Media Release
9 November 2009
Australian to head up global export credit body
The peak global body for export credit, the Berne Union, has announced the appointment of its new president, Mr Angus Armour, CEO and Managing Director of the Australian Government’s Export Finance and Insurance Corporation (EFIC).
Mr Armour will be taking over from Hidehiro Konno, Chairman & CEO of NEXI (Nippon Export and Investment Insurance, Japan). This is the first time that an Australian has been appointed to the role since 1975.
Trade Minister Simon Crean welcomed Mr Armour's appointment as President of the Berne Union.
"This decision shows Australia's strong reputation in finance and trade finance in particular and will give us a stronger voice in a range of multilateral fora,” he said.
"The Presidency of the Berne Union is an opportunity for Australia to continue to play a significant influencing role in shaping infrastructure around trade finance issues as well as shaping the agenda to promote free trade, influence the continuation of open and transparent trading rules and develop a sustainable response toward recovery from the global financial crisis.”
“The appointment recognises Mr Armour’s experience and EFIC’s expertise in trade finance which extends to complex cross-border transactions involving numerous financiers from the public and private sectors,” Mr Crean said.
The position of Berne Union president was last held by an Australian in 1975 when Mr Geoff Hawley, then managing director of EFIC, held the post.
With more than 70 members representing over 60 countries in the Berne Union and the Prague Club, the Berne Union represents export credit agencies that together finance approximately 10% of world trade. All members share information on the issues and challenges faced – discussing risk assessment and effective management strategies to support the flow of trade. The Berne Union also works closely with the IMF, World Bank, OECD and International Finance Corporation to shape international finance and trade policy.
The Berne Union was founded in 1934 in Berne, Switzerland to facilitate information exchange on countries, buyers and technical aspects of export credit and investment insurance.
As the Australian Government’s export credit agency, EFIC helps Australian exporters and overseas investors to overcome financial barriers by providing finance, finance guarantees, insurance and bonding facilities.
“Throughout periods of financial market uncertainty, EFIC has played an important role providing support for Australian exporters to overcome the financial barriers they face when growing their business overseas," Mr Crean said.
For more information on the Berne Union visit www.berneunion.org.uk and for more information on EFIC visit www.efic.gov.au.
Media Inquiries:
- Mr Crean's office: Clinton Porteous 0403 369 588
- EFIC: Nick Giurietto 0422 137 999
- Departmental
Media Liaison 02 6261 1555