Development of industry. 1. A Party after the consultation with the other Parties may for the purpose of encouraging new productive activities which contribute to economic development, whether by the establishment of a new industry or an extension of the range of commodities produced or manufactured by an existing industry suspend for a period of 3 years the application of the provisions of Article 6 of this Agreement and levy customs duties on goods contained in Schedule 1 to this Agreement which are imported from the territory of the other parties and which are like, or competing with, goods produced by the new activities. 2. Duties shall not be levied under the provisions of paragraph 1 of this Article at a rate higher than the lowest rate applicable to import of similar goods from any third country. 3. In exceptional circumstances and after consultation and renegotiations with other Parties a Party may, for the purpose of establishing new industries or encouraging the expansion of established industries, withdraw items from Schedule 1 to this Agreement.
Appears in 4 contracts
Samples: Trade Agreement, Trade Agreement, Trade Agreement
