Malaysian exporters are now able to sell to Russian buyers on credit terms, said Bank Industri and Teknologi Malaysia Bhd.
In a statement it said that an agreement was signed between Malaysia Export Credit Insurance Bhd (MECIB) and Ingosstrakh Joint Stock Insurance Company (Ingosstrakh) of the Russian Federation.
Following the agreement, it said, the trade arrangements were reciprocal in nature with each party supporting trade between the two countries by providing Export Credit Insurance and Guaranteed facilities to exporters and banks.
The pact is expected to generate more trade, enhance bilateral ties and greatly facilitate exchange of information.
Currently, Malaysia exports among other things palm oil, rubber and furniture.The total trade between Malaysia and Russia stood at RM1.3bn (US$354m) last year.
Source: BERNAMA the Malaysian News Agency
