The only problem is that current law precludes the extension of Commodity Credit Corporation agricultural export credits unless there is a reasonable prospect of repayment.
In similar conditions in underdeveloped countries, the United States offers effective programs to induce economic investments, two programs like the Overseas Private Investment Corporation and the Export-Import Bank.
The World Trade Organization has ruled that our tax export subsidies--known as Foreign Sales Corporation and Extraterritorial Income Exclusion provisions--are illegal.
In late December 1988, in a hasty and ill-considered action, the Reagan Administration approved two separate requests by the Honeywell Corporation and by Baileys Controls to export high technology to the Soviet Ministry of Mineral Fertilizers (MMF).
The clean-energy export initiative is also being sponsored by the Departments of Commerce, State, and Agriculture and a clutch of federal agencies like the Export-Import Bank and the Overseas Private Investment Corporation.