Section 635p - Presidential mandate to negotiate; objectivesThe President shall vigorously pursue negotiations to limit and set rules for the use of tied aid for exports. The negotiating objectives of the United States should include reaching agreements-
(1) to define the various forms of tied aid credit, particularly mixed credits under the Arrangement on Guidelines for Officially Supported Export Credits established through the Organization for Economic Cooperation and Development (hereinafter in this subchapter referred to as the "Arrangement");(2) to phase out the use of government-mixed credits by a date certain;(3) to set rules governing the use of public-private cofinancing, or other forms of mixed financing, which may have the same result as government-mixed credits of drawing on concessional development assistance to produce subsidized export financing;(4) to raise the threshold for notification of the use of tied aid credit to a 50 per centum level of concessionality;(5) to improve notification procedures so that advance notification must be given on all uses of tied aid credit; and(6) to prohibit the use of tied aid credit for production facilities for goods which are in structural oversupply in the world. Pub. L. 98-181 title I [title VI, §643], Nov. 30, 1983, 97 Stat. 1263. - credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.