CHAPTER VI-INTER-GOVErnmental CoMMODITY AGREEMEMTS-Con. Article 59. Commodity Conferences. Article 60. General Principles governing Commodity Agreements Section C. Inter-governmental Commodity Control Agreements Article 62. Circumstances governing the Use of Commodity Control Article 63. Additional Principles governing Commodity Control Agree- Article 64. Administration of Commodity Control Agreements Article 66. Settlement of Disputes Section D. Miscellaneous Provisions Article 67. Relations with Inter-governmental Organizations. 100 Article 68. Obligations of Members Regarding Existing and Proposed Commodity Agreements. 100 Article 69. Territorial Application 100 101 Article 70. Exceptions to Chapter VI CHAPTER VII-THE INTERNATIONAL TRADE ORGANIZATION Section A. Structure and Functions Article 71. Membership Article 72. Functions Article 73. Structure Section B. The Conference Article 74. Composition Article 75. Voting . Article 76. Sessions, Rules of Procedure and Officers Article 77. Powers and Duties Section C. The Executive Board 102 103 104 104 105 105 105 Article 80. Sessions, Rules of Procedure and Officers Director-General, Staff and Members of Commissions. 111 Article 89. International Legal Status of the Organization . 111 Article 90. Status of the Organization in the Territory of Members 111 112 CHAPTER I PURPOSE AND OBJECTIVES Article 1 RECOGNIZING the determination of the United Nations to create conditions of stability and well-being which are necessary for peaceful and friendly relations among nations, THE PARTIES to this Charter undertake in the fields of trade and employment to co-operate with one another and with the United Nations For the Purpose of REALIZING the aims set forth in the Charter of the United Nations, particularly the attainment of the higher standards of living, full employment and conditions of economic and social progress and development, envisaged in Article 55 of that Charter. TO THIS END they pledge themselves, individually and collectively, to promote national and international action designed to attain the following objectives: 1. To assure a large and steadily growing volume of real income and effective demand, to increase the production, consumption and exchange of goods, and thus to contribute to a balanced and expanding world economy. 2. To foster and assist industrial and general economic development, particularly of those countries which are still in the early stages of industrial development, and to encourage the international flow of capital for productive investment. 3. To further the enjoyment by all countries, on equal terms, of access to the markets, products and productive facilities which are needed for their economic prosperity and development. 4. To promote on a reciprocal and mutually advantageous basis the reduction of tariffs and other barriers to trade and the elimination of discriminatory treatment in international commerce. 5. To enable countries, by increasing the opportunities for their trade and economic development, to abstain from measures which would disrupt world commerce, reduce productive employment or retard economic progress. 6. To facilitate through the promotion of mutual understanding, 795040°-48 -3 29 consultation and co-operation the solution of problems relating to international trade in the fields of employment, economic development, commercial policy, business practices and commodity policy. ACCORDINGLY they hereby establish the INTERNATIONAL TRADE ORGANIZATION through which they shall co-operate as Members to achieve the purpose and the objectives set forth in this Article. CHAPTER II EMPLOYMENT AND ECONOMIC ACTIVITY Importance of Employment, Production and Demand in relation to the 1. The Members recognize that the avoidance of unemployment or underemployment, through the achievement and maintenance in each country of useful employment opportunities for those able and willing to work and of a large and steadily growing volume of production and effective demand for goods and services, is not of domestic concern alone, but is also a necessary condition for the achievement of the general purpose and the objectives set forth in Article 1, including the expansion of international trade, and thus for the well-being of all other countries. 2. The Members recognize that, while the avoidance of unemployment or underemployment must depend primarily on internal measures taken by individual countries, such measures should be supplemented by concerted action under the sponsorship of the Economic and Social Council of the United Nations in collaboration with the appropriate inter-governmental organizations, each of these bodies acting within its respective sphere and consistently with the terms and purposes of its basic instrument. 3. The Members recognize that the regular exchange of information and views among Members is indispensable for successful co-operation in the field of employment and economic activity and should be facilitated by the Organization. Article 3 Maintenance of Domestic Employment 1. Each Member shall take action designed to achieve and maintain full and productive employment and large and steadily growing demand within its own territory through measures appropriate to its political, economic and social institutions. 2. Measures to sustain employment, production and demand shall be consistent with the other objectives and provisions of this Charter. Members shall seek to avoid measures which would have the effect of creating balance-of-payments difficulties for other countries. Article 4 Removal of Maladjustments within the Balance of Payments 1. In the event that a persistent maladjustment within a Member's balance of payments is a major factor in a situation in which other Members are involved in balance-of-payments difficulties which handicap them in carrying out the provisions of Article 3 without resort to trade restrictions, the Member shall make its full contribution, while appropriate action shall be taken by the other Members concerned, towards correcting the situation. 2. Action in accordance with this Article shall be taken with due regard to the desirability of employing methods which expand rather than contract international trade. Article 5 Exchange of Information and Consultation 1. The Members and the Organization shall participate in arrangements made or sponsored by the Economic and Social Council of the United Nations, including arrangements with appropriate intergovernmental organizations: (a) for the systematic collection, analysis and exchange of information on domestic employment problems, trends and policies, including as far as possible information relating to national income, demand and the balance of payments; (b) for studies, relevant to the purpose and objectives set forth in Article 1, concerning international aspects of population and employment problems; (c) for consultation with a view to concerted action on the part of governments and inter-governmental organizations in order to promote employment and economic activity. 2. The Organization shall, if it considers that the urgency of the situation so requires, initiate consultations among Members with a view to their taking appropriate measures against the international spread of a decline in employment, production or demand. Article 6 Safeguards for Members subject to External Inflationary or The Organization shall have regard, in the exercise of its functions under other Articles of this Charter, to the need of Members to take |