UK Export Finance has signed a cooperation agreement with EXIAR, the Russian export credit agency. The agreement is an understanding that facilitates the sharing of experience on risk assessment and wider export credit policies and practices. It also provides for how the UK and Russia can work together to support projects in third countries that involve the supply of goods from both 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’s First Deputy Prime Minister Igor Shuvalov.
Business Secretary Vince Cable said:
“Britain’s 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’s 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.”
Russia is now the UK’s 14th biggest export market and is one of the fastest growing, with British exports having grown 39% in 2011 to £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.