Proposal for a COUNCIL DECISION on the position to be taken on behalf of the European Union in the Meeting of the Participants to the Arrangement on Officially Supported Export Credits

The Organisation for Economic Cooperation and Development (OECD) is the
only international body which has developed detailed rules for export credits
through the OECD Arrangement on Officially Supported Export Credits (the OECD
Arrangement).
The OECD Arrangement (which first entered into force in April 1978) is a so-called
"Gentlemen's Agreement" between nine 'Participant' countries or regional trading
blocs (namely the EU, the US, Canada, Japan, South Korea, Nonruay, Switzerland,
Australia and New Zealand) and it establishes a framework for the orderly use of
officially supported export credits. Not all OECD members are Participants to the
OECD Arrangement. lt has rules to create a level playing field for exporters within
Participant countries, allowing competition based on the price and quality of
exported goods and not on the financial terms or government support provided
to them. lt also works to eliminate subsidies and trade distortions related to
officially supported export credits.