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Finance and Credit
 

The main trends in the development of export credit agencies in the world

Vol. 27, Iss. 9, SEPTEMBER 2021

Received: 25 February 2021

Received in revised form: 14 June 2021

Accepted: 28 June 2021

Available online: 30 September 2021

Subject Heading: Insurance

JEL Classification: F15, F36, F53, G22, G32

Pages: 2033–2049

https://doi.org/10.24891/fc.27.9.2033

Hasan S. UMAROV Credendo – Ingosstrakh Credit Insurance, Moscow, Russian Federation
hasan_umarov@mail.ru

https://orcid.org/0000-0001-5852-9669

Subject. This article discusses the features and trends in the development of export credit agencies (ECA) in the world in the context of increasing competition of manufacturers for market share.
Objectives. The article aims to show the peculiarities of the ECA's activities, reveal new aspects of their operation in modern conditions, and substantiate the need to change the international agreement in the field of export crediting and insurance.
Methods. For the study, I used the comparative, statistical, and formal and logical methods.
Results. The article shows the key role of ECA as an institution of State support for exports and a guarantor of the stability of the international trading system. It also finds that increased competition from Chinese and other ECAs that are not subject to the Arrangement on Officially Supported Export Credits – OECD rules, as well as the expanded role of ECA during the pandemic, necessitate uniform approaches to State support for exports of domestic producers at the WTO level.
Conclusions. ECAs’ support remains one of the effective tools in implementing the State foreign economic policy and increasing the international competitiveness of certain sectors of the economy. The need to improve international rules on export credit and insurance to ensure the stability and sustainable development of international trade is becoming increasingly apparent.

Keywords: insurance, export credit, ECA, competition, SME

References:

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