Industrial and emerging economies throughout the world have developed their national systems to support the exports of their industries. Traditionally one of the main instruments has been export credit insurance. Export credit agencies aim to favour, as far as possible, national products and differences in national regulation on this issue can have a major impact on manufacturers.

The engineering industry is the principal user of medium and low term export credit insurance and we, therefore, warmly welcome further harmonisation of the export credit insurance system as part of the OECD incentive.