UK Export Finance signs cooperation agreement with Russian Export Credit Agency
UKEF and EXIAR sign agreement on risk assessment and wider export credit policies and practices.
UK Export Finance has signed a cooperation agreement with EXIAR, the Russian export credit agency. The agreement is聽an understanding that facilitates the sharing of experience on risk assessment and wider export credit聽policies and practices. It also provides for how the UK and Russia聽can work together to support projects in third countries that involve the supply of goods from both聽countries.
The agreement comes at a time of growing trading opportunities between the 2 countries. On the day of the agreement, Business Secretary Vince Cable called for British firms to pursue new exporting opportunities in Russia, as he hosted a business summit with Russia鈥檚 First Deputy Prime Minister Igor Shuvalov.
Business Secretary Vince Cable said:
鈥淏ritain鈥檚 trade with Russia is rapidly expanding and the opportunities will only continue to grow as its economy opens up further to trade and investment. Important steps like Russia鈥檚 accession to the World Trade Organisation earlier this year are making it easier for UK firms to do business there. We look forward to working closely with Russia to further develop new opportunities, delivering real economic results for both countries.鈥�
Russia is now the UK鈥檚 14th biggest export market and is one of the fastest growing, with British exports having grown 39% in 2011 to 拢4.78 billion. Demand for UK Export Finance support for exports to Russia has followed this trend, with Russia the most popular market for UK Export Finance support in 2011 to 2012.