Press Release: Foreign Sales Corporations (FSC): US to repeal illegal export subsidies as from 2007

On 11 October 2004, nearly four years after the expiry of the deadline established by the WTO, the US Congress adopted a Bill repealing the FSC/ETI legislation. The WTO had repeatedly condemned the FSC/ ETI which provided WTO-illegal subsidies to US exporters to the tune of $US 4 billion per year. The Bill, however, provides that FSC/ETI benefits would still be available to US exporters up to the end of 2006.