The 20th Meeting of the International Working Group on Export Credits (IWG) is being held from September 17-19 in Brasilia. In addition to Brazil, which currently chairs it, IWG includes South Africa, Australia, Canada, China, South Korea, the United States, India, Indonesia, Israel, Japan, Malaysia, Norway, New Zealand, Russia, Switzerland, Turkey and the European Union.
The IWG has been negotiating a new international agreement to set the rules that countries should follow when granting financing for their exports. Some of these rules involve, for example, the maximum percentage that can be financed by governments in an export operation, the maximum time to settle the financed amount or the interest rates to be applied.
Common rules in the area of official export credits are essential: they help to make competition between exports from different countries based on the price and quality of goods and services offered rather than determined by more advantageous financing conditions.