January 26, 2022

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UAE, Indian export credit agencies sign cooperation MoU

Etihad Credit rating Coverage (ECI), the UAE government’s export credit rating corporation, recently signed a memorandum of being familiar with (MoU) with the Export Credit rating Promise Company of India (ECGC) to investigate and improve trade and financial cooperation between the United Arab Emirates and India.

The two agencies will generate prospects for mutual strategic assignments and present a platform to recognize new business chances and acquire new partnerships.

The MoU was signed by ECI main government officer Massimo Falcioni and M Senthilnathan, chairman-cum-handling director of ECGC.

With accessibility to a variety of export credit rating, funding and financial investment insurance products, enterprises and exporters in each nations around the world stand to obtain from this partnership, an official launch in the UAE said.

The two establishments will perform toward boosting their cooperation and conversation in boosting trade and business relations between the two nations around the world exploring mutual chances for insurance, reinsurance, co-insurance providers for export of merchandise in a 3rd country, investments and providers to guide and assist insured exporters facilitating accessibility for compact and medium enterprises, mutual trade of fantastic procedures organizing joint situations and pinpointing unique remedies in the export insurance subject.

The UAE and India have normally had a robust non-oil overseas trade relation in the past decade. Information released by the UAE ministry of financial system in Could 2020 confirmed the non-oil exports and re-exports between the two nations in 2019 have arrived at about AED24 billion, and just about AED30 billion, respectively.

In addition, India’s ministry of exterior affairs in February 2020 documented that the trade between the two sides is valued at all around $60 billion (about AED220.3 billion), earning the UAE India’s 3rd-biggest investing husband or wife and second-biggest export destination in 2018-2019.

Meanwhile, India’s exports to the UAE are nicely diversified, with the former’s big export objects which include petroleum products, minerals, textiles and garments, cotton, yarn and engineering and equipment products.

Fibre2Fashion News Desk (DS)

Etihad Credit rating Coverage, the UAE government’s export credit rating corporation, recently signed an MoU with the Export Credit rating Promise Company of India to investigate and improve trade and financial cooperation. The two sides will generate prospects for mutual strategic assignments and present a platform to recognize new business chances and acquire new partnerships.