The Organization for Economic Cooperation and Development (OECD) offers an open platform for multilateral negotiations, that brings governments and experts together to elaborate theoretical ideas and practical approaches to address world's primary economic, social and environmental issues, develop international rules and regulatory standards as well as promote sound and smart international economic policies. As one of the leading international regulatory bodies, OECD sets the guidelines for export credit activities provided by the governments and adopts good governance approaches that include recommendations in such areas as combating bribery and promotion of sound environmental policies to ensure an open, fair and transparent trade system. Thus, by following OECD rules, export credit agencies and development banks contribute to the development of a level playing field among all official export finance providers.
Since export credit and insurance support is one of the main areas of support provided by REC Group, the need to comply with certain internationalwith regard to officially supported export credits becomes essential.
The primary OECD framework documents that the companies of REC Group are guided by in their activities are:
- OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (including the OECD Guidelines on Combating Bribery of Foreign Public Officials in Officially Supported Export Credits, 2006);
- Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (Common Approaches).