Last reviewed 26 November 2020
In a bid to strengthen trade cooperation and boost investment, UK Export Finance (UKEF) has signed a cooperation agreement with its counterpart in the United Arab Emirates (UAE), the Etihad Credit Agency (ECI).
The agreement provides a general framework for reinsurance underwriting between UKEF and ECI that will enable the two agencies to combine their financial support to help UK and UAE businesses secure export contracts anywhere in the world.
The UAE was one of the top destinations for exports supported by UKEF last year and total trade between the two countries is now worth £17.8 billion. This agreement will strengthen this trading relationship and create more opportunities for UK businesses to export, UK Minister for Exports, Graham Stuart, said. “The UAE is diversifying its exports away from oil and gas into renewable energy and its goals to reduce its dependency on fossil fuels align with our own,” he went on.
UKEF can now support the export of products from the UAE through its collaboration with ECI where a transaction also involves substantial trading opportunities for UK exporters in third countries, Mr Stuart explained.
UKEF’s Chief Executive Louis Taylor said: “There is a strong pipeline of new opportunities in renewable energy and healthcare – among others – where UK and UAE businesses can offer their expertise. This agreement will help us tap into that shared potential and increase the scale of new business that we can support in cooperation with ECI.”
Details of international export finance executives who are global representatives of UKEF can be found at https://www.gov.uk/government/publications/find-an-international-export-finance-executive.