Balance of Payments. 1. Nothing in this Agreement shall be construed to prevent a Party from adopting or maintaining measures that restrict transfers where the Party experiences serious balance of payments difficulties, or the threat thereof, and such restrictions are consistent with this Article.
Balance of Payments. 1. The Parties shall endeavour to avoid the imposition of restrictive measures for balance of payments purposes.
Balance of Payments. 1. A Party in serious balance of payments difficulties, or under imminent threat thereof, may, in accordance with the conditions established under the GATT 1994 and the WTO Understanding on the Balance of Payments Provisions of the General Agreement on Tariffs and Trade 1994, adopt trade restrictive measures, which shall be of limited duration and non- discriminatory, and may not go beyond what is necessary to remedy the balance of payments situation.
Balance of Payments. 1. In the case of trade in goods, a Party may, in accordance with GATT 1994 and the Understanding on Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, adopt restrictive import measures in order to safeguard its external financial position and its balance of payments.
Balance of Payments. Should either Party decide to impose measures for balance of payments purposes, it shall do so in accordance with the Party’s obligations under the WTO Agreement. In adopting such measures, the Party shall strive not to impair the relative benefits accorded to the other Party under this Agreement.
Balance of Payments. 1. If a Party experiences serious external financial or balance- of-payments difficulties or threat thereof, that Party may adopt or maintain restrictive measures with regard to trade in goods, trade in services and establishment, including on payments or transfers related to such transactions.
Balance of Payments. 1. Either Contracting party, when faced with serious balance of payments difficulties or under threat thereof, may take restrictive measures with regard to the transfer of payments for its current account transactions in the framework of this Agreement, subject to conditions and procedures set out in this Article.
Balance of Payments. A Tripartite Member/Partner State facing severe balance of payments and external financial difficulties, and that has taken all reasonable steps to overcome the difficulties, may adopt appropriate measures in accordance with guidelines to be determined by the Tripartite Council of Ministers, provided that such measures shall be reviewed annually.
Balance of Payments. 1. If a Party experiences serious external financial or balance-of-payments difficulties or threat thereof, that Party may adopt or maintain restrictive measures with regard to trade in goods, trade in services and establishment, including on payments or transfers related to such transactions. 2. Any restrictive measure adopted or maintained pursuant to paragraph 1 shall be non-discriminatory and of limited duration, shall not go beyond what is necessary to remedy the balance- of- payments situation, and shall be in accordance with the conditions established in the WTO Agreement and consistent with the Articles of the Agreement of the International Monetary Fund, as applicable [86]. 3. The Parties shall endeavour to avoid the imposition of restrictive measures referred to in paragraph 1. In the event of the introduction or modification by a Party of such measures, such Party, shall promptly notify them to the other Parties and present, as soon as possible, a time schedule for their removal. 4. Consultations shall be held promptly within the Trade Committee. Such consultations shall assess the balance- of- payments situation of the Party adopting or maintaining restrictive measures under this Article, as well as the measures themselves, taking into account, inter alia, factors such as: (a) the nature and extent of the balance of payments and the external financial difficulties; (b) the external economic and trading environment; and (c) alternative corrective measures which may be available. Consultations shall address the compliance of any restrictive measure with paragraphs 2 and 3. All statistical findings and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments shall be accepted, and conclusions shall be based on the assessment by the International Monetary Fund of the balance-of- payments and the external financial situation of the Party introducing the measures. DISPUTE SETTLEMENT
Balance of Payments. 21. The government will submit the following information to IMF staff: • any revised balance of payments data (including services, private transfers, official transfers, and transactions for the capital and financial account) as soon as the data are revised; and • foreign trade statistics (volume and price) prepared by the national statistics agency within three months of the end of the reporting month.
