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a. Prohibitions or restrictions on imports or exports, imposed or maintained during the early post-war transitional period, which are essential to (i) the equitable distribution among the several consuming countries of products in short supply, whether such products are owned by private interests or by the government of any Member country, or (ii) the orderly liquidation of temporary surpluses of stocks owned or controlled by the government of any Member country: Provided, That restrictions under (ii) of this subparagraph may be imposed by any Member only after consultation with other interested Members with a view to appropriate international action. Import and export prohibitions and restrictions imposed or maintained under this subparagraph shall be removed as soon as the conditions giving rise to them have ceased to exist and, in any event, not later than July 1, 1949: Provided, That this period may, in extraordinary and abnormal circumstances, and with the concurrence of the Organization, be extended in respect of any product for further periods not to exceed six months each.

b. Export prohibitions or restrictions temporarily imposed to relieve conditions of distress which are local to the exporting country and which are caused by severe shortages of foodstuffs or other essential products.

c. Import and export prohibitions or restrictions necessary to the application of standards for the classification and grading of commodities in international commerce.

d. Export or import quotas imposed under intergovernmental commodity agreements concluded in accordance with the provisions of Chapter VI.

e. Import restrictions on any agricultural product, imported in any form, necessary to the enforcement of governmental measures which operate (i) to restrict the quantities of the like domestic product permitted to be marketed or produced, or (ii) to remove a temporary surplus of the like domestic product by making the surplus available to certain groups of domestic consumers free of charge or at prices below the current market level. Any Member imposing restrictions on the importation of any product pursuant to this subparagraph 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 imposed under (i) of this subparagraph shall not be such as will reduce the total of imports relative to the total of domestic production, as compared with the proportion between the two prevailing during a previous representative period, account being taken in so far as practicable of any special factors which may have affected or may be affecting the trade in the product concerned.

Article 20. Restrictions to Restore Equilibrium in the Balance of Payments

1. Notwithstanding the provisions of Article 19, any Member confronted with an adverse balance of international payments may, as an aid to the restoration of equilibrium therein, impose or maintain restrictions on the quantity or value of merchandise permitted to be imported. The imposition or maintenance of restrictions under this paragraph shall conform to the conditions and requirements set forth in paragraphs 2 or 3 of this Article, as the case may be.

2. Any Member which considers such action necessary to restore equilibrium in its balance of international payments shall be entitled to impose or maintain quantitative import restrictions under paragraph 1 of this Article until December 31, 1949: Provided, That any Member availing itself of the privileges of this paragraph shall consult, through the Organization, with the other Members affected with a view to assuring that the effects of such restrictions on their commercial interests are minimized to the fullest possible extent compatible with the safeguarding of the balance of payments of the Member imposing the restrictions. Any Member still maintaining such restrictions on December 31, 1949 shall complete arrangements so that no such restrictions shall remain in force on or after the expiration of six months from that date.

3. Notwithstanding the provisions of paragraph 2 of this Article, any Member shall be entitled to impose balance-of-payments restrictions, whether during or after the transitional period provided for in paragraph 2 of this Article, subject to the following conditions:

a. No Member shall impose such restrictions under this paragraph unless such action is necessary (i) to arrest a long-continuing or large deficit in the Member's balance of payments, or (ii) in the case of a Member with very low monetary reserves, to forestall a large deficit in the Member's balance of payments. Such restrictions under (i) shall be progressively relaxed with the reduction of the deficit in the Member's balance of payments and shall be completely removed upon the elimination of the deficit in the Member's balance of payments. Such restrictions under (ii) shall be progressively relaxed with improvement in the Member's monetary reserves, and shall be completely removed with the attainment by the Member of adequate monetary reserves. The deficit or surplus in a Member's balance of payments shall be understood to mean its deficit or surplus on current account, as defined in Article XIX (i) of the Articles of Agreement of the International Monetary Fund. A Member's monetary reserves shall

be understood to mean its reserves as defined in Article XIX(e) of the Articles of Agreement of the International Monetary Fund.

b. Any Member imposing new restrictions, or continuing beyond the transitional period restrictions imposed pursuant to paragraph 2 of this Article, shall enter into consultation with the Organization within thirty days after the imposition of new restrictions, or after the expiration of the transitional period, as the case may be. The Organization shall seek consultation with the International Monetary Fund in reviewing, in the light of the criteria set forth in (a) above, the balance of payments or monetary reserves of any Member availing itself of the privileges of this paragraph.

c. Any Member which considers that any other Member is applying import restrictions under this paragraph contrary to the letter or spirit of the undertakings in this Charter with respect to such restrictions, or in a manner tending to impair the commercial relations between the two Members, shall be entitled to bring the matter before the Organization for discussion, and the Member imposing the restrictions shall undertake in these circumstances to enter into discussions with a view to a mutually satisfactory settlement of the matter. The Organization may determine that such restrictions are not in harmony with the principles set forth in this paragraph and in the event appropriate action is not taken within thirty days after such determination any Member which considers that such restrictions have impaired its commercial relations with the Member imposing the restrictions shall be free, within sixty days after the date of such determination, to suspend on sixty days' written notice to the Organization the application to the trade of such Member of any of the obligations or concessions under this Chapter the suspension of which the Organization does not recommend against.

4. Restrictions maintained or imposed under this Article by any Member shall be so administered as to avoid unnecessary dislocation to the trade of other Members having an interest in the exportation of particular products. To this end the Member maintaining or imposing such restrictions shall apply them to all important products in a manner as nearly uniform as practicable and shall in no event apply them in such a manner as would prevent the continuous importation in minimum commercial quantities of any product (a) if imports of the product are supplied principally or in important part by any other Member or Members, or (b) if imports of the product are important to the maintenance of the economy of any other Member engaged in exporting the product to the Member maintaining or imposing such restrictions.

Article 21. Nondiscriminatory Administration of Quantitative

Restrictions

1. No prohibition or restriction shall be imposed by any Member pursuant to this Section on the importation of any product of any other Member country, or on the exportation of any product destined for any other Member country, unless the importation of the like product of all third countries, or the exportation of the like product to all third countries, respectively, is similarly prohibited or restricted. In order to facilitate observation of the operation of the provisions of this paragraph in so far as they relate to import restrictions, Members undertake that in the application of such restrictions they will employ the use of quotas, and will avoid the use of licensing or other non-quota methods of restriction, to the fullest practicable extent. 2. In the case of import restrictions imposed in the form of quotas, the Member imposing such restrictions shall give public notice of the total quantity or value of the product or products permitted to be imported during a specified future period, and of any change in such quantity or value. If any Member imposing such quotas allots a share of the total quantity or value to any other country, it shall allot to the other Member countries having an important interest in the trade in the product with respect to which an allotment has been made, shares based upon the proportions of the total quantity or value supplied by such Member countries during a previous representative period, account being taken in so far as practicable of any special factors which may have affected or which may be affecting the trade in that product. No conditions or formalities shall be imposed which would prevent any Member country from fully utilizing the share of any such total quantity or value which has been allotted to it. The provisions of this paragraph shall also apply to any tariff quota established or maintained by any Member.

3. In the case of import restrictions for which quota determinations have not been made, the Member imposing the restrictions shall provide, upon the request of any other Member having an interest in the trade in the product concerned, all relevant information as to the administration of the restriction, including information as to the import licenses granted over a past recent period and the distribution of such licenses. Restrictions under this paragraph shall in no event be applied by sources of supply and no import license or permit utilized in connection with such restrictions shall require or provide that the license or permit be utilized for the importation of the product concerned from a particular country.

4. With regard to restrictions imposed in accordance with paragraph 2 of this Article or under paragraph 2(e) of Article 19, the selection of a representative period for any product and the appraisal of any special factors affecting the trade in the product shall be made initially by the Member imposing the restriction: Provided, That such Member shall, upon the request of any other Member having an important interest in the trade in that product, or upon the request of the Organization, consult promptly with the other Member or with the Organization regarding the need for an adjustment of the base period selected or for the reappraisal of the special factors involved.

Article 22. Exceptions From Rule of Nondiscrimination

Members which are members of the International Monetary Fund shall not be precluded by this Section from applying quantitative import restrictions (a) having equivalent effect to any exchange restrictions which the Member is authorized to impose in conformity with Article VII of the Articles of Agreement of the International Monetary Fund, or (b) essential to the maintenance, under Article XX, Section 4(g) of that Agreement, of the common par value of the currencies of territories having a common quota in the Fund.

-2. The provisions of paragraphs 1, 2 and 3 of Article 21 shall not apply (a) in cases in which their application would have the effect of preventing the Member imposing the restrictions referred to in those paragraphs from utilizing, for the purchase of needed imports, inconvertible currencies accumulated up to December 31, 1948 which are inconvertible at the time of their use, or (b) to prohibitions or restrictions imposed under subparagraphs 2(a)(i) or 2(d) of Article 19.

SECTION D. EXCHANGE CONTROL

Article 23. Elimination of Exchange Restrictions in Relation to
Current Commodity Transactions

1. In order to avoid the imposition of trade restrictions and discriminations through exchange techniques, the Members agree that they will impose no restrictions on the making of payments and transfers for such current international transactions as consist of payments due in connection with the importation of any product: Provided, That this obligation shall not prevent any Member from imposing such restrictions on transactions with non-Members unless the Organization finds that such restrictions prejudice the interests of other Members.

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