Strengthening Trade and Investment: UK Export Finance and Export Finance Australia Bolster Relationship

The partnership between UK Export Finance (UKEF) and Export Finance Australia (EFA) has achieved a significant milestone with the signing of a Memorandum of Understanding (MoU), solidifying their collaboration in key interest areas. This MoU represents a notable progression in strengthening the already robust relationship between the two agencies and will facilitate expanded cooperation in sectors such as the energy transition, infrastructure, and the development of secure supply chains.

An example of the recent joint ventures that highlight the fruitful partnership between UKEF and EFA is the financing of the Hai Long Offshore Wind Power Project in Taiwan, standing as the largest renewable energy project financed by both agencies. This accomplishment further underscores their commitment to supporting sustainable and innovative initiatives.

The signing of the MoU on the anniversary of the Australia-United Kingdom Free Trade Agreement (A-UKFTA) serves as evidence of the substantial dedication of both the United Kingdom and Australia in maximising their trading potential and pursuing new investment opportunities in the Indo-Pacific region. Tim Reid, the Chief Executive of UKEF, expressed his optimism and enthusiasm regarding the collaboration, stating that the combined efforts of the two agencies will create numerous opportunities for British businesses and contribute to overall economic growth. Echoing this sentiment, he also highlighted UKEF’s dedication to strengthening its partnerships with counterparts such as EFA.

Similarly, John Hopkins, the Managing Director and CEO of EFA, affirmed the shared interests and aspirations of the two agencies, particularly in critical areas such as Indo-Pacific infrastructure, essential minerals, and defence. He emphasised that the MoU will lead to increased engagement, more substantial exchanges at a working level, and joint financing endeavours, thereby enhancing their already robust partnership.

The commitment of UKEF and EFA to fortifying their relationship clearly demonstrates their proactive approach towards strengthening trade and investment initiatives. By consolidating their efforts, both agencies are striving to create a more conducive environment for sustainable development and economic advancement.

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