ITARC 2018 - 9th International Trade & Academic Research Conference (ITARC), 2018

The dynamics of international trade have taken on an added significance in the light of the ramifications of the 2008 global financial crisis. Entire sectors and even nations have begun to reassess their trading relationships and the more enlightened are eager to gain an insight into the theories and processes that have helped certain economies to weather the storm. The emerging giants of Brazil, China and India are demanding greater attention and ensuring that practitioners and academics alike invest more time and resources in understanding where their economies are at and how they will shape future of relationships. As if proof were needed of this, one of the most significant events of 2014 was when the Export Credit Guarantee Corporation of India Ltd (ECGC) signed a Memorandum of Understanding (MOU) on Co-operation with BRICS countries Export Credit Insurance Agencies (ECA) in the presence of Heads of Governments from BRICS Summit in Fortaleza, Brazil. The five export credit agencies of BRICS countries namely the ABGF (Brazilian Fund and Guarantee Management Agency), EXIAR (Export Insurance Agency of Russia), ECGC (Export Credit Guarantee Corporation of India Ltd), SINOSURE (China Export & Credit Insurance Corporation) and ECIC (Export Credit Insurance Corporation of South Africa Ltd) are all state owned agencies and Members of the Association of International Union of Credit & Investment Insurers which is also known as the Berne Union and the Prague Club. Whilst the rate of globalisation appears to continue apace, there is a growing realisation that somewhere along the line there is a price to pay. Geo-political uncertainties coupled with technological change have transformed the trading landscape to such a degree that for all the apparent liberalisation there is increased evidence of the construction of trading blocks, some of which appear intent on fostering a ‘new protectionism’.