutoane, CEO of Export Credit Insurance Corporation of South Africa Ltd (ECIC), and Mr. Wang Yi, Chairman of China Export & Credit Insurance Corporation (SINOSURE). The delegation from the New Development Bank (NDB) headed by Mr. Zhu Xian, Vice President and Chief Operations Officer, also participated in the meeting.
In the course of the meeting, the BRICS ECAs' Heads touched upon a range of topics including the opportunities for cooperation within joint projects, recent developments and relevant issues in the field of export financing and insurance. In particular, one of the sessions was dedicated to online products and strategies to introduce new digital business models and technologies. The true highlight of the meeting was the signing of the Memorandum of Understanding between the five BRICS ECAs and the NDB. Possibilities for collaboration with the NDB have been discussed back at the previous BRICS Heads of ECAs meeting that took place in New Delhi on October 13, 2016. As a result of productive work completed since then by the BRICS ECAs in cooperation with the colleagues from the NDB, the parties reached the agreement to sign the present MOU aimed at the definition of a framework for collaboration in information and experience exchange, as well as in projects for syndicated support by the five ECAs and the NDB. The participants confirmed that the cooperation between BRICS ECAs and the NDB has a special meaning in the context of trade and investment collaboration in BRICS and beyond, and within the scope of BRICS integration processes. Following that, all the parties agreed with EXIAR's proposal to include the point concerning the MOU signing into the final Declaration of the upcoming BRICS Summit that will be held in September in Xiamen.
«Under the present MOU, we are capable to provide joint support to the multilateral investment projects engaging subcontractors and suppliers from BRICS countries, thus expanding the opportunities for their incorporation into global value chains. It will not only allow us to dramatically enhance the export potential of our countries, but also stimulate the creation of joint ventures and technological exchanges within BRICS and beyond», Alexey Tyupanov mentioned in his speech on prospects and formats for cooperation between BRICS ECAs and the NDB.
The next BRICS Heads of ECAs Meeting will be hosted by ECIC and take place in 2018 under the Chairmanship of South Africa.