HC Deb 17 October 1972 vol 843 cc37-8W
47. Mr. Marten

asked the Secretary of State for Trade and Industry if he will make a statement about the European Economic Community proposals for export credit guarantees, and Her Majesty's Government's views thereon.

Mr. Noble

The United Kingdom accepts the objective of closer co-operation on export credit policy within the Community as one means of reducing distortion of competition between member States.

The measures already adopted by the EEC which the United Kingdom will apply from 1st January concern mainly the arrangements for co-ordination of policy, consultation on the larger overseas credits and reciprocal arrangements by which members will include a proportion of other members' products in export contracts which they are insuring.

There are also directives relating to the form of medium and short term cover, but these cannot be implemented until agreement has been reached on the basis and extent of harmonisation on other matters, including premium rates. We shall play a full part in settling this and in the future development of EEC policy in this field.