Page:United States Statutes at Large Volume 62 Part 3.djvu/270

 2878 47 Stat. 1876. 47 Stat. 1899 . 61 Stat., Pts. 5 and6. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. Korea, the Government of Austria will apply to the merchandise trade of such area the provisions relating to the most favored nation treatment of the merchandise trade of the United States of America set forth in the Treaty of Friendship, Commerce and Consular Rights, signed at Vienna, June 19, 1928, and agreement supplemental thereto signed at Vienna, January 20, 1931, or for such time as the Govern- ments of the United States of America and Austria may both be con- tracting parties to the General Agreement on Tariffs and Trade, dated October 30, 1947, the provisions of that agreement, as now or hereafter amended, relating to the most favored nation treatment of such trade. It is understood that the undertaking in this paragraph relating to the application of the most favoured nation provisions of the treaty of Friendship, Commerce and Consular Rights and agree- ment supplemental thereto shall be subject to the exceptions recog- nized in the General Agreement on Tariffs and Trade permitting departures from the application of most favoured nation treatment; provided that nothing in this sentence shall be constructed to require compliance with the procedures specified in the General Agreement with regard to the application of such exceptions. 2. The undertaking in point one above will apply to the mer- chandise trade of any area referred to therein only for such time and to such extent as such area accords reciprocal most favoured nation treatment to the merchandise trade of Austria. 3. The undertakings in points one and two above are entered into in the light of absence at the present time of effective tariff barriers to imports into the areas herein concerned. In the event that such tariff barriers are imposed, it is understood that such undertakings shall be without prejudice to the application of the principles set forth in the Havana Charter for an International Trade Organization relating to the reduction of tariffs on a mutually advantageous basis. 4. It is recognized that the absence of a uniform rate of exchange for the currency of the areas in Western Germany, Japan or Southern Korea referred to in point one above may have the effect of indirectly subsidizing the exports of such areas to an extent which it would be difficult to calculate exactly. So long as such a condition exists, and if consultation with the Government of the United States of America fails to reach an agreed solution to the problem, it is understood that it would not be inconsistent with the undertaking in point one for the Government of Austria to levy a countervailing duty on imports of such goods equivalent to the estimated amount of such subsidiza- tion, where the Government of Austria determines that the subsidiza- tion is such as to cause or threaten material injury to an established domestic industry or is such as to prevent or materially retard the establishment of a domestic industry. 5. The undertakings in this note shall remain in force until January 1, 1951, and unless at least six months before January 1, 1951, either government shall have given notice in writing to the other of intention to terminate these undertakings on that date, they shall remain in

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