BNDES’ Export Credit Program and Subsidies International Rules

José Guilherme Moreno Caiado


The consistency of Brazil’s export credit program (BNDES-EXIM) with WTO’s SCM Agreement is analyzed. The export performance and the national content clauses of these credit lines suggest that they could be considered prohibited subsidies. The interest rates composition offered and the presence or lack of risk elements could imply that the program is “as such” inconsistent. After concluding that the credit lines under the BNDES-EXIM fall under the category of “subsidy” and also of “prohibited subsidy”, the paper discusses the possibility of applying the exceptions foreseen in the SCM Agreement. It then briefly presents possible alternatives for policy makers to bring the national legislation into conformity.


WTO; ASCM; Export credit; Brazil; BNDES


Economic Analysis of Law Review  -  ISSN 2178-0587

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