Italian and Turkish export credit agencies, Sace and Türk Eximbank, have signed a co-insurance agreement that aims to spread risk and boost trade and investment opportunities for Italian and Turkish companies.

The agreement will create a common risk-sharing platform between the two agencies to support new transactions, in various sectors, for both large and SME Italian and Turkish companies. It will also promote the creation of a legal framework to bring into effect joint Turkish-Italian projects in third countries.

In addition to this, the two agencies also signed a collaboration agreement to enhance opportunities through the mutual exchange of information.

CEO of Sace, Alessandro Decio, says: “This initiative is expected to generate new transactions in strategic sectors for both Italian and Turkish economies. We are keen to share our experience and risk assumption capacity with a key player like Türk Exim which represents a fundamental partner for us not only within the country but in the whole Mediterranean region as well as other neighboring countries.”

The pact was signed during the first Joint Economic and Trade Commission (JETCO) which aims to enhance the partnership between the two countries. Italy is Turkey’s third-largest trading partner, accounting for almost €18bn in trade activities.

The meeting, which was attended by the Italian minister of economic development, Carlo Calenda, and the Turkish minister of economy, Nihat Zeybekci saw the two countries discuss investments, support for enterprises, obstacles to trade, and collaborations within science, technology, tourism and culture.