Proposal for a COUNCIL DECISION on the position to be taken on behalf of the European Union regarding the envisaged decision of the Participants to the Arrangement on Officially Supported Export Cr...

EUROPEAN COMMISSION Proposal for a COUNCIL DECISION Brussels, 26.5.2025 COM(2025) 253 final 2025/0126 (NLE) on the position to be taken on behalf of the European Union regarding the envisaged decision of the Participants to the Arrangement on Officially Supported Export Credits on interest rate provisions EXPLANATORY MEMORANDUM 1. SUBJECT MATTER OF THE PROPOSAL This proposal concerns a decision establishing the position to be taken on the European Union's behalf by the European Commission in the context of the Arrangement on Officially Supported Export Credits (the ‘Arrangement’) regarding an envisaged decision to amend the Arrangement’s interest rate provisions. These provisions set the minimum Commercial Interest Reference Rates (‘CIRRs’) that apply to official financing support for export credits. 2. CONTEXT OF THE PROPOSAL 2.1. The Arrangement on Officially Supported Export Credits The Arrangement is a gentlemen's agreement between the EU, the US, Canada, Japan, Korea, Norway, Switzerland, Australia, New Zealand and Türkiye, which aims to provide a framework for the orderly use of officially supported export credits. In practice, this means establishing a level playing field (whereby competition is based on the price and quality of the exported goods and services and not on the financial terms provided), while working to eliminate subsidies and trade distortions related to officially supported export credits. The Arrangement entered into...