The EU and US strike a deal
18th December, 2007
Companies in the EU will be allowed access to some sectors of the US for trade opportunities despite the law which bans online gaming in the USA.
The "compensation" for lost revenue is in the form of openings in the postal and courier sector, storage and warehousing and research and development. A EU spokesman who seemed happy with the agreement said; "This deal is the result of negotiations within the WTO framework and compensates us for the loss of trading opportunities in the gambling sector. We have accepted the most meaningful package in that regard."
Others think that this deal has set a very bad precedent - that a country can withdraw from their obligations on fair trade and then throw some measley compensation to the other parties is not relaistic in the long term and undermines the WTO. This could pave the way for other countries to decide that they do not want to stick to their World Trade agreements and buy their way out.
