EAEU export credit agencies sign memorandum of cooperation
The memorandum is designed to lay the groundwork for the development of the legal framework of cooperation between the ECAs and define key parameters and principles to guide further multilateral cooperation. The document also envisages a separate platform for cooperation between the ECAs.
"The memorandum is aimed at promoting multilateral and bilateral trade in the EAEU," the press service said. "In this regard, according to the document, the sides will forge an efficient system to regularly exchange experience and information in export credit insurance and investment insurance, and also to carry out export projects which may provide joint assistance. The memorandum also envisages cooperation under joint projects to export EAEU-made goods, works, and services to third countries or to EAEU members. The document provides for joint discussions of proposals on the modernization of national legislations of EAEU members.
According to Member of the Board, EEC Trade Minister Veronika Nikishina, the memorandum will open up new opportunities for cooperation projects in Eurasia. "Assistance to export is a key avenue of the national economic development of the EAEU member states. A number of comprehensive initiatives to promote export are being implemented at the national level. Integration tools are required, however, to maintain competitiveness in the global market. Cooperation between ECAs, the main institutions promoting export in the EAEU opens up even greater opportunities for business and helps search for partners abroad," Veronika Nikishina remarked.
For his part, Member of the Board, EEC Economy and Financial Policy Minister Timur Zhaksylykov noted that the investment and export potential of countries is tightly linked with the level at which their financial system cooperate. In this regard, the main priority of integration cooperation in the EAEU is to form a common financial market. "Within the framework of the strategy of Eurasian integration and common financial market, it is necessary to modernize the system of export credit insurance and investment insurance, expand the opportunities for cooperation between the national ECAs, and apply different risk sharing instruments.