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 XXIII of the General Agreement on Tariffs and Trade . 2 . The US and the EC agree that other public support shall not be granted to their steel industries except as provided in Appendix A. 3 . For purposes of this Agreement 'Public Support' to the steel industry means intervention specifically provided by law or in fact to that sector by the US or EC ,' their Member States or ---pagebreak--- N'.' L 368 / 178 Jornal Oficial das Comunidades Europeias 18 . 12. 89 States , or any regional or local authorities or through public resources in any form whatsoever. It shall in particular cover the foregoing of receipts, such as fiscal concessions , and the transfer of public resources to steel undertakings in the form of acquisitions of shareholdings or provisions of capital or similar financing which cannot be regarded as a genuine provision of risk capital according to usual investment practice in a market economy. 4 . Public support commitments taken by the US or EC before the entry into force of this Agreement and described in Appendix B shall not be affected by this Agreement . Article 3 Because tariff and non-tariff measures can restrict and distort steel trade flows, the US and the EC agree to implement liberalization of both tariff and non-tariff measures as follows : 1 . Tariffs: Through negotiations in the Uruguay Round , the US and the EC agree to seek from all participants substantial reductions , harmonization , or; as appropriate, elimination of tariffs on steel , as well as a substantial increase in the scope of bindings . 2. Non-tariff measures: The US and the EC agree not to introduce any steel trade restrictive or distorting measures inconsistent with the provisions of the GATT or the instruments negotiated within the framework of GATT or under its auspices. Further, the US and EC agree not to take trade restrictive measures for balance of payments reasons . In addition , the US and EC agree to phase out all steel voluntary restraint agreements with third parties by 31 March 1992. Article 4