UK Export Finance (UKEF) and the China Export & Credit Insurance Corporation (Sinosure) have signed a mutually beneficial framework agreement aimed at increasing UK and Chinese exports.
The agreement will see the two export credit agencies (ECAs) co-operate in supporting contracts in third countries involving both UK and Chinese exports. “The move is designed to enhance the ECAs’ ability to support exports by increasing their risk capacity for projects sourcing goods and services from the UK and China,” says a statement issued by UKEF.
The agreement will also facilitate co-operation between Chinese and UK firms as they compete for business in other countries. As such, UKEF and Sinosure will work together to identify opportunities for trade in capital goods, equipment and services involving co-operation between the two countries.
Louis Taylor, UKEF CEO, comments: “This agreement creates huge opportunities for British exporters. UK companies can now work with Chinese firms to make their joint offering ever more competitive. And by helping to share market expertise and increasing risk capacity, UKEF is supporting UK exporters to win contracts, not just fulfil those they have already won.”