(Archived Content)
2006-6-20-12-17-46-19824
Treasury negotiated multilateral rules to reduce or eliminate the use of foreign export financing subsidies. Since 1992, tied aid credits have been cumulatively reduced by about $80 billion. Treasury estimates that U.S. exports of capital goods are higher by at least $1 billion a year as the result of tied aid rules that reduce trade distortions, Lowery said in testimony. Furthermore, if the U.S. had competed for these additional exports by using tied aid, it would have required roughly $300 million annually in additional appropriations - meaning a cumulative savings of $4 billion for U.S. taxpayers since 1993.
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