«KazakhExport» Export insurance company» joint-stock company awarded status of observer in Berne Union International Association of Insurers
Following the meeting of the executive body of the Berne Union in Amsterdam, which took place in February this year, decision was taken to award «KazakhExport» Export insurance company» joint-stock companythe status of observer in the International Association of Insurers.
The basic principles of the Union require a universal framework of cooperation with international export credit agencies in matters of regional economic integration and partnership, which is especially important in connection with the planned accession to the WTO. Observer status will allow «KazakhExport» Export insurance company» joint-stock companyto participate in the activities of the Berne Union, to regularly receive news analyzes, to exchange experience in the field of export insurance, investment, and current issues in the sphere of support of international trade. Also, it will provide «KazakhExport» Export insurance company» joint-stock companywith an opportunity to share information (data) on foreign buyers, which in turn, will help to expand the geography of exports for Kazakhstan finished product companies.
Berne Union was founded in 1934 by private and public export credit insurers from France, Italy, Spain, and the UK. The name of the Union is related to the first meeting in Bern, Switzerland. Today, the 79 member companies from around the world are members of the Berne Union, which is a leading global driver of export credit and investment insurance industry. Members of the Berne Union are such major players in the market of export credit insurance and investment as Euler Hermes Kreditversicherungs (Germany), Nexi (Japan), Sace (Italy), EDC (Canada), Sinosure (China), US EximBank (USA), Overseas Private Investment Company (USA), MIGA Multilateral (World Bank Group), and others. According to statistics, every year more than 10 percent of international trade is but financed by members of the International Association. In addition, after the global financial crisis in 2008, the members of the Berne Union reimbursed damages to export-oriented companies in the amount of 22 billion US dollars, incurred in connection with the failure by the buyer to deliver under their obligations.
It should be noted that since 2013 «KazakhExport» Export insurance company» joint-stock companyhas intensified its efforts towards the international cooperation. For example in 2014 the domestic agency became a full-fledged member of Aman Union. In addition, during that period memorandums and agreements were signed with the world's leading ECA to support domestic exports and investment, including specialized institutions of the Member States of the Eurasian Economic Union. «KazakhExport» Export insurance company» joint-stock companyemployees on an annual basis attend training courses in various international financial institutions, where the educational processes are aimed at establishing close partnerships within the emerging global financial system.
