BRAZIL AND UNITED KINGDOM ENTER PARTNERSHIP FOR EXPORT CREDIT

On Wednesday (23), Brazil’s Vice President Geraldo Alckmin, UK Minister for International Trade Jonathan Neil Reynolds, and ABGF President Maíra Madrid signed an agreement to establish a risk-sharing partnership between Brazil and the UK. This agreement, made during a G20 Trade and Investment Working Group meeting in Brasília, aims to facilitate international sales of products that include both Brazilian and British content through joint export insurance. For instance, a Brazilian aircraft with a British engine could obtain insurance from UK Export Finance (UKEF) and reinsurance from Brazil’s Export Guarantee Fund (FGE). Alckmin emphasized that this partnership will enhance the export support system, potentially reducing financing costs. The next steps involve defining terms for risk-sharing and discussing mutual interests like women in trade, decarbonization, and the creation of a Unified Foreign Trade Portal. Both nations will also convene the Joint Economic and Trade Committee (JETCO) next year.
Source: Datamar News