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New agreement to benefit Australian exporters

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Australian companies stand to benefit from an agreement signed with China last week. The Reciprocal Risk Participation agreement was signed between the Export Finance and Insurance Corporation (EFIC) and the Export-Import Bank of China (EXIM). The agreement is a multi-lateral framework for financing goods and services exported from Australia or China and also includes overseas investment from both countries. According to Angus Armour, CEO and managing director of EFIC, eligible Australian exporters can benefit from financing jointly provided by EFIC and EXIM, particularly when Australian and Chinese companies are working together in a third country. "With this agreement we will broaden the ways our organisations work together to help exports and investments to continue to grow between our two countries, to the benefit of Australian and Chinese companies," said Armour. The agreement could also be used to facilitate the financing of resource projects in Australia where the resources will be exported to China. "Risk-sharing agreements allow us to pool resources to meet the financing needs for projects which we wish to support," Armour said. Australian exporting to China is expected to financially benefit from the signed agreement.

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