Page:United States Statutes at Large Volume 61 Part 5.djvu/35

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. Any contracting party applying restrictions on the import- ation of any product pursuant to sub-paragraph (c) of this para- graph shall give public notice of the total quantity or value of the product permitted to be imported during a specified future period and of any change in such quantity or value. Moreover, any restrictions applied under (i) above shall not be such as will reduce the total of imports relative to the total of domestic pro- duction, as compared with the proportion which night reasonably be expected to rule between the two in the absence of restrictions. In determining this proportion, the contracting party shall pay due regard to the proportion prevailing during a previous repre- sentative period and to any special factors [']which may have affected or may be affecting the trade in the product concerned. 3. Throughout Articles XI, XII, XIII and XIV the terms "import restrictions" or "export restrictions" include restrictions made effective through state-trading operations. Article XII Restrictions to Safeguard the Balance of Payments 1. Notwithstanding the provisions of paragraph 1 of Article XI, any contracting party, in order to safeguard its external financial position and balance of payments, may restrict the quantity or value of merchandise permitted to be imported, subject to the pro- visions of the following paragraphs of this Article. 2. (a) No contracting party shall institute, maintain or intensify import restrictions under this Article except to the extent necessary (i) to forestall the imminent threat of, or to stop, a serious decline in its monetary reserves, or 1 [Post, p. A87.] A34

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