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EDA to launch new offsets code of conduct

BRUSSELS, May 11 (UPI) -- The European Defense Agency announced plans to launch its new code for offsets in a move to help shape the European defense-contracting market.

The EDA said it plans to launch its new Code of Conduct on Offsets on July 1. The new code is part of an effort to establish a more transparent use of offsets, or the compensation practices under defense equipment or services purchasing agreements, the EDA reported.

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The Code of Conduct on Offsets is expected to include 25 EDA participating countries and Norway. Officials said the new code will not include participation from Romania.

"Today is an important day on our journey toward the establishment of a truly European defense-equipment market," Alexander Weis, EDA chief executive, said in a statement.

"This is a remarkable achievement -- something that was thought impossible just a few years ago. Now, for the first time ever, European countries will break new ground introducing much needed transparency, which has often been lacking in offsets."

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