the European Coal and Steel Community and the European Economic Community (collectively , the 'EC'), both parties have agreed to the following concerning steel trade: Article 1 1 . The US and the EC recognize that there is a need to achieve efficient new general disciplines in the context of the Uruguay Round of Multilateral Trade Negotiations to avoid trade distorting practices . 2 . The US and the EC recognize the economic importance of the steel sector for their economies , the history of public support and barriers to market access which have distorted trade in steel for many years, and the other specific characteristics of this sector. 3 . To cover the period prior to the establishment of new GATT disciplines during the Uruguay Round , the US and EC have agreed to conclude this bilateral agreement , the basic objectives of which are : — to provide a transition toward the more liberal conditions for steel trade, which will result from the rules and disciplines of the GATT negotiated in the Uruguay Round, — to reduce distorting practices in steel , and — to establish a trading environment for steel that is fair and open. 4 . This Agreement, while facilitating the achievement of the objectives described in paragraph 3 , shall not prejudice the negotiating positions of the US or EC with respect to general disciplines on subsidies , dispute settlement or tariff and non-tariff measures in the GATT or in the Agreement on Interpretation and Application of Articles VI , XVI ^nd XXIII of the General Agreement on Tariffs and Trade. The US and EC recognize that this Agreement cannot predetermine the results of the Uruguay Round of Multilateral Trade Negotiations or the techniques or modalities for achieving disciplines under negotiation in the Uruguay Round that may apply to the steel sector under general rules or otherwise. 5 . The US and EC confirm that their mutual interests will be served by working together in the Uruguay Round to achieve multilateral agreement on rules imposing effective disciplines on public support , and limitations on tariff and non-tariff measures, that are consistent with the aims and principles of this Agreement. To obtain this objective, the US and EC agree that they will both seek such agreement in the Uruguay Round and coordinate their efforts to this end . Article 2 1 . The US and EC reaffirm , for purposes of this Agreement , their obligations under existing multilateral rules not to grant any export subsidy identified in the Illustrative List of Export Subsidies in the Annex to the Agreement on Interpretation and Application of Articles VI , XVI and