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News
Annual Review 2010/2011 & October Newsletter now online (added 30/10/2011)
2nd BExA ECGD ECA Benchmarking Paper (added 25/10/2011)
BExA Commentary on Government Supported Working Capital Finance (added 25/09/2011)
BExA Commentary on Improving Credit from your supply chain (added 25/09/2011)
BExA welcomes huge increase in ECGD support for civil projects (added 07/07/2011)
The Bribery Act 2010 - BExA Commentary (added 06/07/2011)
Commentary on Contract Frustration (added 09/05/2011)
Commentary on New ECGD products (added 03/04/2011)
BExA Guide to Export Compliance (added 19/03/2011)
Libya Notice (added 01/03/2011)
Today's Trade White Paper - New ECGD Products (added 09/02/2011)
UKTI wins Best Trade Promotion Agency in the Developed World (added 20/10/2010)
ECGD ECA Benchmarking Paper (added 29/07/2010)
Annual Review 2010/2011 & October Newsletter now online
(Added 30/10/2011)
A year of achievement for BExA - the Annual Review 2010-2011 was tabled at the Annual Lunch on 26th October. The October 2011 Newsletter is also available to download. Both of these documents can be found on the Export Info page or by clicking on the links below:
2nd BExA ECGD ECA Benchmarking Paper
(Added 25/10/2011)
A new BExA ECA benchmarking paper welcomes ECGD's product developments since publication of the first benchmarking paper but says there is more to do to keep up with other export credit agencies.
2nd BExA ECGD ECA Benchmarking Paper
BExA Commentary on Government Supported Working Capital Finance
(Added 25/09/2011)
BExA welcomes two new Government schemes now available to support the provision of working capital finance for exporters, one operated by BIS targeted at SMEs needing up to £1m and the other available from ECGD for larger, individual, contracts.
BExA Commentary on Improving Credit from your supply chain
(Added 25/09/2011)
More than ever, UK exporters now have to offer credit terms to be competitive. Prudent suppliers will buy credit insurance to protect themselves from the risk of not being paid. See our Commentary which contains a list of UK credit insurers.
BExA welcomes huge increase in ECGD support for civil projects
(Added 07/07/2011)
ECGD's Annual Report and Accounts 2010-2011 was released today. It shows business volumes up 33% to nearly £3bn due to a five-fold increase in civil/industrial support. The Report and Accounts can be downloaded here
BExA has produced a press release, which can be downloaded below:
The Bribery Act 2010
(Added 06/07/2011)
The Bribery Act 2010 came into force on 1st July 2011. For a BExA Commentary on the Act see the following document:
BExA Commentary on The Bribery Act 2010
Commentary on Contract Frustration
(Added 09/05/2011)
Recent political events and natural disasters highlight the need to review contract terms. John Habergham of new BExA member Myton Law says "Contract frustration is a relief not readily granted. The courts will look to see what the parties have agreed as events excusing them from performance before considering whether the contract has been frustrated. A force majeure clause that states 'usual force majeure events to apply' or similar will be inadequate. Give the clause some thought and draft it realistically."
BExA Law Firm members:
Barlow Lyde & Gilbert
Clyde & Co.
Ince & Co,
Myton Law
BExA Commentary on Contract Frustration (pdf document)
Commentary on New ECGD products
(Added 03/04/2011)
BExA is taking an active interest in ECGD's new products. Commentary on the bond issue support scheme and the extension of its export credit insurance policy for non-OECD exports can be viewed below:
BExA Commentary on ECGD Bond Issue Support (pdf document)
BExA Commentary on ECGD Short Term Export Credit Insurance (pdf document)
BExA Guide to Export Compliance
(Added 19/03/2011)
Please see the attached new guide by BExA on Export Compliance.
All BExA Guides can be downloaded. For a complete list please go to the EXPORT INFO chapter of this BExA website here.
BExA Guide to Export Compliance (pdf document)
Libya Notice
(Added 01/03/2011)
Please see the attached notice regarding the situation in Libya.
Libya Notice (pdf document)
Today's Trade White Paper - New ECGD Products
(Added 09/02/2011)
BExA has been lobbying for several years for wider support from ECGD for short term export credit insurance for one-off non-OECD contracts, and also for bond issue support.
In 2010, these were key aspects of our manifesto for export, and the absence of these two key areas of support became clear when BExA compared the facilities offered and turnover insured by 38 leading Export Credit Agencies in our ECA Benchmarking Research.
In mid January this year,and in response to the early discussions on bond support which suggested that ECGD was not addressing the security issue for SMEs, BExA submitted a paper to Lord Green on exporters' working capital and bond support needs. This paper included an A to Z of examples of exporters that were not able to expand their exporting because of the difficulties in providing on demand bank bonds. BExA encouraged other relevant trade associations to send in examples from their own membership.
We are working with ECGD with regard to implementation of the new facilities, including wordings (of credit insurance) and security needs (of bond support) and we aim to provide more information in the near future, as well as at our seminar on 22 March.
BExA has been given assurances that, at least for Advance Payment Guarantees, the ECGD support is intended to improve the current position for SMEs in relation to the security requirements for bond issue."
Please see the following downloads for more information:
BIS Press Release (Word document)
Announcement Letter (pdf document)
UKTI wins Best Trade Promotion Agency in the Developed World
(Added 20/10/2010)
BExA congratulates UKTI for winning the top prize from the World Trade Promotion Organisation.
To see the story on the UKTI website, please click here.
Press Release (pdf document)
ECGD ECA Benchmarking Paper
(Added 29/07/2010)
BExA has been monitoring ECGDs services and offering with that of comparable Export Credit Agencies in other countries. The results of our research appear in a benchmarking paper, which has been updated to take account of ECGDs Annual Review published in July 2010.
BExA Export Credit Agency (ECA) comparison press release (pdf document)
BExA ECGD ECA Benchmarking Paper (pdf document)
Iran EU Sanctions
(Added 29/07/2010)
Clyde & Co have produced a summary of the key aspects of the European Union's new trade sanctions against Iran which impact energy, trade, transport and insurance sectors amongst others.
Download story (pdf document)
BExA Budget Submission June 2010
(Added 16/06/2010)
To view BExA's contribution to the discussion about the forthcoming Coalition Budget, please follow the link below:
BExA Budget Submission June 2010 (Word document)
BExA Press Release on Government Support for Export
(Added 29/04/2010)
To view BExA's Press Release on Government Support For Export, please follow the link below:
BExA Press Release On Government Support For Export (pdf document)
BExA Comments on Election Manifestos
(Added 29/04/2010)
BExA is committed to getting the best support for exporters from the incoming government. As world demand is starting to pick up, the UK must support its exporters so that they can compete internationally. Particular attention must be given to the work of UK Trade & Investment and the Export Credits Guarantee Department. It is with these points in mind that we have reviewed the party election manifestos issued by Labour, the Conservatives and the Liberal Democrats.
Our comments can be viewed in the following document:
BExA Comments On Election Manifestos (Word document)
Promote British Exports
(Added 14/03/2010)
A copy of a letter from the Chairman in the Daily Telegraph, 11th March 2010 can be downloaded from:
Letter (It is the third letter from the end of letters shown on this link).
US National Export Initiative
(Added 14/03/2010)
The full text of the speech by USA President Obama on his new National Export Initiative (11th March 2010)can be seen here:
BExA's Manifesto for Exporting, February 2010
(Added 23/02/2010)
On Monday 22nd February, BExA launched it's Manifesto for Exporting at a press conference. Links to the Manifesto and Press Release can be found below:
Since it's launch, BExA has received the following press coverage:
Daily Mail
Trade Finance Magazine
GTR [Global Trade Review]
Britains Q3 GDP statistics show that we continue in recession
(Added 23/10/2009)
BExA is actively pressing the Government for support for exports to stimulate growth. We would like to see government involvement in risk protection and finance of both short term and medium term trade, plus support for the issue of on-demand bonds. BExA is in dialogue with the Trade Minister and Shadow (Conservative) International Trade & Development Minister and Shadow (Liberal Democrat) Chancellor of the Exchequer.
BExA Guide to Financing Exports
(Added 20/10/2009)
The "NEW BExA Guide to Financing Exports" has just been issued (October 2009) and is downloadable here or from the downloads section of this website.
Potential For Government Support For Exports In 2009
(Added 15/07/2009)
BExA welcomes the Governments new found interest in exports. [As evidenced by the plethora of UKTI advertising hoardings on railway stations, the passing of the Industry and Exports (Financial Support) Act, and interest in introducing a new ECGD facility to cover banks when confirming letters of credit.]
At a time when exporters are suffering from lack of demand, difficulty in obtaining bank finance and a weak credit insurance market, BExA believes the following measures would have a beneficial impact on British export performance:
- Support for short term export credit insurance.
- An overhaul of ECGDs excessive Business Principles. BExA favours a level playing-field approach so that ECGD is in line with other countries export credit agencies.
- The provision by BIS - of Bond Issue Support.
- Support to banks for the funding of export finance loans
GTR BExA Young Exporter of the Year 2009
The 2009 Award was held in conjunction with the leading International Trade Finance magazine, Global Trade Review (GTR). The Winner, who was announced at the GTR Awards Lunch on 24th April 2009, is Marie Quilter, Principal Commercial Officer - China, Rolls-Royce.
Photos from the lunch can be found here
Bond Issue Support
Major exporters and SMEs turn away business because bond facilities are either unavailable from the commercial markets or will detract significantly from their company’s day-to-day banking lines.
BExA believes HMG should step in and share the risk with banks and surety companies so that more sound business can be undertaken by British exporters.
HMG has referred this matter to ECGD which has shown some interest in BExA’s proposals. But BExA feels strongly that any UK Bond Issue Support scheme should be administered by BIS and not by ECGD
Export Credits Guarantee Department
BExA also takes an active interest in the future of ECGD, the Export Credits Guarantee Department.
ECGD may only cover 3 to 4 per cent of UK exports but the trickle-down impact on UK’s manufacturing sector is substantial. A sub-contractor working for Rolls-Royce, ALSTOM or, perhaps, BAE SYSTEMS, may not consider himself to be an exporter - but the goods he makes could well be a vital component of a large export order.
ECGD provides vital insurance for business that is too large or stretches too long into the future to be of interest to the private insurance market.
BExA is delighted that during the year ECGD has increased to 80% the foreign content percentage that is permitted in a contract that it will cover.
The Association has asked ECGD to consider whether it will provide cover for unfair calling of tender bonds and also cover for offset performance bonds.
Consultation on ECGD LC Guarantee Scheme
(Updated 05/07/2009)
The deadline for responses to ECGD is 3rd July 2009. For more details, please click here.
To see BExA's submission to the consultation click here.
Nigerian Debt Write-off
BExA contends that creditors did not authorise ECGD to write-off (as opposed to re-schedule) the uninsured element of old ECGD Nigerian Short-Term debts. BExA is taking up this matter with ECGD.
Exporters with such debts that have been written off by ECGD should contact BExA.
Information Exchange
In the meantime we continue to provide regular information up-dates to members through focused emailing lists relating to ECGD.
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