How Much Credit for Export Credit Support Under the SCM Agreement?

This contribution examines the degree of policy space the WTOleaves its Members to support export credits for non-agriculturalgoods. In the light of existing case law, it illustrates thatexport credit support offered by export credit agencies thataims at complementing the private trade finance market wouldin principle be prohibited under the SCM Agreement. However,while some low-income countries can rely on a specific exceptionon the prohibition on export subsidies, all WTO Members can,on the basis of the Illustrative List of Export Subsidies, justifycertain subsidized export credits that are in accordance withthe interest rate provisions of the OECD Arrangement. But, asthe case law and the OECD Arrangement currently stand, subsidizedexport credit guarantees and insurance as well as subsidizedshort-term export credits cannot rely on this safe haven. Hence,the article shows that export credit agencies, except for thoseof some low-income countries, cannot play a complementary roleto the private market in offering such support. Moreover, thiscontribution demonstrates that export credit support in accordancewith the safe haven might still be countervailable and actionable.Finally, it is argued that an exception which can be modifiedby a subgroup of WTO Members, like the safe haven, can no longerbe accepted.     

The regular article tracking developments at the national level in key European countries in the area of IT and communications – co-ordinated by Herbert Smith LLP and contributed to by firms across Europe

This column provides a concise alerting service of important national developments in key European countries. Part of its purpose is to compliment the journal's feature articles and briefing notes by keeping readers abreast of what is currently happening “on the ground” at a national level in implementing EU level legislation and international conventions and treaties. Where an item of European National News is of particular significance, CLSR may also cover it in more detail in the current or a subsequent edition.     

Human rights and the distribution of U.S. foreign aid

In contrast to the findings of other studies, we conclude that human rights play a significant and substantive role in determining the distribution of U.S. foreign aid. We find that the foreign aid program relates aid to the need of recipient nations, rewards nations for furthering human rights, does not discriminate on the basis of race or religion, and responds to national security interests of the U.S. The finding that the program does what most people assert it should do provides a new explanation for the rigidity of distributions over time.     

Opportunities Beckon

<正>Yantai makes a name for itself along the Belt and Road In 2013,Chinese President Xi Jinping proposed the Belt and Road Initiative,comprising the development plans of the Silk Road Economic Belt and the 21st-Century