"To examine, in the light of the relevant provisions of the covered agreements cited by Brazil in document WT/DS70/9, the matter referred to the DSB by Brazil in that document and to make such findings as will assist the DSB in making the recommendations or in giving the rulings provided for in those agreements."
· eligible industries remain "specifically targeted" because of their export orientation;
· eligible activities continue to betray an interest in near-market projects;
· export performance is an implicit selection and assessment criterion; and
· many TPC documents have not yet been replaced or amended.
We shall examine each of these factors in turn.
"Provided, however, that if a Member is a party to an international undertaking on official export credits to which at least twelve original Members to this Agreement are parties as of 1 January 1979 (or a successor undertaking which has been adopted by those original Members), or if in practice a Member applies the interest rates provisions of the relevant undertaking, an export credit practice which is in conformity with those provisions shall not be considered an export subsidy prohibited by this Agreement".
"The Participants providing official financing support through direct credits/financing, refinancing and interest rate shall apply minimum interest rates; the Participants shall apply the relevant Commercial Interest Reference Rates (CIRRs)."
"The Participants providing official financing support shall apply minimum interest rates; the Participants shall apply the relevant CIRR set out in Article 15 of the Arrangement".
"b) Where official financing support is provided for floating rate loans, banks and other financing institutions shall not be allowed to offer the option of the lower of either the CIRR (at the time of the original contract) or the short-term market rate throughout the life of the loan."
Thus, as Canada notes, Article 17(b) does contain a reference to official support for floating rate loans. In our view this text does not, as Canada argues, clearly authorize official support for floating rate financing at rates below CIRR90, or establish that any such financing is "in conformity" with the interest rate provisions of the Arrangement and therefore qualifies for the safe haven in item (k).
(a) That all Canada Account transactions in the regional aircraft sector would take the form of either direct credits/financing, refinancing or interest rate support (i.e., official financing support) with repayment terms of two years or more;
(b) That such official financing support would be at fixed interest rates;
(c) That the net interest rates126 of all such transactions would be at or above the relevant CIRR;
(d) That all applicable provisions of Articles 7-10 and 12-26 of the Arrangement, and of Articles 18-24127 and Articles 27-29(a)-(c) of Annex III would be respected in full;
(e) That any permitted exceptions would be within the limitations specified in the relevant provisions of the Arrangement;
(f) That no derogations would be made, either at Canada’s initiative or via matching.
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