The UAE's foreign ministry and its federal export agency Etihad Credit Insurance have signed an agreement to promote increased trade and investment globally.
The two government entities will work together to attract investments and trading partners, highlighting the country's stable environment, investor-friendly legislation and advanced trade finance infrastructure, state news agency Wam reported.
Under the agreement, the Ministry of Foreign Affairs and International Co-operation (MoFAIC) will facilitate trade and investment meetings through its diplomatic missions abroad and offer office space in various missions for Etihad Credit Insurance (ECI)'s seconded employees.
ECI will provide trade financing to businesses, delivering expert advice on political and commercial risks and facilitating training workshops on investment.
“We are looking forward to working closely with Etihad Credit Insurance to ensure that we support our national exporters and enhance trade and investment flows globally,” Abdulnasser Alshaali, assistant minister for Economic and Trade Affairs at MoFAIC, said.
“I have no doubt that our co-operation will facilitate further development of a sustainable, diversified and competitive knowledge economy.”
ECI signed similar agreements with the Ministry of Economy in 2018 and with the Ministry of Industry and Advanced Technology in 2021.
The UAE aims to expand its economic partnerships to reach strategic global markets in line with the Principles of the 50 and UAE Centennial 2071 goals, to build a competitive national economy based on knowledge and innovation.
The country has already signed Comprehensive Economic Partnership Agreements (CEPA) with India, Indonesia and Israel.
A similar pact with South Korea is expected to be finalised by the end of 2022, aimed at enhancing the economic partnership between the two countries to reach a at least $20 billion in the next three to five years.
The UAE has also begun trade negotiations with countries such as Turkey, Georgia and the Philippines.
In July, the UAE’s Ministry of Economy announced that the UAE and Kenya will soon start negotiations on a CEPA.
ECI offers insurance and trade finance to local companies to boost the UAE's non-oil exports and re-exports in overseas markets.
“Through commonly agreed-upon goals and objectives, this new agreement between the state-owned institutions will widen export-related opportunities between the UAE and other countries and will open the doors for the federal export credit company to substantially increase its support for local businesses to thrive in the overseas market,” said ECI's chief executive Massimo Falcioni.
“With ECI sharing its expertise in risk management and investments, this will boost the confidence of UAE businesses and strengthen partnership with MoFAIC in building deeper relations with other countries.”
Up to now, ECI has signed 21 pacts with government export credit agencies worldwide and facilitated Dh27bn ($7.3bn) in non-oil exports from UAE-based companies to 110 countries.