Page:United States Statutes at Large Volume 49 Part 2.djvu/1712

 3718 RECIPROCAL TRADE-BELGO-LUXEMfi1!RG ECONOMIC PNION. It is understood that the United States of America agrees on its part, (1) to accord unconditionally to the oommerce of the Belgo- Luxemburg Economic Union the treatment which is or will be accorded to the commerce of the most favored foreign nation, with the oxception of the Republic of Cuba, and (2) to exempt the products of the soil or industry of the Belgo-Luxemburg Economic Union, listed in schedule IP attached hereto, at the time of the importation into the customs territory of the United States of America, from all ordinary customs duties in excess of those specified in the said schedule. In the event that the Government of either country adopts any measure which, even though it does not conflict with the terms of this agreement, is considered by the Government of the other country to have the effect of nullifying or impairing any clause of the agree- ment, the Government which has adopted any such measure shall consider such representations and proposals as the other Government may submit to it with a view to effecting an adjustment of the matter satisfactory to the two parties. The present agreement shaH come into force on the thirtieth day following proclamation thereof by the President of the United States of America and the simultaneous publication of the said agreement in the Moniteur Belge, and, except as hereinafter provided, shall re- main in force and effect until 6 months from the day on which either Government shall give notice of its intention to terminate it. It is understood, however, that: (1) In the event that a wide variation occurs in the rate of exchange between the currencies of the Belgo-Lmwmburg Economic Union and the United States of America, the GoverlL.rnent of either country, if it considers that such variation is of a nature to prejudice the indus- tries or the commerce of the country, shall have the right to propose that negotiations be opened with a view to modifying the agreement or terminating it on 30 days' written notice; (2) Each of the two Governments reserves the right to withdraw the concession granted on any article under this agreement., or to impose quantitative restrictions on the importation of such article, if at any time there should be evidence that, as a result of the extension of such concession to third countries, the latter will obtain the major benefit of such concession and that, in consequence thereof, an unduly large increase of the importations of such article will take place; provided that before availing itself of the right above men- tioned, the Government concerned shall give notice in writing to the other Government of its intention to do so, and shall furnish such other Government an opportunity, within 30 days after the receipt of such notice, to consult with it in regard to the measures that it proposes to take; and if an agreement is not reached with respect thereto within 30 days following r6ceipt of the aforesaid notice, the Government which proposes to take the measures in question shall 1 For English aJlfl Frl'lleh tt·xts of S(~l!edll:l' IT Sl'C pp. 31\91, 3709.