Following formal approval by the existing Participants, the UK is now a Participant to the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits (the Arrangement) and the related Aircraft Sector Understanding (ASU).
Up until EU exit, the UK (along with other EU member states) was represented by the European Commission under the ‘common commercial policy’.
The UK now has its independent seat and UKEF officials will represent the UK. UKEF will also continue to play its part in meetings of Arrangement subgroups such as the Country Risk Experts.
What is the Arrangement and who are its Participants?
The Arrangement (the ‘red book’) is the main set of rules that govern the provision of officially supported export credits.