DUBAI, UNITED ARAB EMIRATES, October 5, 2021 /EINPresswire.com/ – • The reinsurance agreement aims to further strengthen the strong trade and economic cooperation between the UAE and France and boost exports in both countries
• The UAE is France’s second largest trading partner in the region. Data from the UAE Ministry of Economy shows that non-oil foreign trade between countries amounted to AED19.7 billion in 2020, and bilateral trade between Dubai and France has increased to 8.5 billion MAD in the first half of 2021.
• Bpifrance Assurance Export and ECI sign this agreement on the occasion of the Fête Nationale Expo 2020 France
Etihad Credit Insurance (ECI), the Federal Export Credit Company of the United Arab Emirates and the French Export Credit Agency Bpifrance Assurance Export have signed a reinsurance agreement to increase joint Emirati and French projects in the global scale.
The agreement, which was signed by Massimo Falcioni, CEO of ECI, and François Lefebvre, CEO of Bpifrance Assurance Export, and in the presence of Pedro Novo, executive director in charge of export at Bpifrance, will further strengthen the solidity trade and economic cooperation between the United Arab Emirates and France and stimulate exports in both countries by providing export insurance solutions for Emirati and French companies.
The United Arab Emirates and French export credit agencies have entered into this agreement to work towards the pursuit of strategic collaboration in areas such as exploring mutual opportunities for insurance, reinsurance and coinsurance for the export of goods to third countries. The two parties will also seek to identify companies that could benefit from the agreement and promote the agreement to their customers and potential customers.
Exporting communities in both countries stand to gain from this partnership, as it aims to facilitate access to a range of export credit and finance and investment insurance products.
Commenting on the agreement, Massimo Falcioni, CEO of ECI, said: “The UAE and France have always shared exceptional trade relations, and in recent years these bilateral relations have seen a significant leap. The new agreement follows the memorandum of understanding that ECI and Bpifrance Assurance Export signed in June 2020 to explore, strengthen and improve trade and economic cooperation between France and the United Arab Emirates. This agreement underscores ECI’s commitment to continuous improvement and to forge alliances to help provide much-needed incentives for businesses and exporters. This cooperation will go a long way in helping UAE and French exporters access international markets, protect their cash flow and provide guarantees to their lenders, thereby strengthening their presence in the global market.
Faithful to its mission to boost French exports and promote its range of products, Bpifrance offers a wide range of export insurance solutions for French companies and banks with the direct guarantee of the French State. She also regularly interacts with foreign export credit agencies at general meetings and seminars of the Berne Union, the world’s leading association for the export credit and investment insurance industry, or at bilateral meetings with the aim of exchanging and sharing best practices and expanding cooperation.
Discussing the potential of the agreement for growing business opportunities in both countries, Pedro Novo, Executive Director in charge of export at Bpifrance, said: “We look forward to strengthening our collaboration with ECI, the federal company of UAE export credit. We believe this partnership will strengthen France’s commercial ties with the United Arab Emirates and make a significant difference for our respective businesses, especially SMEs, by facilitating access to the wide range of export credit solutions on offer. by the two ECAs.
In the context of strengthening investments and trade relations, the ECI has already signed agreements with its counterparts in major European countries such as the United Kingdom and Italy. The deal with France was seen as another important step in ECI’s mission to deepen economic ties and non-oil trade with the UAE.
The United Arab Emirates are France’s second largest trading partner in the region. Since 2007, the annual strategic dialogue between the two countries has been organized to strengthen bilateral relations with a view to achieving their common objectives. Data from the UAE Ministry of Economy shows that non-oil foreign trade between countries amounted to AED19.7 billion in 2020, and bilateral trade between Dubai and France has increased to 8.5 billion AED in the first half of 2021.
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