Common use of Balance of Payments Clause in Contracts

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. 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- 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.