Common use of Balance of Payments Difficulties Clause in Contracts

Balance of Payments Difficulties. 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, 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. The relevant provisions of the GATT 1994 and the WTO Understanding on the Balance-of-Payments Provisions are hereby incorporated into and made part of this Agreement. 3. The Party introducing a measure under this Article shall promptly notify the other Parties and the Joint Committee thereof.

Balance of Payments Difficulties. 1. The Parties shall endeavour to avoid the imposition of restrictive measures for balance-of-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, 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. The relevant provisions of the GATT 1994 and the WTO Understanding on the Balance-of-of- Payments Provisions are hereby incorporated into and made part of this Agreement. 3. The Party introducing a measure under this Article shall promptly notify the other Parties and the Joint Committee thereof.