European Union and China reach compromise on coke problem
As reported by SteelOrbis, restrictions on coke exports imposed by China have stood as a problem between China and EU for a long time. EU set deadline for China to lift the restrictions on export of subject raw material as last Friday i.e May 28, 2004. On the condition that, China does not lift the restrictions till that day, EU would take the issue to World Trade Organization (WTO). However the negotiations went on Friday and the two parties reached an agreement on coke trade. According to the deal, EU and China will work together to eliminate export license system by the end of 2004 and EU will be allowed to import 4.5 million tons of coke from China in 2004 however the deal does not cover the years after 2004. Both parties will have negotiations on coke trade after 2004 in the coming weeks.