Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 2 relating to cross- border capital transactions and Article 15:
(a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or
(b) 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.
2. Measures referred to in paragraph 1:
(a) shall be consistent with the Articles of Agreement of the International Monetary Fund, so long as the Contracting Party taking the measures is a party to the said Articles;
(b) shall not exceed those necessary to deal with the circumstances set out in paragraph 1;
(c) shall be temporary and shall be eliminated as soon as conditions permit;
(d) shall be promptly notified to the other Contracting Party; and
(e) shall avoid unnecessary damages to the commercial, economic and financial interests of the other Contracting Party.
3. Nothing in this Agreement shall be regarded as altering the rights enjoyed and obligations undertaken by a Contracting Party as a party to the Articles of Agreement of the International Monetary Fund.
Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain restrictive measures with regard to cross-border capital transactions as well as payments or transfers including transfers referred to in Article 14 for transactions related to investments:
(a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or
(b) in exceptional cases where movements of capital cause or threaten to cause serious difficulties for macroeconomic management, in particular monetary and exchange rate policies.
2. Restrictive measures referred to in paragraph 1 shall:
(a) be applied in such a manner that the other Contracting Party is treated no less favourably than any non-Contracting Party;
(b) be consistent with the Articles of Agreement of the International Monetary Fund;
(c) not exceed those necessary to deal with the circumstances set out in paragraph 1;
(d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves;
(e) be promptly notified to the other Contracting Party; and
(f) avoid unnecessary damages to the commercial, economic and financial interests of the other Contracting Party.
Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 16:
(a) In the event of serious balance-of-payments and external financial difficulties or threat thereof; or
(b) 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.
2. Measures referred to in paragraph 1:
(a) Shall be consistent with the Articles of Agreement of the International Monetary Fund so long as the Contracting Party taking the measures is a party to the said Articles;
(b) Shall not exceed those necessary to deal with the circumstances set out in paragraph 1;
(c) Shall be temporary and shall be eliminated as soon as conditions permit;
(d) Shall be promptly notified to the other Contracting Party; and
(e) Shall avoid unnecessary damages to the commercial, economic and financial interests of the other Contracting Party.
3. Nothing in this Agreement shall be regarded as altering the rights enjoyed and obligations undertaken by a Contracting Party as a party to the Articles of Agreement of the International Monetary Fund.
Temporary Safeguard Measures. 1. A Party may adopt or maintain measures not conforming with its obligations under Article 3 (National Treatment) relating to cross-border capital transactions or Article 11 (Transfers) in the event of serious balance of payments and external financial difficulties or under threat thereof.
2. A Party may adopt or maintain measures not conforming with its obligations under Article 11 (Transfers) in cases where, in exceptional circumstances, movements of capital cause or threaten to cause serious economic or financial disturbance or serious difficulties for the operation of monetary or exchange rate policies in the Party concerned.
3. The measures referred to in paragraphs 1 and 2 of this Article shall:
(a) be consistent with the IMF Articles of Agreement, as may be amended;
(b) avoid unnecessary damage to the commercial, economic and financial interests of another Party;
(c) not exceed those necessary to deal with the circumstances described in paragraph 1 or 2;
(d) be temporary and phased out progressively as the situation specified in paragraph 1 improves; and
(e) be applied such that any one of the other Parties is treated no less favourably than any other Party or non-Party.
4. Measures adopted or maintained pursuant to paragraph 2 of this Article shall, in addition to subparagraphs 3{a) to (e) of this Article:
(a) be phased out when conditions would no longer justify their institution or maintenance;
(b) be applied on a national treatment basis; and
(c) avoid unnecessary damage to investors and investments as referred to in subparagraph 1 (b) of Article 1 (Scope) of another Party.
5. Any restrictions adopted or maintained under paragraphs 1 and 2 of this Article or any changes therein, shall be promptly notified to the other Parties.
6. To the extent that it does not duplicate the process under the WTO, IMF, or any other similar processes, the Party adopting any restrictions under paragraph 1 of this Article shall, on the request of another Party, commence consultations in order to review the restrictions adopted by it.
Temporary Safeguard Measures. A Party may adopt or maintain restrictive measures with regard to cross-border capital transactions as well as payments or transfers for transactions related to investments:
Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 3 relating to cross-border capital transactions and Article 13:
(a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or
(b) 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.
2. The measures referred to in paragraph 1:
(a) shall be consistent with the Articles of Agreement of the International Monetary Fund, so long as the Contracting Party taking the measures is a party to the said Articles;
(b) shall not exceed those necessary to deal with the circumstances set out in paragraph 1;
(c) shall be temporary and eliminated as soon as conditions permit;
(d) shall be promptly notified to the other Contracting Parties in an appropriate manner;
(e) shall ensure that any of the other Contracting Parties is treated as favorably as the third Contracting Party and any non-Contracting Party; and
(f) shall be adopted or maintained endeavoring to avoid unnecessary damage to the commercial, economic and financial interests of the other Contracting Parties.
3. Nothing in this Agreement shall be regarded as altering the rights enjoyed and obligations undertaken by a Contracting Party as a party to the Articles of Agreement of the International Monetary Fund.
Temporary Safeguard Measures. 1. If a Party is in serious balance of payments and external financial difficulties or under threat thereof, or if, in exceptional circumstances, payments or transfers relating to capital movements cause or threaten to cause serious difficulties for macroeconomic management, it may adopt or maintain restrictions on payments or transfers related to covered investments.
2. Restrictions adopted or maintained under 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 shall not exceed 18 months in duration;
(e) Not be inconsistent with Article 10;
(f) Be applied on a non-discriminatory basis;
(g) In the case of restrictions on capital outflows, not interfere with an investor's ability to earn a market rate of return in the Area of the restricting Party on any restricted assets (11); and
(h) Not be used to avoid necessary macroeconomic adjustment.
3. Restrictions referred to in paragraph 1 shall not apply to payments or transfers relating to foreign direct investment (12).
4. In determining the incidence of restrictions adopted or maintained under paragraph 1, a Party may give priority to economic sectors which are more essential to its economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector.
5. Any restrictions adopted or maintained by a Party under paragraph 1, or any changes therein, shall be notified promptly to the other Party.
6. A Party adopting or maintaining any restrictions under paragraph 1 shall respond to the other Party that requests consultations in relation to the restrictions adopted by it, if such consultations are not otherwise taking place outside this Agreement.
Temporary Safeguard Measures. In accordance with Article XII of the GATT 1994, the Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994 in Annex 1A to the WTO Agreement, and Article XII of the GATS, and consistent with the Articles of Agreement of the International Monetary Fund, a Party may adopt or maintain measures: (a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or (b) 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.
Temporary Safeguard Measures. A Party may adopt or maintain measures not conforming with its obligations under Article 58 relating to cross- border capital transactions and Article 63:
Temporary Safeguard Measures. 1. Nothing in this Agreement shall be construed to prevent a Party from adopting or maintaining restrictive measures with regard to payments or transfers for current account transactions in the event of serious balance of payments and external financial difficulties or threats thereof.
2. Nothing in this Agreement shall be construed to prevent a Party from adopting or maintaining restrictive measures with regard to payments or transfers relating to the movements of capital:
(a) in the event of serious balance of payments and external financial difficulties or threats thereof; or
(b) if, in exceptional circumstances, payments or transfers relating to capital movements cause or threaten to cause serious difficulties for macroeconomic management.
3. Any measure adopted or maintained under paragraph 1 or 2 shall:
(a) not be inconsistent with Article 9.4 (National Treatment), Article
