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Gold/Mining/Energy : Bombardier, maker of planes and trains and other things

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To: Gilbert Drapeau who wrote (830)	12/13/2000 1:38:45 PM
From: Gilbert Drapeau	Read Replies (1) of 1177

Bombardier Invites Brazil and Embraer to Submit the Amended ProEx to the WTO MONTREAL, QUEBEC--DECEMBER 13, 2000 - 10:40 EST Reacting to the WTO decision granting Canada the right to impose sanctions against Brazil over its aircraft subsidy program, Bombardier reaffirmed its position in this dispute. /T/ * The WTO provides clear mechanisms to determine if a country has met the requirements of a ruling. Bombardier urges Brazil to avail itself of the WTO procedure to establish whether the amended ProEx is in compliance with the WTO ruling. In the case of the Technology Partnership Canada (TPC) program, Canada did so and the amendments were approved. Brazil has so far refused to submit the latest modified ProEx to the WTO. * Although Brazil claims to have brought Proex in compliance, it is Bombardier's strong contention that the amended ProEx still represents substantial prohibited subsidies. * Bombardier believes that government supported financing should not be offered to aircraft purchasers at rate and conditions below market. Bombardier has supported and still supports the setting up of an independent third party process to monitor aircraft sales transactions and resolve potential disputes before they occur. /T/ Bombardier hopes that Brazil will go back to the WTO and submit the revised ProEx program so that its alleged compliance can be examined. Bombardier recognizes Canada's leadership in protecting the Canadian Aerospace industry from illegal trade practices abroad. Bombardier Inc., a diversified manufacturing and service company, is a world leading manufacturer of business jets, regional aircraft, rail transportation equipment and motorized recreational products. It is also a provider of financial services and asset management. The Corporation employs 56,000 people in 12 countries in North America, Europe and Asia, and more than 90% of its revenues are generated outside Canada. Bombardier's revenues for its fiscal year ended Jan. 31, 2000 totalled $13.6 billion.

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