OECD Member countries and Brazil met in Paris to progress the review of the Sector Understanding on Export Credits for Civil Aircraft which sets out financial terms and conditions for officially supported export credits for such aircraft; the Sector Understanding is annexed to the Arrangement on Officially Supported Export Credits. For fourth time, the meeting was preceded by a consultation session with the Aviation Working Group (AWG).
At this stage of the discussions, the Group continued its analyses of technical options for designing financial disciplines to be applied to export credits in the aircraft sector; these discussions focused, in particular, on the desired objectives for such a Sector Understanding, as well as exchanging views on various methodologies for assessing and pricing airline and transaction risks. These elements were also discussed, and will continue to be discussed, with aviation industry and financing representatives which compose the AWG.
The Parties to the review agreed to meet again in the week of 24 April 2006 to progress further the discussions on the elements of a revised Sector Understanding.
The Parties to the review are Australia, Brazil, Canada, the European Community, Japan, Korea, New Zealand, Norway, Switzerland and the United States.