Considerations on COM(2022)456 - EU position by the Participants to the Arrangement on Officially Supported Export Credits (“Arrangement”) with regard to the modernisation of the Arrangement - Main contents
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| dossier | COM(2022)456 - EU position by the Participants to the Arrangement on Officially Supported Export Credits (“Arrangement”) with regard to the ... |
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| document | COM(2022)456  |
| date | July 14, 2023 |
(2) The Participants to the Arrangement (‘Participants’) are to decide on modernising the rules of the Arrangement, in particular in respect to provisions governing maximum repayment terms, repayment profile, minimum premium rates and introduction of a possibility to apply floating interest rates in export credit support transactions.
(3) It is appropriate to establish the position to be taken on the Union's behalf, because the decision to amend the Arrangement by the Participants will have legal effects in the Union as a matter of Union law by virtue of Regulation (EU) No 1233/2011 of the European Parliament and of the Council of 16 November 2011 on the application of certain guidelines in the field of officially supported export credits and repealing Council Decisions 2001/76/EC and 2001/77/EC.
(4) The proposed amendments to the Arrangement would allow export credit agencies of the Participants’ countries, including the European Union, to offer buyers and borrowers of exported goods and services in third countries financing terms and conditions that are aligned with sound market practices, thus enabling to address market failures and fill financing gaps without crowding out of commercial finance operators. By doing so, the modernised Arrangement would strengthen the global competitiveness of EU exporters, and therefore make a significant contribution to the economic growth and jobs in the Union.