Common use of Measures to Safeguard the Balance of Payments Clause in Contracts

Measures to Safeguard the Balance of Payments. 1. If a Party is in serious balance-of-payments and external financial difficulties or under threat thereof, it may: (a) in the case of trade in goods, in accordance with GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, set out in Annex 1A to the WTO Agreement, adopt or maintain restrictive import measures; and (b) in the case of trade in services, adopt or maintain restrictions on payments or transfers related to trade in services. 2. If a Party is in serious balance-of-payments and external financial difficulties or under threat thereof, or if, in exceptional circumstances, payments or transfers relating to capital movements cause or threaten to cause serious difficulties for macroeconomic management, it may adopt or maintain restrictions on payments or transfers related to Chapter 12 (Establishment and Related Provisions). 3. Restrictions adopted or maintained under paragraph 1(b) or paragraph 2 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1(b) or paragraph 2; (d) be temporary and be phased out progressively as the situation specified in paragraph 1(b) or paragraph 2 improves; and (e) be applied on a non-discriminatory basis such that the other Party is treated no less favourably than any non-party. 4. In determining the incidence of restrictions adopted or maintained under paragraph 1 or paragraph 2, a Party may give priority to economic sectors which are more essential to its economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 5. Any restrictions adopted or maintained by a Party under paragraph 1 or paragraph 2, or any changes therein, shall be notified promptly to the other Party. 6. The Party adopting or maintaining any restrictions under paragraph 1 or paragraph 2 shall, on request, promptly commence consultations with the other Party in order to review the restrictions adopted or maintained by it.

Measures to Safeguard the Balance of Payments. 1. If Where a Party is in serious balance-of-balance of payments and external financial difficulties or under threat thereof, it may: (a) in the case of trade in goods, in accordance with GATT 1994 and the WTO Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, set out in Annex 1A to the WTO Agreement, adopt or maintain restrictive import measures; and; (b) in the case of trade in services, adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to trade such commitments;7 (c) in services. 2. If a Party is in serious balance-of-payments and external financial difficulties or under threat thereofthe case of investments, or if, in exceptional circumstances, payments or transfers relating to capital movements cause or threaten to cause serious difficulties for macroeconomic management, it may adopt or maintain restrictions on with regard to payments or transfers related relating to Chapter 12 (Establishment and Related Provisions)the transfer of proceeds from investment. 32. Restrictions adopted or maintained under Sub-paragraph 1(b(b) or paragraph 2 (c) of Paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1(b) or paragraph 2Paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1(b) or paragraph 2 Paragraph 1 improves; and (e) be applied on a non-discriminatory national treatment basis and such that the other Party is treated no less favourably than any non-partyParty. 43. In determining the incidence of restrictions adopted or maintained under paragraph 1 or paragraph 2such restrictions, a Party the Parties may give priority to economic sectors which are more essential to its their economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 54. Any restrictions adopted or maintained by a Party under paragraph 1 or paragraph 2Paragraph 1, or any changes therein, shall be promptly notified promptly to the other Party. 65. The Party adopting or maintaining any restrictions under paragraph Paragraph 1 or paragraph 2 shall, on request, promptly shall commence consultations with the other Party as soon as possible from the date of notification in order to review the restrictions measures adopted or maintained by it. 7This Sub-paragraph shall come into effect with respect to trade in services on entry into force of any commitments to liberalise trade in services under this Agreement.

Measures to Safeguard the Balance of Payments. 1. If Where a Party is in serious balance-of-balance of payments and external financial difficulties or under threat thereof, it may: (a) in the case of trade in goods, in accordance with GATT 1994 and the WTO Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, set out in Annex 1A to the WTO Agreement, adopt or maintain restrictive import measures; and; (b) in the case of trade in services, adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to trade such commitments;7 (c) in services. 2. If a Party is in serious balance-of-payments and external financial difficulties or under threat thereofthe case of investments, or if, in exceptional circumstances, payments or transfers relating to capital movements cause or threaten to cause serious difficulties for macroeconomic management, it may adopt or maintain restrictions with regard to payments relating to the transfer of proceeds from investment. 7 This Sub-paragraph shall come into effect with respect to trade in services on payments or transfers related entry into force of any commitments to Chapter 12 (Establishment and Related Provisions)liberalise trade in services under this Agreement. 32. Restrictions adopted or maintained under Sub-paragraph 1(b(b) or paragraph 2 (c) of Paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1(b) or paragraph 2Paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1(b) or paragraph 2 Paragraph 1 improves; and (e) be applied on a non-discriminatory national treatment basis and such that the other Party is treated no less favourably than any non-partyParty. 43. In determining the incidence of restrictions adopted or maintained under paragraph 1 or paragraph 2such restrictions, a Party the Parties may give priority to economic sectors which are more essential to its their economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 54. Any restrictions adopted or maintained by a Party under paragraph 1 or paragraph 2Paragraph 1, or any changes therein, shall be promptly notified promptly to the other Party. 65. The Party adopting or maintaining any restrictions under paragraph Paragraph 1 or paragraph 2 shall, on request, promptly shall commence consultations with the other Party as soon as possible from the date of notification in order to review the restrictions measures adopted or maintained by it.

Measures to Safeguard the Balance of Payments. 1. If The Parties shall endeavour to avoid the imposition of restrictions to safeguard the balance-of-payments. 2. Where a Party is in serious balance-of-payments and external financial difficulties or under threat thereof, it may: (a) in the case of trade in goods, in accordance with GATT 1994 and the Understanding on the Balance-Balance- of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, set out contained in Annex 1A to the WTO Agreement, adopt or maintain restrictive import measures; and; (b) in the case of trade in services, adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to trade such commitments; and (c) in services. 2. If a Party is case of establishment under Chapter 10 (Establishment), in serious accordance with paragraphs 1 to 3 of Article XII of GATS, mutatis mutandis, adopt or maintain restrictions to safeguard the balance-of-payments and external financial difficulties or under threat thereof, or if, in exceptional circumstances, payments or transfers relating to capital movements cause or threaten to cause serious difficulties for macroeconomic management, it may adopt or maintain restrictions on payments or transfers related to Chapter 12 (Establishment and Related Provisions)payments. 3. Restrictions adopted or maintained under paragraph 1(bsubparagraph 2(b) or paragraph 2 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1(b) or paragraph 2; (d) be temporary and be phased out progressively as the situation specified in paragraph 1(b) or paragraph 2 improves; and (e) be applied on a non-discriminatory basis such that the other Party is treated no less favourably than any non-partyParty. 4. In determining the incidence of the restrictions adopted or maintained under paragraph 1 or paragraph 2, a Party the Parties may give priority to economic sectors which are more essential to its their economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 5. Any restrictions adopted or maintained by a Party under paragraph 1 or paragraph 2, or any changes therein, shall be notified promptly to the other PartyParty within 14 days after the date such measures are taken. 6. The Party adopting or maintaining any restrictions under paragraph 1 or paragraph 2 shall, on request, promptly shall commence consultations with the other Party within 45 days after the date of notification in order to review the restrictions measures adopted or maintained by it.

Measures to Safeguard the Balance of Payments. 1. If Where a Party is in serious balance-of-balance of payments and external financial difficulties or under threat thereof, it may: (a) in the case of trade in goods, in accordance with GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, set out contained in Annex 1A to the WTO Agreement, adopt or maintain restrictive import measures; and; (b) in the case of trade in services, adopt or maintain restrictions on payments or transfers related to trade in services. 2. If a Party is in serious balance-of-payments and external financial difficulties or under threat thereofservices on which it has undertaken specific commitments, or if, in exceptional circumstances, payments or transfers relating to capital movements cause or threaten to cause serious difficulties for macroeconomic management, it may adopt or maintain restrictions including on payments or transfers for transactions related to Chapter 12 (Establishment and Related Provisions)such commitments. 32. Restrictions adopted or maintained under paragraph 1(b) or paragraph 2 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic economic, and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1(b) or paragraph 21; (d) be temporary and be phased out progressively as the situation specified in paragraph 1(b) or paragraph 2 1 improves; and (e) be applied on a non-discriminatory basis such that the other Party is treated no less favourably than any non-partyParty. 43. In determining the incidence of restrictions adopted or maintained under paragraph 1 or paragraph 21, a Party may give priority to economic sectors which are more essential to its economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 54. Any restrictions adopted or maintained by a Party under paragraph 1 or paragraph 21, or any changes therein, shall be notified promptly to the other Party. 65. The If a Party adopting considers that the restrictive measure adopted or maintaining any restrictions under paragraph 1 or paragraph 2 shallmaintained affects the bilateral trade relationship, on request, promptly commence it may request consultations with the other Party in order to review the restrictions adopted or maintained applied by it, and the other Party shall commence such consultations.

Measures to Safeguard the Balance of Payments. ‌ 1. If Where a Party is in serious balance-of-balance of payments and external financial difficulties or under threat thereof, it may: (a) in the case of trade in goods, in accordance with GATT 1994 and the WTO Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, set out in Annex 1A to the WTO Agreement, adopt or maintain restrictive import measures; and; (b) in the case of trade in services, adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to trade such commitments;7 (c) in services. 2. If a Party is in serious balance-of-payments and external financial difficulties or under threat thereofthe case of investments, or if, in exceptional circumstances, payments or transfers relating to capital movements cause or threaten to cause serious difficulties for macroeconomic management, it may adopt or maintain restrictions with regard to payments relating to the transfer of proceeds from investment. 7 This Sub-paragraph shall come into effect with respect to trade in services on payments or transfers related entry into force of any commitments to Chapter 12 (Establishment and Related Provisions)liberalise trade in services under this Agreement. 32. Restrictions adopted or maintained under Sub-paragraph 1(b(b) or paragraph 2 shall:(c) of Paragraph 1 shall:‌ (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1(b) or paragraph 2Paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1(b) or paragraph 2 Paragraph 1 improves; and (e) be applied on a non-discriminatory national treatment basis and such that the other Party is treated no less favourably than any non-partyParty. 43. In determining the incidence of restrictions adopted or maintained under paragraph 1 or paragraph 2such restrictions, a Party the Parties may give priority to economic sectors which are more essential to its their economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 54. Any restrictions adopted or maintained by a Party under paragraph 1 or paragraph 2Paragraph 1, or any changes therein, shall be promptly notified promptly to the other Party. 65. The Party adopting or maintaining any restrictions under paragraph Paragraph 1 or paragraph 2 shall, on request, promptly shall commence consultations with the other Party as soon as possible from the date of notification in order to review the restrictions measures adopted or maintained by it.