§ Mr. Wrigglesworth
asked the Secretary of State for Trade whether there have been any recent developments concerning the Anglo-Soviet export credit arrangement of 1975.
§ Mr. Dell
Since my statement of 28th July last that the Export Credits Guarantee Department had informed the Soviet authorities of the raising of interest rates chargeable under this agreement to levels corresponding to those in the international consensus on export credits, it has become clear that some major countries are nevertheless continuing to apply to their exports to Russia the preferential interest rates prevailing prior to this consensus. It has long been Government policy that British exporters should enjoy credit terms which match those of our major competitors. ECGD has therefore agreed with the Soviet authorities that the rates chargeable under the 1975 agreement shall be modified accordingly; and I trust this will pave the way to gaining further substantial contracts.—[Vol. 935, c. 384.]