On Thursday 8 May, the European Commission authorised France to introduce a €5 billion re-insurance scheme for export credit for the United States.
The scheme, which runs from 8 May to 8 July, is designed to support exporters of wines and spirits in their operations to the United States before a new series of customs duties comes into force (see EUROPE 13636/1).
CAP Francexport offers credit for export to countries that are non-marketable on the private insurance market. The mechanism provides short-term guarantees to companies that provide insurance against a commercial and/or political risk that is related to payment obligations in an export transaction.
French wine and spirits exporters to the United States face risks that are temporarily unmarketable, according to the Commission. As a result, Cap Francexport will be able to add the United States to the list of countries covered by its export-credit insurance scheme, for the period from 8 May to 8 July 2025.
The measure is deemed “necessary, appropriate and proportionate” to support French wine and spirits exports to the United States during this short period. (Original version in French by Lionel Changeur)