Australia's export credit agency, Export Finance and Insurance Corporation (EFIC) has signed a cooperation agreement with Export-Import Bank of India (India Exim) in an effort to encourage more joint trade and investment ventures.
"The agreement might assist, for example, where an Indian importer needs to organise funding to purchase Australian goods, or where an Australian exporter needs to provide performance guarantees to an Indian buyer,” said Chang Foo, head of product management and risk transfer at EFIC.
The agreement is a reflection of the growing economic ties between the two nations. India is now a larger market for Australia that the US, UK and New Zealand, having become the country's fourth-largest export market.
The two agencies have also been developing stronger regional presence through joining the Asian Exim Banks Forum, an organisation that aims to increase cooperation between export credit agencies in Australia, China, India, Indonesia, Japan, Korea, Malaysia, Philippines and Thailand.
In October Australia will be hosting the forum’s annual heads of delegation meeting in Sydney.
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