Joint Statement on Enhanced Quad Export Credit Agency (ECA) Cooperation
Today, we signed a Memorandum of Cooperation with our Quad export credit agency partners Export-Import Bank of the United States, ECGC of India and Nippon Export and Investment Insurance (NEXI). This Memorandum will enhance our cooperation in areas such as supply chain resilience, critical technologies and emerging technologies as well as climate, energy and infrastructure.
- We, Export Finance Australia (“EFA”), ECGC Limited (“ECGC”) of India, Nippon Export and Investment Insurance (“NEXI”) of Japan, and Export-Import Bank of the United States (“USEXIM”) (the above collectively, “Quad ECAs”), recognise our respective government’s steadfast commitment to a free and open Indo-Pacific that is inclusive and resilient, as stated in the Quad Joint Leaders’ Statement dated 20 May 2023 (the “Leaders’ Statement”).
- The Leaders Statement endorses cooperation between Quad ECAs stating “Quad partners’ export credit agencies make an important contribution to the prosperity of the Indo-Pacific. We welcome ongoing efforts to enhance cooperation among Quad partners’ export credit agencies, including through a Memorandum of Cooperation between ECGC Limited of India, Export Finance Australia (EFA), Nippon Export and Investment Insurance (NEXI) of Japan, and Export-Import Bank of the United States (USEXIM).”
- In line with our countries' shared values and the Leaders’ Statement, we Quad ECAs make this Statement following the finalisation of a Memorandum of Cooperation between our four agencies and commit to enhancing the level of cooperation, engagement, and alignment with each other.
Supply Chain Resilience, Critical Technologies and Emerging Technologies - As ECAs, we have provided export credit insurance, financial guarantees, and/or public financing to support and facilitate international trade flows for over 50 years. The COVID-19 pandemic and subsequent recovery have demonstrated the need for enhanced supply chain credit and investment support, and we recognise the important role we can play in this area.
- We commit to engage on opportunities to enhance supply chain resilience, through activities such as regional trade and investment support and market diversification efforts. We also commit to regularly exchange experiences and information on ways to develop and expand supply chain resilience through our financing activities, including opportunities for Quad partner businesses to work with each other.
- We recognise the importance of supporting the development of, and investment in, critical and emerging technologies. We commit to supporting these areas by providing finance, credit insurance and guarantees to support business trade and investment, exchanging experiences and approaches to deliver finance, credit insurance and guarantees and assist businesses to scale and mature approaches to encourage private finance and investment in these areas.
Climate, Energy and Infrastructure - To increase connectivity in the Indo-Pacific (including the Pacific) and to facilitate productivity increases and prosperity in the region, we recognise it is critical to support the development of quality infrastructure in the region. We also recognise the urgent need to address climate change and share a common commitment to supporting the successful implementation of the Paris Agreement.
- We commit to continue to expand our engagement and support for governments in the region to finance, guarantee and/or insure quality infrastructure, including renewable energy, working alongside other relevant Quad partner government agencies and the private sector.
- We further recognize that the energy transition should allow for a range of practical pathways tailored to meet the circumstances of each country in the Indo-Pacific. We commit to support the development of enabling resources and technologies that can support the energy transition of the Indo-Pacific. This includes supporting growth in low- to zero-carbon emerging technologies and associated infrastructure development and critical minerals supply.
- We commit to enhance the availability of finance, credit guarantee and insurance for Quad partner businesses to trade and invest in the Indo-Pacific, including through supporting exports, infrastructure projects and activities that encourage partnerships between Quad partner businesses.
- Wherever possible and within the mandates of each Quad ECA, we commit to seek out opportunities to enhance our engagement on quality infrastructure beyond the Indo-Pacific, including in Africa.
- We commit to share experiences and expertise on infrastructure financings, including the development of green financing solutions and products. We also commit to exchange information on mechanisms and activities to lower our own business emissions and otherwise address climate change.
- In making these commitments, we recognise the challenges some countries may face regarding debt sustainability. We will continue to support debt transparency commitments by our respective governments and will ensure our own export financing, credit guarantees and insurance activities are undertaken in a responsible and sustainable manner.
Organisational Exchanges - As Quad ECAs we have regular and ongoing exchanges between our organisations and staff. We have benefitted from these exchanges and have undertaken a range of joint export credit guarantees, financings and insurance. To further enhance our cooperation, we recognise the value in expanding Quad ECA exchanges. We, Quad ECAs will continuously strengthen our collaboration including technical-level exchanges, we commit to work to deliver tangible results to the Indo-Pacific.
- In order to facilitate information exchanges and develop joint approaches, we commit to an annual meeting of Quad ECA Heads and for key officials from each of our agencies to meet periodically to identify and coordinate on projects of mutual interest and consider further steps to deepen our cooperation.
- We also commit to deepening on our ongoing bilateral coordination, where possible and appropriate, in multilateral forums such as the Berne Union.
