The agreement intends to bolster the robust trade and economic cooperation between the two countries, including export ties.

ECI said that the broad scale of trade credit insurance between the two firms is expected to help anticipate and mitigate risks they might encounter due to various political, commercial and non-commercial challenges.

The agreement comes following the alliance ECI and EGE formed at the end of 2019, which spawned a significant increase in their non-oil trade despite the economic impacts imposed by the pandemic crisis, according to ECI.

The UAE has maintained a strong, historical bilateral relationship with Egypt since its establishment, and the non-oil trade relations between these regional powers continue to improve, riding on a host of strategic collaborations, noted Massimo Falcioni, CEO of ECI.

"Deepening our existing partnership, this reinsurance agreement will give rise to unparalleled trading opportunities for local businesses to improve their regional and global competitiveness,” he added.

For his part, Mohamed Azzam, managing director and general manager of EGE, said that the UAE has always been Egypt’s leading trading partner in the region, with significant mutual business cooperation prevailing among the citizens of both nations for a long time.

"We believe this reciprocal reinsurance partnership with Etihad Credit Insurance will usher in a new era of economic prosperity, making a huge difference in our businesses transactions through a wide range of credit insurance solutions offered by both ECAs,” he stated.

In 2020, despite the impacts of the COVID-19 pandemic, trade exchange between the two countries rose to $4.1 billion, up from $3.3 billion in 2019, according to Ministry of Trade and Industry.

UAE represents Egypt's largest trading partner in the Middle East, according to trade ministry.