Considerations on COM(2016)779 - EU position in the Working Party to the OECD Arrangement on Officially Supported Export Credits with regard to Market Benchmark Pricing Rules

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dossier COM(2016)779 - EU position in the Working Party to the OECD Arrangement on Officially Supported Export Credits with regard to Market ...
document COM(2016)779 EN
date December  8, 2016
 
(1) An international framework for the orderly use of export credits is essential for a global level playing field and for facilitating international trade. Such a framework has to be regularly updated, such as in the proposed update of Market Benchmark Pricing Rules being discussed among Participants to the OECD Arrangement on Officially Supported Export Credits ('the OECD Arrangement').

(2) Extensive discussions on Market Benchmark Pricing Rules have taken place in the OECD Working Party on Export Credits and Credit Guarantees. 

(3) Modifications to the OECD Arrangement in respect of Market Benchmark Pricing Rules are expected to be adopted on 1 February 2017.

(5) The OECD Arrangement including its Annexes and its modifications has legal effects in the Union by virtue of Regulation (EU) No 1233/2011 of the European Parliament and of the Council 1 . Article 2 of Regulation (EU) No 1233/2011 states that "[t]he Commission shall adopt delegated acts in accordance with Article 3 to amend Annex II as a result of amendments to the guidelines agreed upon by the Participants to the Arrangement".

(6) Accordingly, in accordance with Article 218(9) TFEU, it is necessary to establish the position to be taken by the Union within the Export Credit Committees of the OECD on the modifications to the OECD Arrangement

(7) A modification to the OECD Arrangement on the basis of the main orientations of the Revised Chairman's Proposal with regard to Market Benchmark Pricing Rules, attached to this Decision, should be agreed to by the representatives of the Union in the OECD Export Credit Committees. This may include agreement to changes on specific points that do not alter the main orientations without further decision of the Council.

(8) In order to ensure that the measures provided for in this Decision are effective, it should enter into force immediately.