Agreement with the Etihad Credit Agency will strengthen trade cooperation and boost investment between the UK and UAE.
UK Export Finance (UKEF) has signed a cooperation agreement with its counterpart in the United Arab Emirates (UAE), the Etihad Credit Agency (ECI), that will strengthen trade cooperation and boost investment between the UK and UAE.
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.
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.
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:
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of the Board of Directors of Etihad Credit Insurance, said: