Measures to Safeguard the Balance of Payments. Where a Party is in serious balance of payments and external financial difficulties or threat thereof, it may, in accordance with the GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the GATT 1994, adopt restrictive import measures.
Measures to Safeguard the Balance of Payments. 1. Where a Party is in serious balance of payments and external financial difficulties or under threat thereof, it may:
Measures 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 on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. In the case of investments, a Party may adopt or maintain restrictions with regards to payments relating to the transfer of proceeds from investment.
Measures to Safeguard the Balance of Payments. 1. Where a Party is in serious balance of payments and external financial difficulties or under threat thereof, it may: (a) in the case of trade in goods, in accordance with GATT 1994 and the WTO Understanding on Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994, adopt restrictive import measures; (b) in the case of services, in accordance with GATS, 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; (c) in the case of investments, adopt or maintain restrictions with regard to the transfer of funds related to investment, including those on capital account. 2. Restrictions adopted or maintained under subparagraph 1(b) or 1(c) 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 an equitable, non- discriminatory and good faith basis and such that the other Party is treated no less favourably than any non-Party. 3. In determining the incidence of such restrictions, the Parties may give priority to economic sectors which are more essential to their economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 4. Any restrictions adopted or maintained by a Party under paragraph 1, or any changes therein, shall be notified to the other Party within 30 days from the date such measures are taken. 5. The Party adopting or maintaining any restrictions under paragraph 1 shall commence consultations with the other Party within 45 days from the date of notification in order to review the measures adopted or maintained by it.
Measures to Safeguard the Balance of Payments. Nothing in this Agreement shall be construed to prevent a Party from taking any measure for balance of payments purposes. A Party taking such measure shall do so in accordance with the conditions established under Article XII of GATT 1994 and the Understanding on Balance of Payments Provisions of the General Agreement on Tariffs and Trade 1994 in Annex 1A to the WTO Agreement.
Measures to Safeguard the Balance of Payments. 1. In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member State may adopt or maintain restrictions on payments or transfers related to investments. It is recognised that particular pressures on the balance-of-payments of a Member State 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.
Measures to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Member State may adopt or maintain restrictions on investments on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognised that particular pressures on the balance of payments of a Member State 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.
Measures 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 investments, including payments or transfers related to such investments. 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.
Measures to Safeguard the Balance of Payments. Nothing in this Agreement shall be construed to prevent a Member State from taking any measure for balance-of-payments purposes. A Member State taking such measure shall do so in accordance with the conditions established under Article XII of GATT 1994 and the Understanding on Balance-of- Payments Provisions of the General Agreement on Tariffs and Trade 1994 in Annex 1A to the WTO Agreement.
Measures to Safeguard the Balance of Payments. Where a Party is in serious balance of payments and external financial difficulties or threat thereof, it may, in accordance with the WTO Agreement and consistent with the Articles of the Agreement of the International Monetary Fund, adopt measures deemed necessary.
