The UAE hosted a key conference on trade credit insurance as the global economy continues to be impacted due to supply chain disruptions caused by the coronavirus pandemic.
Delegates from Berne Union’s Prague Club Committee member countries took part in the conference in Dubai from February 8 to 10 to discuss issues impacting trade and investment, event organisers Etihad Credit Insurance (ECI) said.
“In a complex interconnected world, businesses continue to face hurdles and disruptions necessitating better co-operation between countries and their export credit agencies,” Thani Al Zeyoudi, UAE minister of state for foreign trade and deputy chairman of ECI’s board of directors, said.
"Berne Union’s Prague Club Committee meeting is instrumental in setting the future agenda in ensuring the growth of export innovation.”
The Prague Club was established in 1993 by the Berne Union, an international organisation of export credit and political risk insurers, with funding from the European Bank for Reconstruction and Development. The group supports member countries in developing their export credit and investment insurance schemes to boost trade.
"The close association between export credit agencies has become absolutely crucial in the current economic cycle, which has been seriously impacted by an unforeseen event in the world history,” Michal Ron, president of the Berne Union, said.
“Working together is key to navigating these unprecedented challenges in global trade.”
Established in 2018, ECI provides export guarantees and trade insurance for UAE companies to minimise payment risks associated with exporting.
It has partnerships with local and international banks that offer loans to UAE companies to fund exports to overseas buyers, with ECI providing insurance.
The ECI was admitted as a full member of the Berne Union last year, following an administrative process that began two years ago. Export credit agencies from other countries are also part of the Berne Union.