EXIAR and export credit agencies BRICS representatives discussed the promising areas of cooperation
For the first time St. Petersburg International Economic Forum (SPIEF) hosted a panel session "Export Credit Agencies BRICS: The Expansion of Trade and Economic Cooperation” which took place on June 19, 2015. The session was organized by Export Insurance Agency of Russia (EXIAR) in order to discuss main trends in business development and further collaboration among BRICS ECAs on the threshold of the Association Summit, which will be held in Ufa (Russia) on July 9, 2015”.
Heads of BRICS ECAs - Wang Yi, Chairman, SINOSURE (China), Kutoane Kutoane, CEO, ECIC (South Africa), Geetha Muralidhar, Chairman, Managing Director, ECGC Ltd. (India) and Marcelo Franco, CEO, ABGF (Brazil) participated in the panel discussion moderated by Alexey Tyupanov, CEO, EXIAR (Russia).
During the session, various issues were discussed including trade turnover dynamics of BRICS countries over the period from 2011 to 2015 as well as the exports forecast and directions and mechanisms of cooperation for BRICS Export Credit Agencies. A particular focus was made on the discussion of the main obstacles as well as the role of export credit agencies in fostering BRICS economic growth. In addition, the Heads of the export credit agencies agreed to share their best practices and expertise.
The Memorandum of Understanding and Cooperation signed last year in Fortaleza (Brazil) became a starting point for developing further cooperation among BRICS ECAs.
This year during SPIEF panel discussion, the BRICS ECAs announced to have agreed to a joint statement on how to further enhance their collaboration, including the establishment of annual meetings of BRICS ECA CEOs as a new platform for comprehensive dialogue on trade and economic development within BRICS. The inaugural meeting in this format was hosted by EXIAR during which the ECAs discussed joint efforts and closer collaboration in areas of export support and strategic initiatives.
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.
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 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).
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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