European and US negotiators have agreed to reform the mechanism of supporting aircraft sales, so-called export credits, to allow US and European airlines to benefit, the French newspaper Les Echos reported on Monday. The compromise was reached during the latest negotiating session on Friday at the headquarters of the Organisation for Economic Co-operation and Development in Paris, and a deal could be announced as soon as Tuesday following a green light from Washington, the newspaper said.
The current system of export credits is opposed by major American and European airlines, which do not benefit from the scheme, and which complain that it helps support their competitors in the Gulf. European manufacturer Airbus and Boeing of the United States want the export credits system to continue, saying it helps many foreign airlines to finance their aircraft purchases. Export credits were involved in the sale of one third of Airbus' aircraft in 2009, according to the newspaper.
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