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15.07.2014

ECAs from BRICS join efforts to boost exports

The Export Credit Agencies from the BRICS countries (ABGF – from Brazil, EXIAR – from Russia, ECGC – from India, SINOSURE – from China and ECIC – from the Republic of South Africa) have signed a Memorandum of Understanding on Cooperation during the BRICS Summit in Fortaleza (Brazil).

According to the Memorandum, the Agencies will cooperate on joint projects in third countries, targeted at developing the accumulated potential of trade and manufacturing ties. Furthermore, the information exchange envisaged under this enhanced collaboration will allow ECAs to minimize their risks and increase the volumes of BRICS members’ insurance export support.

Today BRICS are rapidly developing economies, consolidating 25 per cent of global GDP and 18 per cent of world trade. The annual trade of BRICS countries makes up about $230 billion.

By signing this Memorandum, the Parties express their interest in enhancing their trade and economic cooperation.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 30 billion.

The Brazilian Guarantees Agency (ABGF) was established in 2013 as a state-owned company under the Ministry of Finance. ABGF’s mission is to manage state guarantee funds and to insure or provide guarantees against non-marketable risks in priority areas of economic and social interest.

Export Credit Guarantee Corporation of India Limited, India (ECGC), an export credit insurance organization fully owned by Government of India. ECGC is established to provide insurance for exporters and banks in India, and to encourage, facilitate and develop trade between India and other countries.

The China Export & Credit Insurance Corporation (SINOSURE) was established in 2001 as a state-funded policy-oriented insurance company with independent status of legal person. SINOSURE’s mission is to promote China’s foreign trade and economic cooperation.

The Export Credit Insurance Corporation of South Africa SOC Ltd (ECIC) was established in 2001 as a state-owned registered insurer. ECIC has been mandated to enter into contracts of insurance to support medium/long-term export credit and investment transactions on behalf of the South African government.

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