Common Market, U.S. Reach Accord, Prevent Pasta War
BRUSSELS — European Economic Community governments today approved an agreement with the United States on subsidies of European pasta exports, ending a dispute that had brought America and the EEC to the brink of a trade war.
The agreement following almost seven months of negotiation won unanimous approval from the member states’ envoys, but must be formally endorsed by the capitols by Friday, said diplomatic sources who called the ratification virtually assured.
The deal, reached by U.S. trade representative Clayton Yeutter and Willy De Clercq, the EEC commissioner for external relations, calls for a reduction of European pasta export subsidies by 27.5%.
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