Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Turkey’s export credit agency, Turk Eximbank, to enhance trade and support business relations between the United Arab Emirates and Turkey.
The two export credit agencies will work together to facilitate trade and export and ease access to credit insurance and project financing, ECI said in a statement.
The signing ceremony took place in Istanbul as part of the 2022 Spring Meeting of Berne Union, the international organisation and community of leading export credit and political risk insurers.
The partnership was signed at a time when the UAE and Turkey have officially commenced talks on a Comprehensive Economic Partnership Agreement (CEPA) to reinforce trade and investment relations and intensify economic recovery and growth across the region, and following the visit of the President of Turkey, Recep Tayyip Erdogan to the UAE in February, where he met with Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.
Moreover, the state-owned export credit agencies will work on easing trade and export of their domestic businesses by organising joint workshops, forums, and B2B meetings, especially in growth sectors such as steel, aluminium, healthcare, renewable energy, chemical, electrical devices in addition to mechanical industries, as well as food security, the statement said.
Turkey is the UAE’s seventh-largest trading partner. According to the data from the UAE Ministry of Economy, non-oil trade between them in 2021 rose 82 per cent to AED 49.4 billion compared to the pre-pandemic level of AED 27.1 billion in 2019.