THE SPECIAL MEETING OF BERNE UNION ASIAN REGIONAL COOPERATION GROUP JOINT STATEMENT
- Following the first special meeting of Asian Regional Cooperation Group (RCG) of the Berne Union (BU) held in Tokyo on 17-18 November 2008, the leaders of Asian Export Credit Agencies (ECAs) met again in Bangkok for the second meeting held during 6-7 August 2009. The meeting was chaired by Dr. Apichai Boontherawara, the President of Thai EXIM and was attended by 11 Asian ECAs and Ms. Kimberly Wiehl, the Secretary-General of the Berne Union (List of participants in the Annex)
- Intensive discussions focused on responses by the Asian ECAs to the global financial crisis. The Asian economies are critical to the solution to the current world financial crisis. Compared to the 1997 Financial Crisis, the Asian economies have shown remarkable resilience against the global economic downturn. At present, the Asian economies are expected to lead the global economic recovery.
- The Asian ECAs have been actively responding to the crisis with new initiatives and programs to help sustain the trade and investment flow in the region as well as with the rest of the world. In 2008, the Asian RCG members supported in excess of 268 billion USD of the international trade and investment.
- We keenly recognize that the Asian economies are highly integrated with one another. We also recognize that the recovery and growth of the Asian economies cannot be achieved without the cooperation of Asian ECAs. We are working together to respond to the needs of exporters and investors, who have developed supply chains across the Asian region.
- Being the frontline practitioners and recognizing that our economies are inter-dependent, we share a serious concern about the rising signs of protectionism in the world today. New forms of financial and trade protectionism are counter-productive to global economic prosperity.
- We have been vigorously pursuing the bilateral cooperation among the Asian ECAs. To date a significant number of cooperation agreements have been concluded including 7 bilateral reinsurance agreements. We are committed to expanding the bilateral reinsurance cooperation among the Asian ECAs, which is expected to function as the Asian Reinsurance Network.
- We are committed to further sharing our underwriting experiences regarding countries, banks, and buyers by actively utilizing the Berne Union Intranet and the list of contact persons as supplement of our day-to-day communication.
- RCG members’ extensive trade finance and investment insurance support in the region and beyond has developed a wealth of technical and credit assessment experience, which members share through workshops, seminars and bilateral staff exchanges. We will expand these exchanges in light of the global financial crisis. In this regard, we welcome the active participation of our professionals in the recent BU workshops and seminars. Thai EXIM, being the current chair of the RCG, will coordinate this program to ensure continuing capacity building activities among the Asian ECAs.
- We agreed to have this heads of Asian ECAs meeting annually and welcomed EFIC to be the next chair of the meeting in Australia.