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The Agreement between UK and Japanese Export Credit Agencies Supports Future Collaboration

The UK and Japanese export credit agencies (ECAs) have signed a Memorandum of Understanding (MoU) to support their future collaboration on projects around the world. This strong agreement serves as a strategic framework for enhancing cooperation and joint projects between the two G7 export credit agencies. The signing of this MoU took place as part of the first UK-Japan Strategic Economy Policy and Trade Dialogue, held in London today.

The Memorandum of Understanding (MoU) between the UK Export Finance (UKEF) and Nippon Export and Investment Insurance (NEXI) sets out revised terms of cooperation that align with the ambitions for sustainable development outlined in the Hiroshima Accord, G7 Partnership for Global Infrastructure Investment (PGII), and UN Sustainable Development Goals. By focusing on export credit policy and co-investment projects, this continued partnership between the two ECAs will contribute to the international competitiveness of UK and Japanese businesses, allowing them to access global trading opportunities more effectively.

One of the key outcomes of this agreement is that it will guide the ECAs in future collaboration on projects around the world, particularly in Africa and the Indo-Pacific regions, which leverage the strengths of UK and Japanese supply chains. As a result, it is expected to create significant opportunities for project sponsors worldwide to benefit from UKEF and NEXI support, with a specific emphasis on clean energy initiatives and sustainable projects across sectors such as healthcare, water, education, and transport.

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The signing of this agreement was a significant part of the first-ever UK-Japan Strategic Economy Policy and Trade Dialogue, held in London and attended by Secretary of State for Business and Trade Kemi Badenoch and Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura. This partnership between UKEF and NEXI aligns with the dialogue’s broader objective of maintaining and strengthening the multilateral trading system, fostering sustainable and inclusive growth in both economies.

The Rt. Hon Kemi Badenoch MP, Secretary of State for Business and Trade, said:

TodayÔÇÖs dialogue and new agreement mark an exciting new chapter in UK-Japan cooperation, showing how our innovative economies complement each other. WeÔÇÖve signed up to CPTPP and already have a bespoke trade deal with Japan, but through these new talks we can now work more closely on cutting-edge tech like clean energy to ensure that our businesses stay competitive on the global stage.

Furthermore, the UKEF-NEXI agreement outlines their intention to share expertise, particularly in the reconstruction efforts of Ukraine. UKEF has been at the forefront of providing export credit agency support for Ukraine since 2021, playing a crucial role in the reconstruction of bridges in Kyiv and striving to ensure the country’s continuity of nuclear energy supplies. By sharing their knowledge and experience, both agencies can contribute to bilateral and multilateral efforts in reconstructing Ukraine.

This collaboration marks almost two decades of cooperation between the UK and Japanese export credit agencies, with the first Memorandum of Understanding being signed in 1995. Their shared membership in the G7 has nurtured and maintained a close relationship between these government organizations.

Notes to Editors

• UK Export Finance is the UKÔÇÖs export credit agency and a government department, working alongside the Department for Business and Trade as an integral part of its strategy and operations. Established in 1919, its mission is to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer.

• The non-binding Memorandum of Understanding was signed on 6 September 2023 by UKEFÔÇÖs Chief Strategy and Impact Officer and NEXIÔÇÖs Managing Executive Officer in the presence of UK Secretary of State for Business and Trade Kemi Badenoch and Japanese Minister of Economy, Trade and Industry Nishimura Yasutoshi.

• The Hiroshima Accord is an enhanced UK-Japan global strategic partnership which was announced before the May 2023 G7 summit.

• The PGII is an initiative which was announced at the June 2022 G7 summit which sees G7 member countries collaborate to fund infrastructure projects in developing countries.

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