"The law defines the principles of public financial support for export activities and aims at creating favorable conditions for expanding the export potential of domestic economic entities, protecting Ukrainian exporters against the risk of defaults and financial losses, increasing the competitiveness of Ukrainian goods (works, services) in the world markets," the Rada press service says.
The law specifies that the purpose of public financial support for export activities is the introduction of modern financial and credit technologies in foreign trade and the mechanisms of state support for exports; development of exports of goods (works, services) of Ukrainian origin, especially high-tech products export growth; increasing competitiveness of goods (works services) of Ukrainian origin in the world markets, in particular, by supporting Ukrainian exporters during their participation in international tenders; protection of Ukrainian exporters against the risk of defaults and financial losses associated with implementation of foreign trade agreements (contracts).
Under the law, public financial support for export activities is provided through insurance of export credits, investments, financial risks and foreign trade agreements (contracts), as well as through providing Ukrainian exporters with guarantees of foreign buyers' meeting their commitments on foreign economic agreements (contracts), and providing creditor banks with assurances on export credits.
Guarantees are provided to lender banks at the time of the issuance of export credits to Ukrainian exporters in accordance with the foreign economic agreements (contracts) concluded on the export and/or production of goods (works, services) of Ukrainian origin for further export, or to foreign buyers against their obligation to purchase goods (works, services) of Ukrainian origin.
For providing state financial support for export activities, the state represented by the Cabinet of Ministers shall set up a public financial institution in the form of a public joint stock company.
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