Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition. 2. The restrictions referred to in paragraph 1: (a) shall not discriminate among Members; (b) shall be consistent with the Articles of Agreement of the International Monetary Fund; (c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member; (d) shall not exceed those necessary to deal with the circumstances described in paragraph 1; (e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves. 3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector. 4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council. (a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article. (b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate. (c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as: (i) the nature and extent of the balance-of-payments and the external financial difficulties; (ii) the external economic and trading environment of the consulting Member; (iii) alternative corrective measures which may be available. (d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout of restrictions in accordance with paragraph 2(e). (e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting Member. 6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 11 contracts
Samples: General Agreement on Trade in Services, General Agreement on Trade in Services, General Agreement on Trade in Services
Restrictions to Safeguard the Balance of Payments. 1. In Notwithstanding the event provisions of serious balance-of-payments and paragraph 1 of Article XI, any contracting party, in order to safeguard its external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the position and its balance of payments payments, may restrict the quantity or value of a Member in merchandise permitted to be imported, subject to the process provisions of economic development or economic transition may necessitate the use following paragraphs of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transitionthis Article.
2. The restrictions referred to in paragraph 1:
(a) Import restrictions instituted, maintained or intensified by a contracting party under this Article shall not discriminate among Members;exceed those necessary:
(i) to forestall the imminent threat of, or to stop, a serious decline in its monetary reserves; or
(ii) in the case of a contracting party with very low monetary reserves, to achieve a reasonable rate of increase in its reserves. Due regard shall be paid in either case to any special factors which may be affecting the reserves of such contracting party or its need for reserves, including, where special external credits or other resources are available to it, the need to provide for the appropriate use of such credits or resources.
(b) Contracting parties applying restrictions under sub-paragraph (a) of this paragraph shall be consistent with progressively relax them as such conditions improve, maintaining them only to the Articles extent that the conditions specified in that sub-paragraph still justify their application. They shall eliminate the restrictions when conditions would no longer justify their institution or maintenance under that subparagraph.
(a) Contracting parties undertake, in carrying out their domestic policies, to pay due regard to the need for maintaining or restoring equilibrium in their balance of Agreement payments on a sound and lasting basis and to the desirability of avoiding an uneconomic employment of productive resources. They recognize that, in order to achieve these ends, it is desirable so far as possible to adopt measures which expand rather than contract international trade.
(b) Contracting parties applying restrictions under this Article may determine the incidence of the International Monetary Fund;restrictions on imports of different products or classes of products in such a way as to give priority to the importation of those products which are more essential.
(c) shall Contracting parties applying restrictions under this Article undertake:
(i) to avoid unnecessary damage to the commercial, commercial or economic and financial interests of any other Membercontracting party;*
(ii) not to apply restrictions so as to prevent unreasonably the importation of any description of goods in minimum commercial quantities the exclusion of which would impair regular channels of trade; and
(iii) not to apply restrictions which would prevent the importations of commercial samples or prevent compliance with patent, trade mark, copyright, or similar procedures.
(d) shall not exceed those necessary The contracting parties recognize that, as a result of domestic policies directed towards the achievement and maintenance of full and productive employment or towards the development of economic resources, a contracting party may experience a high level of demand for imports involving a threat to deal with its monetary reserves of the circumstances described sort referred to in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
2 (a) Members applying of this Article. Accordingly, a contracting party otherwise complying with the provisions of this Article shall consult promptly with not be required to withdraw or modify restrictions on the Committee on Balance-of-Payments Restrictions on ground that a change in those policies would render unnecessary restrictions adopted which it is applying under this Article.
(ba) The Ministerial Conference Any contracting party applying new restrictions or raising the general level of its existing restrictions by a substantial intensification of the measures applied under this Article shall establish procedures4 for periodic consultations immediately after instituting or intensifying such restrictions (or, in circumstances in which prior consultation is practicable, before doing so) consult with the objective of enabling such recommendations to be made CONTRACTING PARTIES as to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation nature of the Member concerned and the restrictions adopted or maintained under this Articleits balance of payments difficulties, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available, and the possible effect of the restrictions on the economies of other contracting parties.
(b) On a date to be determined by them,* the CONTRACTING PARTIES shall review all restrictions still applied under this Article on that date. Beginning one year after that date, contracting parties applying import restrictions under this Article shall enter into consultations of the type provided for in subparagraph (a) of this paragraph with the CONTRACTING PARTIES annually.
(i) If, in the course of consultations with a contracting party under subparagraph (a) or (b) above, the CONTRACTING PARTIES find that the restrictions are not consistent with provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV), they shall indicate the nature of the inconsistency and may advise that the restrictions be suitably modified.
(ii) If, however, as a result of the consultations, the CONTRACTING PARTIES determine that the restrictions are being applied in a manner involving an inconsistency of a serious nature with the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that damage to the trade of any contracting party is caused or threatened thereby, they shall so inform the contracting party applying the restrictions and shall make appropriate recommendations for securing conformity with such provisions within the specified period of time. If such contracting party does not comply with these recommendations within the specified period, the CONTRACTING PARTIES may release any contracting party the trade of which is adversely affected by the restrictions from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in the circumstances.
(d) The CONTRACTING PARTIES shall invite any contracting party which is applying restrictions under this Article to enter into consultations shall address with them at the compliance request of any contracting party which can establish a prima facie case that the restrictions are inconsistent with paragraph 2the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that its trade is adversely affected thereby. However, no such invitation shall be issued unless the CONTRACTING PARTIES have ascertained that direct discussions between the contracting parties concerned have not been successful. If, as a result of the consultations with the CONTRACTING PARTIES, no agreement is reached and they determine that the restrictions are being applied inconsistently with such provisions, and that damage to the trade of the contracting party initiating the procedure is caused or threatened thereby, they shall recommend the withdrawal or modification of the restrictions. If the restrictions are not withdrawn or modified within such time as the CONTRACTING PARTIES may prescribe, they may release the contracting party initiating the procedure from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in particular the progressive phaseout of restrictions in accordance with paragraph 2(e)circumstances.
(e) In such consultationsproceeding under this paragraph, all findings the CONTRACTING PARTIES shall have due regard to any special external factors adversely affecting the export trade of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, contracting party applying the restrictions.*
(f) Determinations under this paragraph shall be accepted and conclusions shall be based on the assessment by the Fund rendered expeditiously and, if possible, within sixty days of the balance-of-payments and the external financial situation initiation of the consulting Memberconsultations.
65. If there is a Member which is not a member persistent and widespread application of the International Monetary Fund wishes to apply the provisions of import restrictions under this Article, indicating the Ministerial Conference existence of a general disequilibrium which is restricting international trade, the CONTRACTING PARTIES shall establish a review procedure and initiate discussions to consider whether other measures might be taken, either by those contracting parties the balance of payments of which are under pressure or by those the balance of payments of which are tending to be exceptionally favourable, or by any other procedures necessaryappropriate intergovernmental organization, to remove the underlying causes of the disequilibrium. On the invitation of the CONTRACTING PARTIES, contracting parties shall participate in such discussions.
Appears in 5 contracts
Samples: General Agreement on Tariffs and Trade (Gatt), General Agreement on Tariffs and Trade (Gatt), General Agreement on Tariffs and Trade (Gatt)
Restrictions to Safeguard the Balance of Payments. 1. In Notwithstanding the event provisions of serious balance-of-payments Articles 8.18 and external financial difficulties or threat thereof, a Member 8.37 of this Agreement each Party to this Chapter may adopt or and maintain restrictions on trade in services on services, establishment and investments in respect of which it has commitments were undertaken specific commitmentsby such Party in accordance with this Chapter, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on commitments referred to in Articles 8.18 and 8.37 of this Agreement in the event of serious balance of payments of a Member in and external financial difficulties and threat thereof and subject to the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1condition that such restrictions:
(a) shall not discriminate among Membersbe applied on a most-favoured-nation basis;
(b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(c) shall avoid unnecessary damage to the commercial, economic and financial interests of any the other MemberParty to this Chapter;
(d) shall not exceed those necessary to deal with the circumstances described in paragraph 1this paragraph;
(e) shall be temporary and be phased out progressively as the situation specified in this paragraph improve.
2. The Party to this Chapter introducing a restriction under paragraph 1 improvesof this Article shall promptly notify the other Party to this Chapter of such measure.
3. In determining the incidence of such restrictions, Members the Parties to this Chapter may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, Nothing in this Agreement shall be promptly notified affect the rights and obligations of a Party to the General Council.
(a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available.
(d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout of restrictions in accordance with paragraph 2(e).
(e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting Member.
6. If a Member Chapter which is not a member of the International Monetary Fund wishes under the Articles of Agreement of the International Monetary Fund, including the use of exchange actions which are in conformity with the Articles of Agreement of the International Monetary Fund, provided that such Party to apply this Chapter shall not impose restrictions inconsistently with the provisions conditions provided for in paragraph 1 of this Article, .
5. This Article shall not be subject to the Ministerial Conference shall establish a review procedure and any other dispute settlement procedures necessarystipulated by the Article 8.38 of this Agreement.
Appears in 3 contracts
Samples: Free Trade Agreement, Free Trade Agreement, Free Trade Agreement
Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1:
(a) shall not discriminate among Members;
(b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member;
(d) shall not exceed those necessary to deal with the circumstances described in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
(a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available.
(d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout phase out of restrictions in accordance with paragraph 2(e).
(e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting Member.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 2 contracts
Samples: General Agreement on Trade in Services (Gats), General Agreement on Trade in Services (Gats)
Restrictions to Safeguard the Balance of Payments.
1. In Notwithstanding the event provisions of serious balance-of-payments and paragraph 1 of Article XI, any contracting party, in order to safeguard its external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the position and its balance of payments payments, may restrict the quantity or value of a Member in merchandise permitted to be imported, subject to the process provisions of economic development or economic transition may necessitate the use following paragraphs of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transitionthis Article.
2. The restrictions referred to in paragraph 1:
(a) Import restrictions instituted, maintained or intensified by a contracting party under this Article shall not discriminate among Members;exceed those necessary:
(i) to forestall the imminent threat of, or to stop, a serious decline in its monetary reserves, or
(ii) in the case of a contracting party with very low monetary reserves, to achieve a reasonable rate of increase in its reserves. Due regard shall be paid in either case to any special factors which may be affecting the reserves of such contracting party or its need for reserves, including, where special external credits or other resources are available to it, the need to provide for the appropriate use of such credits or resources.
(b) Contracting parties applying restrictions under sub-paragraph (a) of this paragraph shall be consistent with progressively relax them as such conditions improve, maintaining them only to the Articles extent that the conditions specified in that sub-paragraph still justify their application. They shall eliminate the restrictions when conditions would no longer justify their institution or maintenance under that sub- paragraph.
(a) Contracting parties undertake, in carrying out their domestic policies, to pay due regard to the need for maintaining or restoring equilibrium in their balance of Agreement payments on a sound and lasting basis and to the desirability of avoiding an uneconomic employment of productive resources. They recognize that, in order to achieve these ends, it is desirable so far as possible to adopt measures which expand rather than contract international trade.
(b) Contracting parties applying restrictions under this Article may determine the incidence of the International Monetary Fund;restrictions on imports of different products or classes of products in such a way as to give priority to the importation of those products which are more essential.
(c) shall Contracting parties applying restrictions under this Article undertake:
(i) to avoid unnecessary damage to the commercial, commercial or economic and financial interests of any other Membercontracting party;*
(ii) not to apply restrictions so as to prevent unreasonably the importation of any description of goods in minimum commercial quantities the exclusion of which would impair regular channels of trade; and
(iii) not to apply restrictions which would prevent the importations of commercial samples or prevent compliance with patent, trade xxxx, copyright, or similar procedures.
(d) shall not exceed those necessary The contracting parties recognize that, as a result of domestic policies directed towards the achievement and maintenance of full and productive employment or towards the development of economic resources, a contracting party may experience a high level of demand for imports involving a threat to deal with its monetary reserves of the circumstances described sort referred to in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
2 (a) Members applying of this Article. Accordingly, a contracting party otherwise complying with the provisions of this Article shall consult promptly with not be required to withdraw or modify restrictions on the Committee on Balance-of-Payments Restrictions on ground that a change in those policies would render unnecessary restrictions adopted which it is applying under this Article.
(ba) The Ministerial Conference Any contracting party applying new restrictions or raising the general level of its existing restrictions by a substantial intensification of the measures applied under this Article shall establish procedures4 for periodic consultations immediately after instituting or intensifying such restrictions (or, in circumstances in which prior consultation is practicable, before doing so) consult with the objective of enabling such recommendations to be made CONTRACTING PARTIES as to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation nature of the Member concerned and the restrictions adopted or maintained under this Articleits balance of payments difficulties, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available, and the possible effect of the restrictions on the economies of other contracting parties.
(b) On a date to be determined by them,* the CONTRACTING PARTIES shall review all restrictions still applied under this Article on that date. Beginning one year after that date, contracting parties applying import restrictions under this Article shall enter into consultations of the type provided for in sub-paragraph (a) of this paragraph with the CONTRACTING PARTIES annually.
(i) If, in the course of consultations with a contracting party under sub-paragraph (a) or (b) above, the CONTRACTING PARTIES find that the restrictions are not consistent with provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV), they shall indicate the nature of the inconsistency and may advise that the restrictions be suitably modified.
(ii) If, however, as a result of the consultations, the CONTRACTING PARTIES determine that the restrictions are being applied in a manner involving an inconsistency of a serious nature with the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that damage to the trade of any contracting party is caused or threatened thereby, they shall so inform the contracting party applying the restrictions and shall make appropriate recommendations for securing conformity with such provisions within the specified period of time. If such contracting party does not comply with these recommendations within the specified period, the CONTRACTING PARTIES may release any contracting party the trade of which is adversely affected by the restrictions from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in the circumstances.
(d) The CONTRACTING PARTIES shall invite any contracting party which is applying restrictions under this Article to enter into consultations shall address with them at the compliance request of any contracting party which can establish a prima facie case that the restrictions are inconsistent with paragraph 2the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that its trade is adversely affected thereby. However, no such invitation shall be issued unless the CONTRACTING PARTIES have ascertained that direct discussions between the contracting parties concerned have not been successful. If, as a result of the consultations with the CONTRACTING PARTIES, no agreement is reached and they determine that the restrictions are being applied inconsistently with such provisions, and that damage to the trade of the contracting party initiating the procedure is caused or threatened thereby, they shall recommend the withdrawal or modification of the restrictions. If the restrictions are not withdrawn or modified within such time as the CONTRACTING PARTIES may prescribe, they may release the contracting party initiating the procedure from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in particular the progressive phaseout of restrictions in accordance with paragraph 2(e)circumstances.
(e) In such consultationsproceeding under this paragraph, all findings the CONTRACTING PARTIES shall have due regard to any special external factors adversely affecting the export trade of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, contracting party applying the restrictions.*
(f) Determinations under this paragraph shall be accepted and conclusions shall be based on the assessment by the Fund rendered expeditiously and, if possible, within sixty days of the balance-of-payments and the external financial situation initiation of the consulting Memberconsultations.
65. If there is a Member which is not a member persistent and widespread application of the International Monetary Fund wishes to apply the provisions of import restrictions under this Article, indicating the Ministerial Conference existence of a general disequilibrium which is restricting international trade, the CONTRACTING PARTIES shall establish a review procedure and initiate discussions to consider whether other measures might be taken, either by those contracting parties the balance of payments of which are under pressure or by those the balance of payments of which are tending to be exceptionally favourable, or by any other procedures necessaryappropriate intergovernmental organization, to remove the underlying causes of the disequilibrium. On the invitation of the CONTRACTING PARTIES, contracting parties shall participate in such discussions.
Appears in 2 contracts
Samples: General Agreement on Tariffs and Trade (Gatt), General Agreement on Tariffs and Trade (Gatt)
Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1:
(a) shall not discriminate among Members;
(b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member;
(d) shall not exceed those necessary to deal with the circumstances described in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
(a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available.
(d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout phase-out of restrictions in accordance with paragraph 2(e).
(e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting Member.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 2 contracts
Samples: General Agreement on Trade in Services (Gats), General Agreement on Trade in Services (Gats)
Restrictions to Safeguard the Balance of Payments.
1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1:
(a) shall not discriminate among Members;
(b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member;
(d) shall not exceed those necessary to deal with the circumstances described in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
(a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available.
(d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout of restrictions in accordance with paragraph 2(e).
(e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-of- payments and the external financial situation of the consulting Member.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 2 contracts
Samples: General Agreement on Trade in Services (Gats), General Agreement on Trade in Services (Gats)
Restrictions to Safeguard the Balance of Payments. 1. In Notwithstanding the event provisions of serious balance-of-payments and paragraph 1 of Article XI, any contracting party, in order to safeguard its external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the position and its balance of payments payments, may restrict the quantity or value of a Member in merchandise permitted to be imported, subject to the process provisions of economic development or economic transition may necessitate the use following paragraphs of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transitionthis Article.
2. The restrictions referred to in paragraph 1:
(a) Import restrictions instituted, maintained or intensified by a contracting party under this Article shall not discriminate among Members;exceed those necessary:
(i) to forestall the imminent threat of, or to stop, a serious decline in its monetary reserves, or
(ii) in the case of a contracting party with very low monetary reserves, to achieve a reasonable rate of increase in its reserves. Due regard shall be paid in either case to any special factors which may be affecting the reserves of such contracting party or its need for reserves, including, where special external credits or other resources are available to it, the need to provide for the appropriate use of such credits or resources.
(b) Contracting parties applying restrictions under sub-paragraph (a) of this paragraph shall be consistent with progressively relax them as such conditions improve, maintaining them only to the Articles extent that the conditions specified in that sub-paragraph still justify their application. They shall eliminate the restrictions when conditions would no longer justify their institution or maintenance under that subparagraph.
(a) Contracting parties undertake, in carrying out their domestic policies, to pay due regard to the need for maintaining or restoring equilibrium in their balance of Agreement payments on a sound and lasting basis and to the desirability of avoiding an uneconomic employment of productive resources. They recognize that, in order to achieve these ends, it is desirable so far as possible to adopt measures which expand rather than contract international trade.
(b) Contracting parties applying restrictions under this Article may determine the incidence of the International Monetary Fund;restrictions on imports of different products or classes of products in such a way as to give priority to the importation of those products which are more essential.
(c) shall Contracting parties applying restrictions under this Article undertake:
(i) to avoid unnecessary damage to the commercial, commercial or economic and financial interests of any other Membercontracting party;*
(ii) not to apply restrictions so as to prevent unreasonably the importation of any description of goods in minimum commercial quantities the exclusion of which would impair regular channels of trade; and
(iii) not to apply restrictions which would prevent the importations of commercial samples or prevent compliance with patent, trade mark, copyright, or similar procedures.
(d) shall not exceed those necessary The contracting parties recognize that, as a result of domestic policies directed towards the achievement and maintenance of full and productive employment or towards the development of economic resources, a contracting party may experience a high level of demand for imports involving a threat to deal with its monetary reserves of the circumstances described sort referred to in paragraph 1;
(e2(a) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3of this Article. In determining the incidence of such restrictionsAccordingly, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
(a) Members applying contracting party otherwise complying with the provisions of this Article shall consult promptly with not be required to withdraw or modify restrictions on the Committee on Balance-of-Payments Restrictions on ground that a change in those policies would render unnecessary restrictions adopted which it is applying under this Article.
(ba) The Ministerial Conference Any contracting party applying new restrictions or raising the general level of its existing restrictions by a substantial intensification of the measures applied under this Article shall establish procedures4 for periodic consultations immediately after instituting or intensifying such restrictions (or, in circumstances in which prior consultation is practicable, before doing so) consult with the objective of enabling such recommendations to be made CONTRACTING PARTIES as to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation nature of the Member concerned and the restrictions adopted or maintained under this Articleits balance of payments difficulties, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available, and the possible effect of the restrictions on the economies of other contracting parties.
(b) On a date to be determined by them,* the CONTRACTING PARTIES shall review all restrictions still applied under this Article on that date. Beginning one year after that date, contracting parties applying import restrictions under
(i) If, in the course of consultations with a contracting party under subparagraph (a) or (b) above, the CONTRACTING PARTIES find that the restrictions are not consistent with provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV), they shall indicate the nature of the inconsistency and may advise that the restrictions be suitably modified.
(ii) If, however, as a result of the consultations, the CONTRACTING PARTIES determine that the restrictions are being applied in a manner involving an inconsistency of a serious nature with the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that damage to the trade of any contracting party is caused or threatened thereby, they shall so inform the contracting party applying the restrictions and shall make appropriate recommendations for securing conformity with such provisions within the specified period of time. If such contracting party does not comply with these recommendations within the specified period, the CONTRACTING PARTIES may release any contracting party the trade of which is adversely affected by the restrictions from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in the circumstances.
(d) The CONTRACTING PARTIES shall invite any contracting party which is applying restrictions under this Article to enter into consultations shall address with them at the compliance request of any contracting party which can establish a prima facie case that the restrictions are inconsistent with paragraph 2the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that its trade is adversely affected thereby. However, no such invitation shall be issued unless the CONTRACTING PARTIES have ascertained that direct discussions between the contracting parties concerned have not been successful. If, as a result of the consultations with the CONTRACTING PARTIES, no agreement is reached and they determine that the restrictions are being applied inconsistently with such provisions, and that damage to the trade of the contracting party initiating the procedure is caused or threatened thereby, they shall recommend the withdrawal or modification of the restrictions. If the restrictions are not withdrawn or modified within such time as the CONTRACTING PARTIES may prescribe, they may release the contracting party initiating the procedure from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in particular the progressive phaseout of restrictions in accordance with paragraph 2(e)circumstances.
(e) In such consultationsproceeding under this paragraph, all findings the CONTRACTING PARTIES shall have due regard to any special external factors adversely affecting the export trade of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, contracting party applying the restrictions.*
(f) Determinations under this paragraph shall be accepted and conclusions shall be based on the assessment by the Fund rendered expeditiously and, if possible, within sixty days of the balance-of-payments and the external financial situation initiation of the consulting Memberconsultations.
65. If there is a Member which is not a member persistent and widespread application of the International Monetary Fund wishes to apply the provisions of import restrictions under this Article, indicating the Ministerial Conference existence of a general disequilibrium which is restricting international trade, the CONTRACTING PARTIES shall establish a review procedure and initiate discussions to consider whether other measures might be taken, either by those contracting parties the balance of payments of which are under pressure or by those the balance of payments of which are tending to be exceptionally favourable, or by any other procedures necessaryappropriate intergovernmental organization, to remove the underlying causes of the disequilibrium. On the invitation of the CONTRACTING PARTIES, contracting parties shall participate in such discussions.
Appears in 1 contract
Restrictions to Safeguard the Balance of Payments. 1. In the event case of serious balance-of-payments and external any financial difficulties or threat thereofof serious balance of payments or external, a Member Party may adopt or maintain restrictions on trade in services on which it has undertaken specific commitmentswith respect to measures covered by articles 10.04, 10.10 and 10.12 and paragraph 1 of Article 10.13, including on payments or transfers for transactions related relating to sectors affected by such commitmentsmeasures. It is recognized recognised that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate need the use of restrictions to ensureachieve, inter alia, the maintenance of a adequate level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1:
(a) shall 1 above: Shall not discriminate among Members;
(b) shall between the parties; Shall be consistent with the Articles of Agreement of the International Monetary Fund;
Fund (c) IMF); They shall avoid unnecessary damage to the commercialeconomic, economic commercial and financial interests of any other Member;
(d) shall the Parties; Shall not exceed those what is necessary to deal with the circumstances described in paragraph 1;
(e) 1 above; and They shall be temporary and be phased out progressively as the situation specified improves referred to in paragraph 1 improves.
3above. In determining the incidence of such restrictions, Members the parties may give priority to the supply of services which are more essential necessary to their economic or development programmes. However, but such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions Restrictions adopted or maintained under paragraph 11 above, or any changes thereinthat may be made, shall be notified promptly notified to the General Councilparties.
(a) Members applying the parties that implement the provisions of this Article article shall promptly consult promptly with on the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) pursuant to those provisions. The Ministerial Conference Council shall establish procedures4 procedures for the periodic consultations with the objective of enabling such in order to be able to make recommendations to be made to the Member Party concerned as it may deem deems appropriate.
(c) Such . In such consultations shall assess the balance-of-payment balance of payments situation of the Member Party concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, factors such factors as:
(i) the : The nature and extent scope of the balance-of-payments and the external financial difficulties;
(ii) the ; and balance of payments The external economic and trading environment of the consulting Member;
(iii) alternative Party; Alternative corrective measures which may be available.
(d) used. The consultations shall address examine the compliance of any restrictions with paragraph 2, in particular the progressive phaseout conformity of restrictions that are applied in accordance with paragraph 2(e).
2 of this article, in particular as regards the progressive elimination of the same in accordance with subparagraph (e) of this paragraph. In such consultations, consultations shall be accepted all findings of statistical and or other facts presented by the International Monetary Fund relating to foreign exchangeIMF present on issues of change, monetary reserves and balance of payments, shall be accepted payments and the conclusions shall be based on the assessment by the Fund IMF of the balance-of-financial position and external balance of payments and of a Party in the external financial situation of the consulting Memberconsultations.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 1 contract
Samples: Free Trade Agreement
Restrictions to Safeguard the Balance of Payments. under Chapter 7
1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member Party may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 11 above:
(a) shall not discriminate among Membersbetween the Parties;
(b) shall ensure that the other Party is treated as favourably as any non-Party;
(c) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(cd) shall avoid unnecessary damage to the commercial, economic and financial interests of any the other MemberParty;
(de) shall not exceed those necessary to deal with the circumstances described in paragraph 1;1 above; and
(ef) shall be temporary and be phased out progressively as the situation specified in paragraph 1 above improves.
3. In determining the incidence of such restrictions, Members a Party may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 11 of this Article, or any changes therein, shall be promptly notified to the General Councilother Party.
5. Where a Party has adopted restrictions pursuant to paragraph 1 of this Article:
(a) Members applying the provisions of this Article that Party shall consult promptly commence consultations with the Committee on Balance-of-Payments Restrictions on other Party promptly in order to review the restrictions adopted under this Article.by the former Party;
(b) the restrictions shall be subjected to annual review through further consultations, beginning one year after the date that the consultations referred to in sub-paragraph (a) above commenced. At these consultations, all restrictions applied for balance-of-payments purposes shall be reviewed. The Ministerial Conference shall establish procedures4 for periodic consultations with the objective Parties may also agree to a different frequency of enabling such recommendations to be made to the Member concerned as it may deem appropriate.consultations;
(c) Such such consultations shall assess the balance-of-payment payments situation of the Member Party concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;Party; and
(iii) alternative corrective measures which may be available.;
(d) The the consultations shall address the compliance of any the restrictions with paragraph 22 of this Article, in particular the progressive phaseout of restrictions in accordance with sub-paragraph 2(e).(f) of paragraph 2 of this Article; and
(e) In in such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of balance-of-payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting MemberParty.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 1 contract
Samples: Trade Agreement
Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1:
(a) shall not discriminate among Members;
(b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member;
(d) shall not exceed those necessary to deal with the circumstances described in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
(a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available.
(d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout phase‑out of restrictions in accordance with paragraph 2(e).
(e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting Member.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 1 contract
Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1:
(a) shall not discriminate among Members;
(b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member;
(d) shall not exceed those necessary to deal with the circumstances described in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
(a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available.
(d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout phase out of restrictions in accordance with paragraph 2(e).
(e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting Member.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 1 contract
Restrictions to Safeguard the Balance of Payments.
1. In Notwithstanding the event provisions of serious balance-of-payments and paragraph 1 of Article XI, any contracting party, in order to safeguard its external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the position and its balance of payments payments, may restrict the quantity or value of a Member in merchandise permitted to be imported, subject to the process provisions of economic development or economic transition may necessitate the use following paragraphs of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transitionthis Article.
2. The restrictions referred to in paragraph 1:
(a) Import restrictions instituted, maintained or intensified by a contracting party under this Article shall not discriminate among Members;exceed those necessary:
(i) to forestall the imminent threat of, or to stop, a serious decline in its monetary reserves, or
(ii) in the case of a contracting party with very low monetary reserves, to achieve a reasonable rate of increase in its reserves. Due regard shall be paid in either case to any special factors which may be affecting the reserves of such contracting party or its need for reserves, including, where special external credits or other resources are available to it, the need to provide for the appropriate use of such credits or resources.
(b) Contracting parties applying restrictions under sub-paragraph (a) of this paragraph shall be consistent with progressively relax them as such conditions improve, maintaining them only to the Articles extent that the conditions specified in that sub-paragraph still justify their application. They shall eliminate the restrictions when conditions would no longer justify their institution or maintenance under that sub- paragraph.
(a) Contracting parties undertake, in carrying out their domestic policies, to pay due regard to the need for maintaining or restoring equilibrium in their balance of Agreement payments on a sound and lasting basis and to the desirability of avoiding an uneconomic employment of productive resources. They recognize that, in order to achieve these ends, it is desirable so far as possible to adopt measures which expand rather than contract international trade.
(b) Contracting parties applying restrictions under this Article may determine the incidence of the International Monetary Fund;restrictions on imports of different products or classes of products in such a way as to give priority to the importation of those products which are more essential.
(c) shall Contracting parties applying restrictions under this Article undertake:
(i) to avoid unnecessary damage to the commercial, commercial or economic and financial interests of any other Membercontracting party;*
(ii) not to apply restrictions so as to prevent unreasonably the importation of any description of goods in minimum commercial quantities the exclusion of which would impair regular channels of trade; and
(iii) not to apply restrictions which would prevent the importations of commercial samples or prevent compliance with patent, trade mark, copyright, or similar procedures.
(d) shall not exceed those necessary The contracting parties recognize that, as a result of domestic policies directed towards the achievement and maintenance of full and productive employment or towards the development of economic resources, a contracting party may experience a high level of demand for imports involving a threat to deal with its monetary reserves of the circumstances described sort referred to in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
2 (a) Members applying of this Article. Accordingly, a contracting party otherwise complying with the provisions of this Article shall consult promptly with not be required to withdraw or modify restrictions on the Committee on Balance-of-Payments Restrictions on ground that a change in those policies would render unnecessary restrictions adopted which it is applying under this Article.
(ba) The Ministerial Conference Any contracting party applying new restrictions or raising the general level of its existing restrictions by a substantial intensification of the measures applied under this Article shall establish procedures4 for periodic consultations immediately after instituting or intensifying such restrictions (or, in circumstances in which prior consultation is practicable, before doing so) consult with the objective of enabling such recommendations to be made CONTRACTING PARTIES as to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation nature of the Member concerned and the restrictions adopted or maintained under this Articleits balance of payments difficulties, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available, and the possible effect of the restrictions on the economies of other contracting parties.
(b) On a date to be determined by them,* the CONTRACTING PARTIES shall review all restrictions still applied under this Article on that date. Beginning one year after that date, contracting parties applying import restrictions under this Article shall enter into consultations of the type provided for in sub-paragraph (a) of this paragraph with the CONTRACTING PARTIES annually.
(i) If, in the course of consultations with a contracting party under sub-paragraph (a) or (b) above, the CONTRACTING PARTIES find that the restrictions are not consistent with provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV), they shall indicate the nature of the inconsistency and may advise that the restrictions be suitably modified.
(ii) If, however, as a result of the consultations, the CONTRACTING PARTIES determine that the restrictions are being applied in a manner involving an inconsistency of a serious nature with the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that damage to the trade of any contracting party is caused or threatened thereby, they shall so inform the contracting party applying the restrictions and shall make appropriate recommendations for securing conformity with such provisions within the specified period of time. If such contracting party does not comply with these recommendations within the specified period, the CONTRACTING PARTIES may release any contracting party the trade of which is adversely affected by the restrictions from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in the circumstances.
(d) The CONTRACTING PARTIES shall invite any contracting party which is applying restrictions under this Article to enter into consultations shall address with them at the compliance request of any contracting party which can establish a prima facie case that the restrictions are inconsistent with paragraph 2the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that its trade is adversely affected thereby. However, no such invitation shall be issued unless the CONTRACTING PARTIES have ascertained that direct discussions between the contracting parties concerned have not been successful. If, as a result of the consultations with the CONTRACTING PARTIES, no agreement is reached and they determine that the restrictions are being applied inconsistently with such provisions, and that damage to the trade of the contracting party initiating the procedure is caused or threatened thereby, they shall recommend the withdrawal or modification of the restrictions. If the restrictions are not withdrawn or modified within such time as the CONTRACTING PARTIES may prescribe, they may release the contracting party initiating the procedure from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in particular the progressive phaseout of restrictions in accordance with paragraph 2(e)circumstances.
(e) In such consultationsproceeding under this paragraph, all findings the CONTRACTING PARTIES shall have due regard to any special external factors adversely affecting the export trade of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, contracting party applying the restrictions.*
(f) Determinations under this paragraph shall be accepted and conclusions shall be based on the assessment by the Fund rendered expeditiously and, if possible, within sixty days of the balance-of-payments and the external financial situation initiation of the consulting Memberconsultations.
65. If there is a Member which is not a member persistent and widespread application of the International Monetary Fund wishes to apply the provisions of import restrictions under this Article, indicating the Ministerial Conference existence of a general disequilibrium which is restricting international trade, the CONTRACTING PARTIES shall establish a review procedure and initiate discussions to consider whether other measures might be taken, either by those contracting parties the balance of payments of which are under pressure or by those the balance of payments of which are tending to be exceptionally favourable, or by any other procedures necessaryappropriate intergovernmental organization, to remove the underlying causes of the disequilibrium. On the invitation of the CONTRACTING PARTIES, contracting parties shall participate in such discussions.
Appears in 1 contract
Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1:
(a) shall not discriminate among Members;
(b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member;
(d) shall not exceed those necessary to deal with the circumstances described in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
(a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:: 4 It is understood that the procedures under paragraph 5 shall be the same as the GATT 1994 procedures.
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available.
(d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout phase-out of restrictions in accordance with paragraph 2(e).
(e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting Member.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 1 contract
Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2. The restrictions referred to in paragraph 1:
(a) shall not discriminate among Members;
(b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
(c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member;
(d) shall not exceed those necessary to deal with the circumstances described in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
(a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
(b) The Ministerial Conference shall establish procedures4 for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under maintainedunder this Article, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available.
(d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout of restrictions in accordance with paragraph 2(e).
(e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-of- payments and the external financial situation of the consulting Member.
6. If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
Appears in 1 contract
Restrictions to Safeguard the Balance of Payments. 1. In Notwithstanding the event provisions of serious balance-of-payments and paragraph 1 of Article XI, any contracting party, in order to safeguard its external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the position and its balance of payments payments, may restrict the quantity or value of a Member in merchandise permitted to be imported, subject to the process provisions of economic development or economic transition may necessitate the use following paragraphs of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transitionthis Article.
2. The restrictions referred to in paragraph 1:
(a) Import restrictions instituted, maintained or intensified by a contracting party under this Article shall not discriminate among Members;exceed those necessary:
(i) to forestall the imminent threat of, or to stop, a serious decline in its monetary reserves, or
(ii) in the case of a contracting party with very low monetary reserves, to achieve a reasonable rate of increase in its reserves. Due regard shall be paid in either case to any special factors which may be affecting the reserves of such contracting party or its need for reserves, including, where special external credits or other resources are available to it, the need to provide for the appropriate use of such credits or resources.
(b) Contracting parties applying restrictions under sub-paragraph (a) of this paragraph shall be consistent with progressively relax them as such conditions improve, maintaining them only to the Articles extent that the conditions specified in that sub-paragraph still justify their application. They shall eliminate the restrictions when conditions would no longer justify their institution or maintenance under that sub-paragraph.
(a) Contracting parties undertake, in carrying out their domestic policies, to pay due regard to the need for maintaining or restoring equilibrium in their balance of Agreement payments on a sound and lasting basis and to the desirability of avoiding an uneconomic employment of productive resources. They recognize that, in order to achieve these ends, it is desirable so far as possible to adopt measures which expand rather than contract international trade.
(b) Contracting parties applying restrictions under this Article may determine the incidence of the International Monetary Fund;restrictions on imports of different products or classes of products in such a way as to give priority to the importation of those products which are more essential.
(c) shall Contracting parties applying restrictions under this Article undertake:
(i) to avoid unnecessary damage to the commercial, commercial or economic and financial interests of any other Membercontracting party;*
(ii) not to apply restrictions so as to prevent unreasonably the importation of any description of goods in minimum commercial quantities the exclusion of which would impair regular channels of trade; and
(iii) not to apply restrictions which would prevent the importations of commercial samples or prevent compliance with patent, trade xxxx, copyright, or similar procedures.
(d) shall not exceed those necessary The contracting parties recognize that, as a result of domestic policies directed towards the achievement and maintenance of full and productive employment or towards the development of economic resources, a contracting party may experience a high level of demand for imports involving a threat to deal with its monetary reserves of the circumstances described sort referred to in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
2 (a) Members applying of this Article. Accordingly, a contracting party otherwise complying with the provisions of this Article shall consult promptly with not be required to withdraw or modify restrictions on the Committee on Balance-of-Payments Restrictions on ground that a change in those policies would render unnecessary restrictions adopted which it is applying under this Article.
(ba) The Ministerial Conference Any contracting party applying new restrictions or raising the general level of its existing restrictions by a substantial intensification of the measures applied under this Article shall establish procedures4 for periodic consultations immediately after instituting or intensifying such restrictions (or, in circumstances in which prior consultation is practicable, before doing so) consult with the objective of enabling such recommendations to be made CONTRACTING PARTIES as to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation nature of the Member concerned and the restrictions adopted or maintained under this Articleits balance of payments difficulties, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available, and the possible effect of the restrictions on the economies of other contracting parties.
(b) On a date to be determined by them,* the CONTRACTING PARTIES shall review all restrictions still applied under this Article on that date. Beginning one year after that date, contracting parties applying import restrictions under this Article shall enter into consultations of the type provided for in sub- paragraph (a) of this paragraph with the CONTRACTING PARTIES annually.
(i) If, in the course of consultations with a contracting party under sub-paragraph (a) or (b) above, the CONTRACTING PARTIES find that the restrictions are not consistent with provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV), they shall indicate the nature of the inconsistency and may advise that the restrictions be suitably modified.
(ii) If, however, as a result of the consultations, the CONTRACTING PARTIES determine that the restrictions are being applied in a manner involving an inconsistency of a serious nature with the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that damage to the trade of any contracting party is caused or threatened thereby, they shall so inform the contracting party applying the restrictions and shall make appropriate recommendations for securing conformity with such provisions within the specified period of time. If such contracting party does not comply with these recommendations within the specified period, the CONTRACTING PARTIES may release any contracting party the trade of which is adversely affected by the restrictions from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in the circumstances.
(d) The CONTRACTING PARTIES shall invite any contracting party which is applying restrictions under this Article to enter into consultations shall address with them at the compliance request of any contracting party which can establish a prima facie case that the restrictions are inconsistent with paragraph 2the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that its trade is adversely affected thereby. However, no such invitation shall be issued unless the CONTRACTING PARTIES have ascertained that direct discussions between the contracting parties concerned have not been successful. If, as a result of the consultations with the CONTRACTING PARTIES, no agreement is reached and they determine that the restrictions are being applied inconsistently with such provisions, and that damage to the trade of the contracting party initiating the procedure is caused or threatened thereby, they shall recommend the withdrawal or modification of the restrictions. If the restrictions are not withdrawn or modified within such time as the CONTRACTING PARTIES may prescribe, they may release the contracting party initiating the procedure from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in particular the progressive phaseout of restrictions in accordance with paragraph 2(e)circumstances.
(e) In such consultationsproceeding under this paragraph, all findings the CONTRACTING PARTIES shall have due regard to any special external factors adversely affecting the export trade of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, contracting party applying the restrictions.*
(f) Determinations under this paragraph shall be accepted and conclusions shall be based on the assessment by the Fund rendered expeditiously and, if possible, within sixty days of the balance-of-payments and the external financial situation initiation of the consulting Memberconsultations.
65. If there is a Member which is not a member persistent and widespread application of the International Monetary Fund wishes to apply the provisions of import restrictions under this Article, indicating the Ministerial Conference existence of a general disequilibrium which is restricting international trade, the CONTRACTING PARTIES shall establish a review procedure and initiate discussions to consider whether other measures might be taken, either by those contracting parties the balance of payments of which are under pressure or by those the balance of payments of which are tending to be exceptionally favourable, or by any other procedures necessaryappropriate intergovernmental organization, to remove the underlying causes of the disequilibrium. On the invitation of the CONTRACTING PARTIES, Contracting Parties shall participate in such discussions.
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Restrictions to Safeguard the Balance of Payments. 1. In Notwithstanding the event provisions of serious balance-of-payments and paragraph 1 of Article XI, any contracting party, in order to safeguard its external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the position and its balance of payments payments, may restrict the quantity or value of a Member in merchandise permitted to be imported, subject to the process provisions of economic development or economic transition may necessitate the use following paragraphs of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transitionthis Article.
2. The restrictions referred to in paragraph 1:
(a) Import restrictions instituted, maintained or intensified by a contracting party under this Article shall not discriminate among Members;exceed those necessary:
i. to forestall the imminent threat of, or to stop, a serious decline in its monetary reserves, or
ii. in the case of a contracting party with very low monetary reserves, to achieve a reasonable rate of increase in its reserves. Due regard shall be paid in either case to any special factors which may be affecting the reserves of such contracting party or its need for reserves, including, where special external credits or other resources are available to it, the need to provide for the appropriate use of such credits or resources.
(b) Contracting parties applying restrictions under sub-paragraph (a) of this paragraph shall be consistent with progressively relax them as such conditions improve, maintaining them only to the Articles extent that the conditions specified in that sub-paragraph still justify their application. They shall eliminate the restrictions when conditions would no longer justify their institution or maintenance under that sub-paragraph.
(a) Contracting parties undertake, in carrying out their domestic policies, to pay due regard to the need for maintaining or restoring equilibrium in their balance of Agreement payments on a sound and lasting basis and to the desirability of avoiding an uneconomic employment of productive resources. They recognize that, in order to achieve these ends, it is desirable so far as possible to adopt measures which expand rather than contract international trade.
(b) Contracting parties applying restrictions under this Article may determine the incidence of the International Monetary Fund;restrictions on imports of different products or classes of products in such a way as to give priority to the importation of those products which are more essential.
(c) shall Contracting parties applying restrictions under this Article undertake:
(i) to avoid unnecessary damage to the commercial, commercial or economic and financial interests of any other Membercontracting party;*
(ii) not to apply restrictions so as to prevent unreasonably the importation of any description of goods in minimum commercial quantities the exclusion of which would impair regular channels of trade; and
(iii) not to apply restrictions which would prevent the importations of commercial samples or prevent compliance with patent, trade mark, copyright, or similar procedures.
(d) shall not exceed those necessary The contracting parties recognize that, as a result of domestic policies directed towards the achievement and maintenance of full and productive employment or towards the development of economic resources, a contracting party may experience a high level of demand for imports involving a threat to deal with its monetary reserves of the circumstances described sort referred to in paragraph 1;
(e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3. In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
2 (a) Members applying of this Article. Accordingly, a contracting party otherwise complying with the provisions of this Article shall consult promptly with not be required to withdraw or modify restrictions on the Committee on Balance-of-Payments Restrictions on ground that a change in those policies would render unnecessary restrictions adopted which it is applying under this Article.
(ba) The Ministerial Conference Any contracting party applying new restrictions or raising the general level of its existing restrictions by a substantial intensification of the measures applied under this Article shall establish procedures4 for periodic consultations immediately after instituting or intensifying such restrictions (or, in circumstances in which prior consultation is practicable, before doing so) consult with the objective of enabling such recommendations to be made CONTRACTING PARTIES as to the Member concerned as it may deem appropriate.
(c) Such consultations shall assess the balance-of-payment situation nature of the Member concerned and the restrictions adopted or maintained under this Articleits balance of payments difficulties, taking into account, inter alia, such factors as:
(i) the nature and extent of the balance-of-payments and the external financial difficulties;
(ii) the external economic and trading environment of the consulting Member;
(iii) alternative corrective measures which may be available, and the possible effect of the restrictions on the economies of other contracting parties.
(b) On a date to be determined by them,* the CONTRACTING PARTIES shall review all restrictions still applied under this Article on that date. Beginning one year after that date, contracting parties applying import restrictions under this Article shall enter into consultations of the type provided for in sub-paragraph (a) of this paragraph with the CONTRACTING PARTIES annually.
(i) If, in the course of consultations with a contracting party under sub-paragraph (a) or (b) above, the CONTRACTING PARTIES find that the restrictions are not consistent with provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV), they shall indicate the nature of the inconsistency and may advise that the restrictions be suitably modified.
(ii) If, however, as a result of the consultations, the CONTRACTING PARTIES determine that the restrictions are being applied in a manner involving an inconsistency of a serious nature with the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that damage to the trade of any contracting party is caused or threatened thereby, they shall so inform the contracting party applying the restrictions and shall make appropriate recommendations for securing conformity with such provisions within the specified period of time. If such contracting party does not comply with these recommendations within the specified period, the CONTRACTING PARTIES may release any contracting party the trade of which is adversely affected by the restrictions from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in the circumstances.
(d) The CONTRACTING PARTIES shall invite any contracting party which is applying restrictions under this Article to enter into consultations shall address with them at the compliance request of any contracting party which can establish a prima facie case that the restrictions are inconsistent with paragraph 2the provisions of this Article or with those of Article XIII (subject to the provisions of Article XIV) and that its trade is adversely affected thereby. However, no such invitation shall be issued unless the CONTRACTING PARTIES have ascertained that direct discussions between the contracting parties concerned have not been successful. If, as a result of the consultations with the CONTRACTING PARTIES, no agreement is reached and they determine that the restrictions are being applied inconsistently with such provisions, and that damage to the trade of the contracting party initiating the procedure is caused or threatened thereby, they shall recommend the withdrawal or modification of the restrictions. If the restrictions are not withdrawn or modified within such time as the CONTRACTING PARTIES may prescribe, they may release the contracting party initiating the procedure from such obligations under this Agreement towards the contracting party applying the restrictions as they determine to be appropriate in particular the progressive phaseout of restrictions in accordance with paragraph 2(e)circumstances.
(e) In such consultationsproceeding under this paragraph, all findings the CONTRACTING PARTIES shall have due regard to any special external factors adversely affecting the export trade of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, contracting party applying the restrictions.*
(f) Determinations under this paragraph shall be accepted and conclusions shall be based on the assessment by the Fund rendered expeditiously and, if possible, within sixty days of the balance-of-payments and the external financial situation initiation of the consulting Memberconsultations.
65. If there is a Member which is not a member persistent and widespread application of the International Monetary Fund wishes to apply the provisions of import restrictions under this Article, indicating the Ministerial Conference existence of a general disequilibrium which is restricting international trade, the CONTRACTING PARTIES shall establish a review procedure and initiate discussions to consider whether other measures might be taken, either by those contracting parties the balance of payments of which are under pressure or by those the balance of payments of which are tending to be exceptionally favourable, or by any other procedures necessaryappropriate intergovernmental organization, to remove the underlying causes of the disequilibrium. On the invitation of the CONTRACTING PARTIES, contracting parties shall participate in such discussions.
Appears in 1 contract
