For air travelers, the accord presumably means more competition among carriers and lower fares.

But he said the accord would also mean "full freedom for internal political forces to express their views and to seek support for their positions."

"An accord without them would have meant a rapid resumption of fighting," he said.

But today's accord means that China can take a larger role in setting the agenda there.

And they acknowledged that today's deregulatory accord would mean little if Japan's economy kept contracting.

For many of Angola's nearly nine million people, the accord may in fact mean the first peace they have known.

Today's accord, he said, would mean "locking in Con Ed's unacceptably high rates for another five years."

The administration says the accord will mean new efficiencies and substantial savings.

But, he told more than 1,300 shareholders, an accord would "mean the removal of the uncertainty surrounding our company."

He said the accord could mean fatter profits for the Japanese, which they could pump back into their operations, giving them a competitive advantage.