How will US anti-Covid aid to Italy (to avoid China)

How will US anti-Covid aid to Italy (to avoid China)

What do the US-Italy agreements provide for support to companies operating against Covid and beyond? The article by the analyst Massimo Ortolani

On 10 April, President Trump signed the Memorandum on Providing Covid-19 Assistance to the Italian Republic , with which the United States committed itself to providing assistance and medical material to a friendly and allied country like ours. A commendable initiative which also included the activation of telemedicine services and the supply of sophisticated health care equipment (as confirmed by the sending of a mobile patient stabilization system), and which also included facilitating contacts between the Italian health authorities and the US producers of the requested items.

Two months after April 10, the pandemic threat in our country has fortunately been much weakened than in the United States. But Covid-19 has meanwhile generated severe recessive impacts in both countries. It is in this modified context of common economic concerns that a video conference was held on June 8 between our ambassador to Washington Armando Varricchio and the president of the US Eximbank Kimberly A. Reed. Dominant themes: the economic effects of the pandemic and the economic aid and recovery measures that can be implemented by Eximbank which, pursuant to sect. 6 of the Memorandum , are expected to be extended to Italian companies.

The press release on the contents of the interview indicates that the collaboration opportunities between Eximbank and our Sace, the importance of the safety factor in the international supply chains, as well as the commitments for the benefit of SMEs in both countries.

These are topics that potentially shift the focus of collaboration also on issues with geopolitical, as well as economic, implications. So much so that the Chairman wished to underline how, with the presidential act authorizing the continuation of the Eximbank's business, it was asked to manage a program specifically dedicated to China and exports with high innovation content.

The Program on China and Transformational Exports aims to neutralize in general the effect of export subsidies for those competing goods and services, financed by official export credits, loans at subsidized rates or mixed financing, provided by China or others " covered countries ”and to promote the US leadership more than the Chinese leadership in comparative terms, or to support innovation, employment and technological standards through direct exports to one of the 10 strategic economic sectors indicated in the program.

It will certainly be interesting to verify what the possible outcome of the interview on these latter aspects, of possible collaboration in the diplomatic-financial sphere, could be in Italy.

This is a machine translation from Italian language of a post published on Start Magazine at the URL on Fri, 12 Jun 2020 13:45:57 +0000.