- The Berne Union;
- The Paris Club;
- The BRIGS ECAs Forum;
- The EAEC ECAs Forum.
Amid growing volume of support and portfolio diversification, the Agency pays more attention to the implementation of international projects in cooperation with foreign partners, including export credit agencies, commercial insurers and international organizations. Such projects can be effectively implemented largely due to reinsurance tool application, using which the parties can distribute risks between several ECAs or commercial reinsurers. The Agency may assign the risks under the insured to third-party reinsurers, or provide reinsurance coverage to foreign ECAs and commercial insurers to meet the needs of Russian exporters, which enter international markets, and international partners under large export contracts.
- In February 2018, EXIAR and Japan ECA, Nippon Export and Investment Insurance (hereinafter the “NEXI”), held a seminar for representatives of Japanese companies doing their business in Russia
- In May 2018, a round table “Modern mechanisms for promoting export to foreign markets” at the St. Petersburg International Economic Forum
- In June 2018, the expert seminar was held in the Republic of Kazakhstan within the framework of the EAEU ECA Forum
International cooperation allows for joint project implementation and experience and information sharing, as well as assistance in claim settlement. In the reporting year, the Agency continued to focus on strengthening cooperation with traditional partners and searching for new formats for multilateral cooperation. In particular, in February 2018, EXIAR and Japan ECA, Nippon Export and Investment Insurance (hereinafter the “NEXI”), held a seminar for representatives of Japanese companies doing their business in Russia. The event discussed new insurance solutions jointly provided by export agencies to support Japanese enterprises localizing their production in Russia, as well as other measures of export support provided by the REC Group.
In June 2018, the regular expert seminar of export credit agencies of Russia, Kazakhstan, Belarus and Armenia was held in the Republic of Kazakhstan with the participation of representatives of the Eurasian Economic Commission. The seminar was held within the framework of the EAEU ECA Forum. The REC Group organized a round table “Modern mechanisms for promoting export to foreign markets” at the St. Petersburg International Economic Forum – 2018. Sace, Nexi, KazakhExport participated in the round table. The ECAs discussed the preferred areas and mechanisms for export support and promotion, as well as international cooperation of export support institutions from different countries.
Cooperation with foreign ECAs
EXIAR actively cooperates with foreign partners, especially by participating in various international platforms, which serve for multilateral experience and business practices sharing.
The Berne Union is among these platforms. The Union is the oldest international non-profit association representing the interests of companies specializing in credit and investment insurance. It has been established in 1934 and currently includes 84 members and 5 observers. The main mission of the Union is to provide active support to participants in international trade through the harmonization and implementation of the best business practices in the credit and investment insurance market.
From 2012, EXIAR is a member of the Prague Club that unites "young" ECAs. The Club discusses the general issues related to the development of the product lines, current business trends, economic and geopolitical landscape, and specialized issues related to risk management, credit analysis and claim settlement.
On January 1, 2018, the Agency has been included in the committees whose members specialize in providing insurance support to short-term, medium-term and long-term foreign trade projects.
This expansion results from the stable growth of the Agency’s key performance indicators and the accumulation of relevant business competencies. EXIAR’s membership in the Union puts it on a par with the world's leading export support institutions and opens up new opportunities for participation in discussions and agenda formulation. Such regular meetings allow to get quick access to information on the main market trends, as well as lay the foundations for peer-to-peer interaction and implementation of joint export projects.
Besides, the Agency actively develops interactions with other ECAs behind the scene.
Within the framework of the Memorandum of Understanding and Cooperation between the BRICS ECAs signed in Fortaleza (Brazil), EXIAR proposed to create a new interaction format called the BRICS ECAs forum.
The forum provides for annual meetings both at the level of ECA executives and at the expert level. Besides, it allows to discuss urgent tasks and issues throughout the year, including joint promising projects, claim settlement issues and other technical aspects of export credit insurance.
EXIAR continues to promote the state export support in the Eurasian space. The ECAs of Russia, Kazakhstan, Belarus and Armenia reached and executed the agreement on the creation of a platform for interaction based on quadripartite Memorandum of Cooperation. The platform implies the organization of regular meetings at the level of management and experts, which will allow national ECAs to harmonize their product lines and export support instruments. Ultimately, the cooperation within the EAEU ECAs platform shall ensure the growth of cooperation projects within the framework of the Eurasian Economic Union.
In addition to multilateral cooperation formats, EXIAR regularly organizes bilateral seminars both to share the experience with the leading ECAs and commercial insurers and present a joint product offer to national exporters.
Cooperation with international organizations
Since 2012, Russia is a member of the WTO. Therefore it is obliged to comply with the requirements of the organization when carrying out activities related to financial exports support. At present, EXIAR is providing expert support to federal government bodies through the WTO in terms of officially supported export credit schemes.
As EXIAR is guided by the provisions of OECD norms containing recommendations and regulatory principles for officially supported export crediting, Agency’s representatives regularly participate in the activities of the Russian coordination and advisory bodies on the interaction between Russia and the OECD to develop cooperation and share the experience.
EXIAR participates in the international meetings organized by OECD working groups on officially supported export crediting, e.g.:
- meetings of members of the working group on export crediting and credit guarantees (including meetings of experts on socio-environmental assessment);
- meetings of the members of the working group on OECD Arrangement on officially supported export credits (hereinafter the “AOSEC”) (including meetings of technical experts, country analysis experts and members of the sectoral agreement under the AOSEC on civil aviation).
Besides, in 2018, EXIAR representatives discussed export credit issues, in particular, within the framework of the International Working Group on Export Credits (IWG) established upon the initiative of the United States and China to develop the most optimal international standards for export credits regulation. This working group brings together member countries and countries that are not parties to the OECD Arrangement on officially supported export credits. The group provides an opportunity for a closer discussion of the conditions for granting export credits and the development of international standards, taking into account the interests of different countries and the world’s best practices.
Compliance with international standards in providing financial exports support
The need to comply with requirements of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions is stipulated by the obligations undertaken by the Russian Federation as a result of the ratification of the said Convention (hereinafter the “The OECD Anti-Bribery Convention”).
There has been introduced a system into the process of concluding and supporting EXIAR agreements to combat bribery and ensure noninvolvement of applicants and exporters in bribes to foreign officials
Therefore, there has been introduced a system into the process of concluding and supporting EXIAR agreements to combat bribery and ensure noninvolvement of applicants and exporters in bribes to foreign officials.
In 2018, EXIAR updated the data on the implementation of anti-corruption assessment procedures to inform the OECD of the status of implementation of the relevant provisions of the Anti-Bribery Convention.
When providing financial support, EXIAR assesses social and environmental risks of export and investment transactions guided by the general provisions of the OECD Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (hereinafter the “OECD Common Approaches”) and internal regulations.
In 2018, 37 projects were assessed in terms of social and environmental risks. Those projects were classified as high (A-type projects) and middle (B-type projects) risk projects in accordance with the OECD Common Approaches.
Besides, the implementation of socio-ecological covenants is monitored for the projects characterized as those with high (A-type projects) and middle (B-type projects) social and environmental risks.
B-type projects are monitored without the participation of third-party consultants by analyzing reports on the implementation of established requirements, including the implementation of developed plans for social and environmental measures.
A-type projects monitoring involves the analysis of reports and regular audit of construction sites.
Information on A- and B-type projects is published on the EXIAR external website.
Results of interaction with international organizations and platforms
In 2018, EXIAR carried out the following activities to promote further international cooperation:
- for the first time participated in Berne Union meetings as a full member of three committees (Prague Club, Short Term, Medium Long Term). Moreover, the representatives of various Agency’s departments actively participate in regular meetings with specialists organized by the Union. In 2018, EXIAR participated in the general program and panel discussion within the framework of the regular meetings of SME specialists. Agency’s employees participated in the meeting of guarantees and sureties specialists;
- held a seminar for representatives of Japanese companies doing their business in Russia;
- participated in the meeting of G12 ECAs and BRICS ECAs;
- held two bilateral seminars with Belarusian and Kazakhstan partners to share experience on insurance and credit products.