DTI's functions, and may get rid of some, but not export credits and small-business support.
Britain said it would not give export credits for arms sales to 63 of the world's poorest countries.
The European Union (EU) does not normally let member governments insure short-term export credits to developed countries anyway.
Germany has cut its export credits to Iran by a third over the past year and plans to reduce them further.
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We are working for international agreement to extend this to cover other countries which provide export credits for poor countries as well.
There will be a ban on short-term export credits, guarantees and insurance.
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.
Some European governments have already scaled back their export credits while others have promised to limit their guarantees and loans for Iranian deals in the future.
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The focus on eliminating export subsidies, which are used far more by the Europeans than by America, obscures the fact that America's export credits and its food-aid programme distort global farm trade too.
The government's export credit agency, the Export Credits Guarantee Department (ECGD), will launch an Export Working Capital Scheme, a Bond Support Scheme, and will support banks offering foreign exchange hedging contracts to SMEs by sharing credit risk.
Finally, the idea of joining with European nations to abolish export credits for airliners is impractical because new aircraft exporters such as Brazil and China are entering the global market who would not be party to any such agreement.
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The Export Credits Guarantee Department (ECGD), however, sees its role less as an active promoter of British exports than as a last-ditch line of defence when the market has no answer (it is also charged with making a profit).
Under the terms of this side letter, however, the United States agrees not to collect on the Lend-Lease debt until the U.S. government makes available to the Soviet Union export credits, guarantees and insurance through the U.S. Export-Import Bank and other government credit facilities!
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Under the most recent Aircraft Sector Understanding agreed to by U.S. and European nations, it costs borrowers significantly more to use government export credits for their aircraft purchases than it would to use commercial financing, but borrowers with good credit ratings like Southwest Airlines will always get better terms than borrowers with inferior ratings.
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Concerning the prospect of restored Soviet access to U.S. Export-Import Bank credits -- this issue should be evaluated separately from the conditions under which the United States might grant MFN status.
As important as Export-Import Bank credits, government investment guarantees and other U.S. subsidies potentially provided for by this accord might be, by conveying to Tokyo, Bonn and other Western capitals a sort of U.S. "Good Housekeeping" seal of approval, Washington also encourages others who may have still "deeper pockets" to move aggressively to assist the Soviet economy with taxpayer funds.
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