Page:United States Statutes at Large Volume 63 Part 2.djvu/997

 TREATIES ADDITIONAL PROTOCOL Ante, p. 2255. Ante, pp.74, 2274 76. Pot, p. 2300. 60 Stat. 1410. 60 Stat. 1420. Ante, pp. 2274, 2276. In view of the grave economic difficulties facing Italy now and prospectively as a result of inter alia, the damage caused by the late military operations on Italian soil; the looting perpetrated by the German forces following the Italian declaration of war against Germany; the present inability of Italy to supply, unassisted, the minimum needs of its people or the minimum requirements of Italian economic recovery; and Italy's lacS of monetary reserves; at the time of signing the Treaty of Friendship, Commerce and Navigation between the United States of America and the Italian Republic, the undersigned Ple- nipotentiaries, duly authorized by their respective Governments, have further agreed on the following provisions, which shall be considered as integral parts of said Treaty: 1. The provisions of paragraph 3 of Article XIV of the abovementioned Treaty and that part of paragraph 4 of the same Article which relates to the allocation of shares, shall not obligate either High Contracting Party with respect to the application of quantitative restrictions on imports and exports: (a) that have effect equivalent to exchange restrictions authorized in conformity with section 3 (b) of Article VII of the Articles of Agreement of the International Monetary Fuld; (b) that are necessary to secure, during the early post-war transitional period, the equitable distribution among the several consuming countries of goods in short supply; (c) that are necessary in order to effect, for the purchase of imports, the utilization of accumulated inconvertible currencies; or (d) that have effect equivalent to exchange restrictions permitted under section 2 of Article XIV of the Articles of Agreement of the International Monetary Fund. 2. The privileges accorded to either High Contracting Party by subparagraphs (c) and (d), paragraph 1, of the present Protocol, shall be limited to situations in which (a) it is necessary for such High Contracting Party to apply restrictions on imports in order to forestall the imminent threat of, or to stop, a serious decline in the level of its monetary reserves or, in the case of very low monetary reserves, to achieve a reasonable rate of increase in its reserves, and (b) the application of the necessary restrictions in the manner permitted by the aforesaid paragraph 1 will yield such High Contracting Party a volume of imports above the maximum level which would be possible if such restrictions were applied in the manner prescribed in paragraphs 3 and 4 of Article XIV of the Treaty. 2298 [63 STAT.

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