International Trade committee  I can only say that, in relation to the EDC portfolio, our claims have been fairly small in Russia.

International Trade committee  From our perspective, I just want to stress that EDC will look at the specifics of a transaction that is brought to our consideration. The level of economic activity taking place in Russia goes far beyond the immediate Canadian level of business activity. We would look at the spe

International Trade committee  I would say that the banking sector in Russia is still relatively small. It's considered to be, I would say, under market. From a regulatory point of view, they've made some progress. I believe some foreign financial institutions are making investments in the banking sector right

International Trade committee  In the recent past, some companies have insisted, when selling to Russia, on getting cash in advance. Right now companies are moving towards benefiting from credit terms, through letters of credit issued by a Russian bank and confirmed by a Canadian bank.

International Trade committee  But as successful business transactions happen and are in accordance with our standards, I think it will create a trickle effect. There is a grassroots war to be fought to change the perception of the market and to give guidance to companies in regard to which sectors and which t

International Trade committee  Our experience is similar with the diaspora. Essentially, our approach is a little bit more focused on sectors, the size of companies, and the regional focus here in Canada, so that we can do some outreach with whoever is interested in cultivating and developing transactions. Our

International Trade committee  From EDC's perspective, we see over recent years in Russia a greater predictability and a greater consistency. We recognize that there are some shortcomings in certain cases. On the other hand, that's precisely why we have a political risk insurance program, to allow Canadian c

International Trade committee  Right now we see a demand that is reflective of the actual amount of investments taking place. We see a growth in the program for Russia right now that correlates with the actual growth of investments in the country. Typically, when a country matures to a greater type of busine

International Trade committee  In the case of the EDC, we have rules of ethics and we're bound by anti-corruption guidelines, which are inspired by OECD guidelines against corruption. So those criteria are stringently applied to any transactions that we might be called upon to support in Russia.

International Trade committee  As companies typically become more integrated in the global economic environment, they tend to want to follow international standards. One of the conditions of being part of the international global environment is to follow a certain ethical standard. If not, then it precludes yo

International Trade committee  Thank you, Mr. Chairman. EDC is open for all of its family of programs in Russia, across the board. As was illustrated by Mr. Cumberlege's exposé, the landscape in Russia has changed in recent years so the quality of the risk in the market is much better than it used to be. We a

International Trade committee  Right now, as you are inferring, 80% of the export earnings in Russia are related to natural resources. With this new-found wealth the Russians are trying to diversify in other sectors. Some of the sectors that are of particular interest to us are agriculture, light manufacturing

International Trade committee  It's starting. There are beginning to be some inroads in this area, but the prospect for future growth is increasing at a rapid pace.

International Trade committee  It's very important to understand that our specific mandate is to support Canadian exports and Canadian investments. When we at the EDC review a proposal in which we are asked to take part, we do so on the basis of a specific transaction, such as the issue of greenhouse gases or

International Trade committee  We are actively working with CERBA to develop outreach programs in Canada, and occasionally in Russia, so that we can foster a greater understanding about Canada in Russia and Russia in Canada. Mr. Cumberlege mentioned a very important point in his presentation, that in the pas