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Export Credit Guarantee Corporation of India Ltd (ECGC) has signed a Memorandum of Understanding (MoU) on Co-operation with the Export Credit Insurance Agencies (ECA) of BRICS countries in Fortaleza, Brazil.
The MoU, which was signed in the presence of Heads of Governments from BRICS countries, will strengthen collaboration among BRICS countries ECAs by establishing a framework of co-operation among them to support and encourage international trade between the BRICS countries, and wherever appropriate, to facilitate the supply of goods and services from their respective countries as part of a project in any of the BRICS countries.
“The co-operation will also help foster trade support networks and business linkages between India and other BRICS countries, and improve the business environment.
“It also provides for seeking assistance from each other in recovering the amounts for which claims could have been paid for projects undertaken in any of the BRICS countries,” said a ECGC statement.
ECGC Chairman-cum-Managing Director, N. Shankar, who signed the agreement on behalf of ECGC, said that there is tremendous value in engaging exporters and supporting Indian trade and investments in BRICS countries.
“There is a good scope for leveraging the linkage among ECAs to enhance exports,” said Shankar. “There are already Indian firms with large presence in BRICS countries and ECGC is ready to support export trade development through BRICS ECAs co-operation,” he said.
Export credit agencies
The five export credit agencies of BRICS countries namely the ABGF (Brazilian Fund and Guarantee Management Agency), EXIAR (Export Insurance Agency of Russia), ECGC (Export Credit Guarantee Corporation of India Ltd), SINOSURE (China Export & Credit Insurance Corporation) and ECIC (Export Credit Insurance Corporation of South Africa Ltd) are all state-owned agencies and members of the 'Association of International Union of Credit & Investment Insurers' which is also known as the 'Berne Union' and 'Prague Club'.
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