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

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 7.3 and 7.4 or has made Additional Commitments including on payments or transfers for transactions relating to such obligations. It is recognised that particular pressures on the balance of payments of a Party in the process of economic development 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. 2. The restrictions referred to in paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves; (e) be applied on a national treatment basis and such that the other Party is treated no less favourably than any country that is not a Party to this Agreement. 3. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of balance-of-payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 7.3 5.3 and 7.4 or has made Additional Commitments 5.4, including on payments or transfers for transactions relating to such obligations. It is recognised that particular pressures on the balance of balance-of-payments of a Party in the process of economic development 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. 2. The restrictions referred to in paragraph 1 shallof this Article: (a) shall not discriminate among WTO Members; (b) shall be consistent with the Articles of Agreement of the International Monetary Fund; (bc) shall avoid unnecessary damage to the commercial, economic and financial interests of the other another Party; (cd) shall not exceed those necessary to deal with the circumstances described in paragraph 11 of this Article; (de) shall be temporary and be phased out progressively as the situation specified in paragraph 1 of this Article improves; (e) be applied on a national treatment basis and such that the other Party is treated no less favourably than any country that is not a Party to this Agreement. 3. In determining the incidence of such restrictions, the Parties 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 other Partyaffected Parties. 45. The Party adopting any restrictions under paragraph 1 of this Article shall commence consultations with the other Party all affected Parties in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, or in cases where, in exceptional circumstances, movements of capital cause or threaten to cause serious difficulties for macroeconomic management, in particular, monetary and exchange rate policies, a Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 7.3 and 7.4 payments, transfers or has made Additional Commitments including on payments or transfers for transactions relating capital movements, related to such obligationsinvestments. It is recognised that particular pressures on the balance of payments of a Party in the process of economic development 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. 2. The restrictions referred to in paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves;; and (e) be applied on a national treatment non-discriminatory basis and such that the other Party is treated no less favourably than any country that is not a Party to this Agreement.non-Party; 3. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 shall commence consultations with promptly agree to the other Party in order Party's request for consultation to review the restrictions adopted by it, if such consultations are not otherwise taking place outside this Agreement.

Restrictions to Safeguard the Balance of Payments. 1. In For the purposes of Chapter 3 (Trade in Goods), the Parties shall endeavour to avoid the imposition of restrictive measures for balance of payments purposes. 2. Any such measure taken for trade in goods must be in accordance with Article XII of GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, which shall be incorporated into and made a part of this Agreement. 3. For the purposes of Chapters 8 (Cross-Border Trade in Services) and 9 (Investment), in the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on on: (a) payments or transfers related to investments; or (b) trade in services in respect of which it has obligations under Articles 7.3 8.3 (National Treatment) and 7.4 or has made Additional Commitments 8.4 (Market Access), including on payments or transfers for transactions relating to such obligations. It is recognised that particular pressures on the balance of payments of a Party in the process of economic development 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. 24. The restrictions referred to in paragraph 1 3 shall: : (a) be consistent with the Articles of Agreement of the International Monetary Fund; ; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; ; (c) not exceed those necessary to deal with the circumstances described in paragraph 1; 3; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 3 improves; ; and (e) be applied on a national treatment non- discriminatory basis and such that the other Party is treated no less favourably than any country that is not a Party to this Agreement. 3non-Party. 5. Any restrictions adopted or maintained under paragraph 13, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 7.3 and 7.4 or has made Additional Commitments undertaken specific commitments, including on payments or transfers for transactions relating to such obligationscommitments. It is recognised that particular pressures on the balance of payments of a Party in the process of economic development 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. 2. The restrictions referred to in paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves; (e) be applied on in such a national treatment basis and such manner that the other Party is treated no less favourably than any country that is not a Party to this Agreement. 3. In determining the incidence of such restrictions, the Parties may give priority to the supply of services which are more essential to their economic 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 other Party. 45. The To the extent that it does not duplicate the process under WTO and IMF, the Party adopting any restrictions under paragraph 1 shall shall, upon request by the other Party, commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of balance-of-payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 7.3 and 7.4 or has made Additional Commitments including on payments or transfers for transactions relating related to such obligationsinvestments. It is recognised that particular pressures on the balance of payments of the State of a Party in the process of economic development 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. 2. The restrictions referred to in paragraph 1 of this Article shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the State of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 11 of this Article; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 of this Article improves; (e) be applied on a national treatment non-discriminatory basis and such that the State of the other Party is treated no less favourably favorably than any country that is not a Party to this Agreementthird State. 3. Any restrictions adopted or maintained under paragraph 11 of this Article, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 of this Article shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In For the purposes of Chapter 3 (Trade in Goods), the Parties shall endeavour to avoid the imposition of restrictive measures for balance of payments purposes. 2. Any such measure taken for trade in goods must be in accordance with Article XII of GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, which shall be incorporated into and made a part of this Agreement. 3. For the purposes of Chapters 8 (Cross-Border Trade in Services) and 9 (Investment), in the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on on: (a) payments or transfers related to investments; or (b) trade in services in respect of which it has obligations under Articles 7.3 8.3 (National Treatment) and 7.4 or has made Additional Commitments 8.4 (Market Access), including on payments or transfers for transactions relating to such obligations. It is recognised that particular pressures on the balance of payments of a Party in the process of economic development 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. 24. The restrictions referred to in paragraph 1 3 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 13; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 3 improves;; and (e) be applied on a national treatment non-discriminatory basis and such that the other Party is treated no less favourably than any country that is not a Party to this Agreementnon-Party. 35. Any restrictions adopted or maintained under paragraph 13, or any changes therein, shall be promptly notified to the other Party. 46. The Party adopting any restrictions under paragraph 1 3 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, or in cases where, in exceptional circumstances, movements of capital cause or threaten to cause serious difficulties for macroeconomic management, in particular, monetary and exchange rate policies, a Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 7.3 and 7.4 payments, transfers or has made Additional Commitments including on payments or transfers for transactions relating capital movements, related to such obligationsinvestments. It is recognised that particular pressures on the balance of payments of a Party in the process of economic development 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. 2. The restrictions referred to in paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves;; and (e) be applied on a national treatment non-discriminatory basis and such that the other Party is treated no less favourably than any country that is not a Party to this Agreement.non-Party; 3. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 shall commence consultations with promptly agree to the other Party in order Party’s request for consultation to review the restrictions adopted by it, if such consultations are not otherwise taking place outside this 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 Contracting Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 7.3 and 7.4 or has made Additional Commitments including on payments or transfers for transactions relating related to such obligationsinvestments. It is recognised that particular pressures on the balance of payments of a Contracting Party in the process of economic development 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. 2. The restrictions referred to in paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Contracting Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves;; and (e) be applied on a national treatment basis and such that the other Contracting Party is treated no less favourably than any country that is not a Party to this Agreementthird State. 3. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the other Contracting Party. 4. The Contracting Party adopting any restrictions under paragraph 1 shall commence consultations with the other Contracting Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of balance-of-payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 7.3 and 7.4 or has made Additional Commitments including on payments or transfers for transactions relating related to such obligationsinvestments. It is recognised that particular pressures on the balance of payments of the State of a Party in the process of economic development 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. 2. The restrictions referred to in paragraph 1 of this Article shall: (a) be consistent beconsistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the State of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 11 of this Article; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 of this Article improves; (e) be applied on a national treatment non-discriminatory basis and such that the State of the other Party is treated no less favourably favorably than any country that is not a Party to this Agreementthird State. 3. Any restrictions adopted or maintained under paragraph 11 of this Article, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 of this Article shall commence consultations with the other Party in order to review the restrictions adopted by it.