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Australian to head global export credit body

Australian to head global export credit body article image
Managing director and CEO of government credit agency, the Export Finance and Insurance Corporation (EFIC), Angus Armour has been appointed as president of the Berne Union, the peak global organisation for export credit. It is the first time an Australian has held the position since 1975, when another EFIC director held the post. "This decision shows Australia's strong reputation in finance and trade finance in particular and will give us a stronger voice in a range of multilateral fora," said Minister for Trade Simon Crean. "The presidency of the Berne Union is an opportunity for Australia to continue to play a significant influencing role in shaping infrastructure around trade finance issues as well as shaping the agenda to promote free trade, influence the continuation of open and transparent trading rules and develop a sustainable response toward recovery from the global financial crisis." Members of the Berne Union finance about 10 percent of the world's trade, and collaborate on financing issues such as risk and trade management strategies. It also has close ties with the International Monetary Fund, the World Bank, the Organisation for Economic Co-operation and Development and the International Finance Corporation.

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