The European Commission said on Tuesday it had struck a deal with Moscow that will allow Russia gradually to increase its steel exports to the European Union through the year 2001. This will pave the way for the complete liberalisation of bilateral trade in steel, the Commission said. in a statement.
Under the deal, EU quotas will be raised by 10 percent in 1997, a further five percent in 1998 and 2.5 percent more each year until the end of 2001.
This process could happen even earlier depending on when Russia applies competition, state aid and environmental disciplines compatible with those in the EU, it said.
Furthermore, the deal will be reviewed if Russia joins the (World Trade Organisation) before 2001.
The accord, reached after negotiations in Moscow last week, will now be submitted to the EU Council of Ministers and the Russian government for approval, the Commission said.
