Common use of Emergency Safeguard Measures Clause in Contracts

Emergency Safeguard Measures. 1. The Parties shall initiate discussions within one year from the entry into force of this Agreement to develop mutually acceptable guidelines and procedures for the application of emergency safeguard measures within five years of the entry into force of this Agreement. 2. Notwithstanding paragraph 1, if: (a) a Party considers it has suffered a substantial adverse impact caused by a specific commitment in Annex 3 (Schedules of Specific Services Commitments) or Annex 4 (Schedules of Movement of Natural Persons Commitments); and (b) a Party provides for more favourable treatment under this Agreement than the Party is obliged to provide to services and service suppliers of the other Party under GATS or the AANZFTA Agreement at the time this Agreement enters into force, the affected Party may request consultations with the other Party to deal with such situation and the requested Party shall respond to the request in good faith. 3. In undertaking such consultations, the Parties shall endeavour to reach a mutually acceptable solution within a reasonable time.