The OECD, established in 1961, aims at promoting policies that improve the economic and social well-being of people around the world. The OECD is based in Paris and counts 36 Member countries which share the principles of democracy and free market, including Italy.
Within the framework of the OECD, several OECD members negotiated the “Arrangement on Officially Supported Export Credits” (also known as Consensus), a “Gentlemen's Agreement” that sets forth the most generous export credit terms and conditions that may be supported by its Participants. The aim of the Arrangement is to provide for a level playing field, whereby competition is based on the price and quality of the exported goods and not on the financial terms provided.
The OECD regulatory framework for export credits also includes three Recommendations of the OECD Council – namely on Anti-Bribery, on Common Approaches for Environmental and Social Due Diligence and on Sustainable Lending – which provide policies and good governance practices for the due diligence in export credit transactions.
SACE regularly attends the meetings and the works at the OECD dealing with the export credit, such as the group of Participants (countries participating to the Arrangement on Officially Supported Export Credits), Aircraft Sector Understanding Participants, Technical Experts of the Participants and the Export Credit Group.
European Council Working Group on Export Credits (CWG)
SACE is part of the Italian delegation, headed by the Ministry of the Economic Development, at the European Council Working Group on Export Credits (CWG), where the European Commission coordinates all matters concerning export credit through its Directorate-General for Trade, which is in charge of implementing the common trade policy of the European Union.
The CWG meets monthly in Brussels and examines the major issues on Export Credit at European level and the position that Europe is requested to state at the OECD.
The Berne Union is the International Association representing the global export credit and investment insurance industry, with over 85 member companies among the major national Export Credit Agencies, private credit insurers and multilateral institutions worldwide.
The mission of this not-for-profit trade association, founded in 1934, is to actively facilitate cross-border trade by supporting international acceptance of sound principles in export credits and foreign investments. This is achieved by providing a forum for professional exchange, sharing of expertise and networking amongst members, as well as through engagement in collaborative projects with other stakeholders from across the wider Trade Finance industry.
SACE is an active member at the Berne Union and currently sits in the organisation’s Management Committee. SACE also held the Vice-presidency of the Union from 2014 to 2016.
The Paris Club is an informal group of 22 official sovereign creditors whose role is to propose coordinated and sustainable solutions in response to payment difficulties experienced by debtor countries. Depending on the specific economic circumstances, the Paris Club may provide debt rescheduling and/or debt reduction.
Since its establishment in 1956, the Paris Club became the principal forum for restructuring official bilateral debt, reaching 433 agreements with 90 different debtor countries for a total debt treated amounting $583 Bn.
SACE forms part of the Italian delegation to the Paris Club, headed by the Ministry of Foreign Affairs and International Cooperation and by the Ministry of Economy and Finance. The Paris Club activity is organized around monthly sessions at the French Treasury in Paris.
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 28 member states) participate in the IWG with delegates from their Ministries, ECAs and Eximbanks. The IWG meets three times per year 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.
Since the beginning of the process, SACE has been an active party within the EU delegation. Commencing from September 2017 Michal Ron, Head of International Business at SACE, was elected Secretary General of the IWG.