There was some problem in identifying
precisely how we could calculate an equivalent
of the French concession on export credit
premium, but we found ways of presenting and
recalculating the ECGD premium to make ours
appear comparable to the French. But, with
the ceremony set for 4.30, when the final
draft was presented to us at 3.30 one of the
annexes had been completely revised to change
the terms for premium payment. On this occasion, the Bank of China Chairman was
Madam Huang, who was much less dominant in handling the JVC, and in the event ECGD were
presented with an ultimatum that either they accepted the implied concession in the text,
or the agreement would have to be signed
with this outstanding, and further discussed.
ECGD opted for the latter.
Post-Agreement Negotiations
In February 1986, the Bank of China made a
visit to London to clear up these outstanding
points. Inevitably, we gave them a welcoming
dinner, and they were entertained on the
basis that this was an occasion for pleasure
and not business. So the dinner proceeded
with nothing more than light conversation.
The following month, while ECGD were in
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