Press Release: Foreign Sales Corporations (FSC): EU welcomes US repeal of illegal export subsidies – EU to lift sanctions and ask for check on WTO compatibility

The European Commission strongly welcomed the signature, by the US President of the Bill repealing the illegal FSC/ETI export subsidies, which thus became US law. This was the latest act in an effort from the US to comply with several WTO rulings which had found the legislation in question to provide illegal subsidies to US exporters to the tune of $US 4 billion per year. The law, however, provided that FSC/ETI benefits would still be available to US exporters up to the end of 2006 and in some cases for an unlimited period thereafter.