Page:United States Statutes at Large Volume 62 Part 2.djvu/728

 62 STAT.] MULTILATERAL-TARIFFS AND TRADE-MAR. 24, 1948 (b) under the preferential arrangements provided for in Annex A P. 68tat. Pt 5,A of this Agreement, pending the outcome of the negotiations referred to therein." II. On and after January 1, 1949, the Interpretative Notes to Article XIV in Annex I of the General Agreement on Tariffs and Trade shall p.61 tat., t. 5, read as follows: "ad Article XIV "Paragraph 1 (g) The provisions of paragraph 1 (g) shall not authorize the CON- TRACTING PARTIES to require that the procedure of consultation be followed for individual transactions unless the transaction is of so large a scope as to constitute an act of general policy. In that event, the CONTRACTING PARTIES shall, if the contracting party so requests, consider the transaction, not individually, but in relation to the contracting party's policy regarding imports of the product in question taken as a whole. "Paragraph 2 One of the situations contemplated in paragraph 2 is that of a contracting party holding balances acquired as a result of current transactions which it finds itself unable to use without a measure of discrimination." III. On and after January 1, 1949, the following Annex shall be added to the General Agreement on Tariffs and Trade: "ANNEX J Exceptions to the Rule of Non-discrimination (Applicable to contracting parties who so elect, in accordance with paragraph 1 (d) of Article XIV, in lieu of paragraphs 1 (b) and 1 (c) of Article XIV.) "1. (a) A contracting party applying import restrictions under Article XII may relax such restrictions in a manner which departs from the provisions of Article XIII to the extent necessary to obtain additional imports above the maximum total of imports which it could afford in the light of the requirements of paragraphs 3 (a) and 3 (b) of Article XII if its restrictions were fully consistent with the provisions of Article XIII; Provided that (i) levels of delivered prices for products so imported are not established substantially higher than those ruling for com- parable goods regularly available from other contracting parties, and that any excess of such price levels for products so imported is progressively reduced over a reasonable period; (ii) the contracting party taking such action does not do so as part of any arrangement by which the gold or convertible currency which the contracting party currently receives directly or indirectly from its exports to other contracting parties not party to the arrangement is appreciably reduced below the level it could otherwise have been reasonably expected to attain; 61 Stat., Pts. 5 and 6. 61 Stat., Pt. 5, p. 43. 61 Stat., Pt. 5, p. A34. 61 Stat., Pt. 5, P. A40. 2009

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