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.
2. The Party introducing a measure under this Article shall promptly notify the Joint Committee.
Balance of Payments. 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 paragraphs 2 through 4 and are:
Balance of Payments. 1. The Parties shall endeavour to avoid the imposition of restrictive measures for balance of payments purposes.
2. 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 GATT 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.
3. The Party introducing a measure under this Article shall promptly notify the other Parties thereof.
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.
2. As soon as practicable after a Party imposes a measure under this Article, the Party shall:
(a) submit any current account exchange restrictions to the International Monetary Fund (IMF) for review under Article VIII of the Articles of Agreement of the IMF;
(b) enter into good faith consultations with the IMF on economic adjustment measures to address the fundamental underlying economic problems causing the difficulties; and
(c) adopt or maintain economic policies consistent with such consultations.
3. A measure adopted or maintained under this Article shall:
(a) avoid unnecessary damage to the commercial, economic or financial interests of the other Party;
(b) not be more burdensome than necessary to deal with the balance of payments difficulties or threat thereof,
(c) be temporary and be phased out progressively as the balance of payments situation improves;
(d) be consistent with paragraph 2(c) and with the Articles of Agreement of the IMF; and
(e) be applied on a national treatment or most-favoured-nation treatment basis, whichever is better.
4. A Party may adopt or maintain a measure under this Article that gives priority to services that are essential to its economic program, provided that a Party may not impose a measure for the purpose of protecting a specific industry or sector unless the measure is consistent with paragraph 2(c) and with Article VII(3) of the Articles of Agreement of the IMF.
5. Restrictions imposed on transfers:
(a) where imposed on payments for current international transactions, shall be consistent with Article VIII(3) of the Articles of Agreement of the IMF;
(b) where imposed on international capital transactions, shall be consistent with Article VI of the Articles of Agreement of the IMF and be imposed only in conjunction with measures imposed on current international transactions under paragraph 2(a);
(c) where imposed on transfers covered by Article IX of the Agreement Between the Government of the Republic of Costa Rica and the Government of Canada for the Promotion and Protection of Investments, signed in San Xxxx on March 18, 1998, shall be consistent with Annex I, Section V of that Agreement;
(d) where imposed on transfers related to trade in g...
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. The Parties shall endeavour to avoid the imposition of restrictive measures for balance of payments purposes.
2. 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 GATT 1994, adopt trade restrictive measures, which shall be of limited duration and non- discriminatory, and shall not go beyond what is necessary to remedy the balance of payments situation.
3. The Party introducing a measure under this Article shall notify the other Parties thereof within 14 days after such a measure is taken.
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. Either Contracting Party, when faced with serious balance of payments difficulties or under treat 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.
2. Either Contracting Party intending to resort to such measures, shall enter into consultations with the other party with a view to designing a mutually acceptable mechanism to address the situation. In the event of it not being practical to enter into prior consultations, they shall promptly do so following the adoption of such measures. While in consultation, the Contracting Parties shall give exhaustive consideration to all other possible alternative solutions to deal with the situation.
3. If the Contracting Parties fail to come to a mutually satisfactory agreement within three months of the beginning of such consultations, the party affected by serious balance of payments difficulties, may adopt or maintain the measure concerned provided that it will:
a. Avoid unnecessary damage to the commercial, economic or financial interests of the other party;
b. not be more burdensome than necessary to deal with the balance of payments difficulties or threat thereof;
c. be temporary and be phased out progressively as the balance of payments situation mitigates, and
d. be applied in a manner that the other party is treated no less favorably than any non-contracting party.
4. In case the balance of negotiated concessions is substantially affected by the measures of a Contracting Party, falling under the provisions of this Article, the other Contracting Party shall have the right to deviate from its obligations under this Agreement with respect to substantially equivalent trade, until such time those restrictive measures are relaxed.
Balance of Payments. 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. 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
