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Framework for a bigger picture
01 September 2007
Export credit deals have always varied from one country to another, but the new aircraft sector understanding aims to change that. Natasha Yazdabadi reports.
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Export Credit
Aircraft Sector Understanding
Boeing
Airbus
Exim Bank
ECGD
For the past 30 years export credits have been a primary source of financing despite being advocated as a last resort. In recent years official export credit support for civil aircraft sales has covered deals valued at between $7 billion and $10 billion annually.
In July the new aircraft sector understanding (ASU) agreement was signed in Rio after two years of negotiations between OECD member countries. Signatories include Australia, Japan, South Korea, New Zealand, Norway, Switzerland, the US and the European Community.
The agreement will replace the large aircraft sector understanding (Lasu) and includes, for the first time, a non-OECD member. Along with the world's other major civil aircraft exporting countries and OECD countries, Brazil will join the new ASU. The agreement is open to signature by other non-OECD countries that manufacturer aircraft, such as China and Russia. To protect the commercial expectations of parties, the new ASU has a...
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