Treaties — Definition — Understanding drafted by Organization for Economic Co-operation and Development — Whether a treaty — Formal designation less important than fact that binding obligations imposed

Treaties — Power to conclude — European Economic Community — Treaty-making powers of the Community and its Member States — Treaty on export credits — Whether falling within treaty-making power of Community — Power of Community to conclude treaties on matters in which it had internal legislative competence — Whether power exclusive or concurrent with powers of Member States — EEC Treaty, Articles 113, 114 and 228(1)

Economics, trade and finance — Commercial treaties — Treaty limiting export credits — OECD Understanding on Local Cost Standard — Participation in Understanding by the European Economic Community — The law of the European Economic Community