Group on Export Credits and Credit Guarantees in relation with International Trade
In the context of trade organizations, Christopher Mark (1993) provided the following definition of Group on Export Credits and Credit Guarantees: A subgroup of the OECD Trade .Committee,comprising all OECD member countries, except Turkey, that participate in the Export Credits Arrangement (Sec. I).
Export Credits and the GATT Policy Negotiations
In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Export Credits: Deferred payment arrangements provided by exporters for goods or services sold internationally. Official export credits are deferred payment arrangements financed or underwritten by an exporter's government, and can have the same effect as an outright export subsidy. Export credits are generally divided into short term (less than two years), medium term (two to five years), and long-term (over five years) credits. They may take the form of “supplier credits” extended by the exporter, or “buyer credits,” in which the exporter's bank or other financial institution lends to the buyer. Export credit agencies may give official support to both supplier and buyer credits; such support may be limited to “pure cover” –insurance or guarantees given to exporters or lending institutions –or it may take the form of “financing support,” including direct credits, refinancing, and interest subsidies. All major industrialized countries are signatories to the OECD Export Credits Arrangement. SeeGroup on Export Credits and Credit Guarantees (Sec.I/l).
Arrangement on Guidelines for Officially Supported Export Credits and International Trade
Export Credits Arrangement