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Cotton industries disappointed with Arbitration Panel decision on GSM
Sep '09
Notably, the $2 billion in GSM-102 loans taken by Brazil's banks during the country's 2002-2003 financial crisis constituted a vital source of foreign exchange liquidity at a time when Brazil was virtually cut off from the international credit and trade finance markets. In fact, the liquidity afforded by the GSM-102 program was instrumental in allowing Brazil to avert a collapse of its banking system, its balance of payments, and its economy as a whole. With the onset of the global credit crisis, Brazilian banks have again turned to the GSM-102 program as a source of vital trade finance liquidity, taking more than $1.1 billion in GSM-102 loans during FY08-FY09.

We commend the efforts of the U.S. government led by the Office of the U.S. Trade Representative and the U.S. Department of Agriculture on this case. They have clearly articulated the modifications to the program that put it in compliance and are consistent with the negotiating text. We look forward to working with any interested party to ensure that the many changes previously made to USDA's export credit guarantee programs are better understood by the WTO and others.

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