DIPLOMATIC ECONOMY

EXIM’s Economic Relief, Recovery Measures, COVID-19 Impact On The Agenda

…As EXIM Chairman, Italian Ambassador Meet Via Teleconferencing

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By Emmanuel Oluebube

President and Chairman of the Export-Import Bank of the United States (EXIM) Kimberly A. Reed met Monday via teleconference with Ambassador of Italy to the United States Armando Varricchio. The Chairman and the Ambassador discussed the economic effects of the COVID-19 global pandemic, EXIM’s economic relief and recovery measures, and President Trump’s Memorandum on Providing COVID-19 Assistance to the Italian Republic.

During the meeting, Chairman Reed and Ambassador Varricchio discussed EXIM’s support to Italian businesses in line with President Trump’s April 10 memorandum, which directs EXIM to use available authorities to support the recovery of the Italian economy. Chairman Reed and Ambassador Varricchio also discussed opportunities for collaboration between EXIM and Servizi Assicurativi del Commercio Estero (SACE), Italy’s export credit agency, as well as the importance of security in global supply chains and commitment to small and medium-sized enterprises in both countries.

Chairman Reed highlighted EXIM’s historic seven-year Congressional reauthorization, which directs EXIM to establish a new Program on China and Transformational Exports. The program is intended to help level the playing field for US exporters and workers by directly neutralizing export subsidies for competing goods and services offered by the People’s Republic of China. The programme also focuses on supporting US innovation, employment, and technological standards globally in ten transformational export industries.

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