International Working Group on Export Credits (IWG)

Established in 2012 subsequent to a joint initiative of the United States and China, the IWG is an international forum with the aim of negotiating a set of common rules on Export Credits to be shared by both OECD and emerging countries such as Brazil, China, India and South Africa, which are not part of the OECD Arrangement. 18 countries (including the European Union which represents 27 member states) participate in the IWG with delegates from their Ministries, ECAs and Eximbanks. The IWG meets under the rotating chairmanship of the Steering Group members (US, China, Brazil and the EU). In 2017 a Secretary General was established with the aim of ensuring continuity in the discussions.

In November 2020 the European Union together with Australia, Brazil, Canada, Japan, Korea, New Zealand, Norway, Switzerland, Turkey and the United States decided to temporary suspend their participation in technical negotiations in the IWG, until a higher level of commitment is reached by all members of the working group on certain core issues, including in particular transparency into the terms offered in export finance transactions.

Since the beginning of the process, SACE has been an active party within the EU delegation. SACE’s Chief International Business Officer – Michal Ron – served as the elected Secretary General of the IWG from 2017 to 2020.