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Partial EC-U.S. procurement agreement averts trade war.

An agreement between the United States and the European Community that partially resolved a dispute over public procurement practices avoided a potential trade war and opened huge central government markets to both U.S. and EC companies.

The agreement guaranteed U.S. companies nondiscriminatory access to the EC's heavy electrical equipment market and granted EC companies access to U.S. publicly owned federal utilities contracts and eventually to federal government contracts offered at state and municipal levels.

However, the United States failed to gain access to the EC telecommunications market. As a result, it will impose some sanctions to which the EC will be free to respond. Either side may revoke the agreement unilaterally after one year if it considers insufficient progress has been made in reducing barriers.
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Sep 1, 1993
Words:128
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