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2. The obligations of paragraph 1 of this Article shall not prevent y Member which is a member of the International Monetary Fund om imposing restrictions in conformity with the Articles of Agreeent of the International Monetary Fund: Provided, That no Memr of the Organization shall invoke or continue to invoke the prosions of Article XIV, Section 2, of the Articles of Agreement of e International Monetary Fund for the purpose of imposing rerictions on the making of payments and transfers in connection with e importation of any product of any other Member, except such change restrictions as complement and correspond to quantitative strictions authorized by, and meeting the requirements set forth in, rticles 20, 21 and 22 of this Charter: And provided further, That e provisions of this paragraph shall not be construed to authorize y Member of the Organization to impose restrictions on transactions th any other Member by virtue of Article XI, Section 2, of the ticles of Agreement of the International Monetary Fund. 3. The Organization shall respect the authority and jurisdiction respect of exchange matters assigned to the International Money Fund by the Articles of Agreement of the International Monetary ind and shall seek to cooperate with the Fund to the end that the nd and the Organization may pursue a common policy with regard exchange questions within the competence of the Fund and questions quantitative restrictions or other trade measures within the compece of the Organization. 1. This Article shall become effective upon the expiration of six nths from the day on which this Charter enters into force.

Article 24. Nondiscriminatory Administration of Exchange

Restrictions

Tembers maintaining or establishing exchange restrictions shall ord to the trade of other Members the equality of treatment with pect to all aspects of such restrictions required of menibers of the

d under the provisions of the Articles of Agreement of the Interonal Monetary Fund or, in cases in which the approval of the d is required, the equality of treatment prescribed by the Fund r consultation with the Organization.

SECTION E. SUBSIDIES

cle 25. General Undertaking Regarding SubsidiesElimination

of Export Subsidies--Exceptions

Except as provided in paragraphs 2 and 3 of this Article, if any ber establishes or maintains any subsidy, including any form of

income or price support, to the domestic producers of any produ which operates to increase the exports of such product from, or to duce the imports, of such product into, the territory of the Memk such Member shall notify the Organization in writing as to the ext and nature of the subsidization, as to the anticipated effect of the s sidization on the quantity of the product imported into and expor from the territory of the Member, and as to the conditions making subsidization necessary. In any case in which it is determined t serious injury to the trade of any Member is caused or threate by the operation of any such subsidization, the Member granting s subsidization shall undertake to discuss with the other Membei Members concerned, or with the Organization, the possibility of lii ing the subsidization.

2. Except as provided in paragraph 3 of this Article, no Men shall grant, directly or indirectly, any subsidy on the exportatio any product, or establish or maintain any other system which res in the sale of such product for export at a price lower than the parable price charged for the like product to buyers in the dom market, due allowance being made for differences in conditions terms of sale, for differences in taxation, and for other differ affecting price comparability. The preceding sentence shall not be strued to prevent any Member from exempting exported products duties or taxes imposed in respect of like products when cons domestically or from remitting such duties or taxes which hav crued. Members shall give effect to the provisions of this parag at the earliest practicable date, but in any event not later than years from the day on which this Charter enters into force. I Member considers itself unable to make the provisions of this graph effective in respect of any specified product or products the expiration of such period, such Member shall, at least three m before the expiration of such period, give to the Organization a in writing to that effect, accompanied by an explanatory stat and an indication as to the extension of the period desired. I then be determined whether such period should be extended f Member desiring an extension in respect of the product or pr concerned.

3. a. In any case in which it is determined that a specified pro or is likely to become, in burdensome world surplus, the M which are substantially interested in the production, trade or con tion of such product shall, upon the invitation of the Organiza of any such Member, consult with each other with a view to the tion of measures to increase consumption and to reduce pro through the diversion of resources from uneconomic product

th a view to seeking, if necessary, the conclusion of an intergovernntal commodity agreement in accordance with the provisions of apter VI of this Charter. 3. If it is determined that the measures provided for in subparaaph (a) of this paragraph have not succeeded, or do not promise to cceed, within a reasonable period of time, in removing, or prevent

the development of, a burdensome world surplus of the product ncerned, the requirements of paragraphs 1 and 2 of this Article shall ase to apply in respect of such product as of the effective date of such termination and shall not be reapplied in respect of such product til a date determined in accordance with procedures approved by the ganization. 2. Notwithstanding the provisions of paragraphs 2 and 3(6) of this ticle, no Member shall grant any subsidy on the exportation of any oduct which has the effect of acquiring for that Member a share of rld trade in that product in excess of the share which it had during previous representative period, account being taken in so far as acticable of any special factors which may have affected or may be ecting the trade in that product. The selection of a representative iod for any product and the appraisal of any special factors affect: the trade in the product shall be made initially by the Member inting the subsidy: Provided, That such Member shall, upon the reest of any other Member having an important interest in the trade that product, or upon the request of the Organization, consult mptly with the other Member or with the Organization regarding

need for an adjustment of the base period selected or for the repraisal of the special factors involved. . Any determination required or appropriate to the operation of s Article shall be made under procedures established by the Ornization in accordance with paragraph 6 of Article 55.

SECTION F. STATE TRADING

Irticle 26. Nondiscriminatory Administration of State-I'rading

Enterprises

. If any Member establishes or maintains a state enterprise, erever located, which imports, exports, purchases, sells, distributes produces any product or service, or if any Member grants exclusive pecial privileges, formally or in effect, to any enterprise to import, ort, purchase, sell, distribute or produce any product or service, commerce of each of the other Members shall be accorded nondisninatory treatment, as compared with the treatment accorded to commerce of any country other than that in which the enterprise

is located, in respect of the purchase or sale by such enterprise any product or service. To this end such enterprise shall, in mak: its external purchases or sales of any product or service, be influen solely by commercial considerations, such as price, quality, marl ability, transportation and terms of purchase or sale. The Mem maintaining such state enterprise, or granting exclusive or spe privileges to an enterprise, shall, upon the request of any other M ber having an interest in the trade in the product or service conceri or upon the request of the Organization, provide such specific detailed information as will make possible a determination as whether the operations of the enterprise are being conducted in cordance with the requirements of this paragraph.

2. For the purposes of this Article, a state enterprise shal understood to be any enterprise over whose operations a Men government exercises, directly or indirectly, a substantial mea of control.

Article 27. Expansion of Trade by State Monopolies of Indivi

Products

If any Member, other than a Member subject to the provision Article 28, establishes, maintains or authorizes, formally or in e a complete or substantially complete monopoly of the importati exportation of any product, such Member shall enter into negotia with other Members, in the manner provided for in respect of t under Article 18, with regard to (a) in the case of an import mono the maximum margin by which the price for an imported pro charged by the monopoly in the home market may exceed the at which such product is offered for sale to the monopoly by fo suppliers, or (b) in the case of an export monopoly, the maxi margin by which the price for a product offered for sale b monopoly to foreign purchasers may exceed the price for such pr charged in the home market; after due allowance in either case f ternal taxes and for transportation, distribution and other exi incident to purchase, sale or further processing. Members new tablishing any such monopoly in respect of any product, sha create a margin as defined above greater than the maximum r import duty (or, in the case of an export monopoly, greater th: maximum rate of export duty) which may have been negotia regard to that product pursuant to Article 18. With regard t monopolized product in respect of which a maximum margi been established pursuant to this Article, the monopoly shall, s to the provisions of Section C of this Chapter, import and of

le (or, in the case of an export monopoly, offer for sale to foreign urchasers) such quantities of the product as will be sufficient to tisfy the full domestic demand for the imported product (or, in the se of an export monopoly, the full foreign demand for the product) the prices charged under such maximum margins. rticle 28. Expansion of Trade by Complete State Monopolies of

Import Trade Any Member establishing or maintaining a complete or substanlly complete monopoly of its import trade shall promote the exnsion of its foreign trade with the other Members in consonance th the purposes of this Charter. To this end such Member shall gotiate with the other Members an arrangement under which, in njunction with the granting of tariff concessions by such other Memrs, and in consideration of the other benefits of this Chapter, it all undertake to import in the aggregate over a period products of e other Members valued at not less than an amount to be agreed on. This purchase arrangement shall be subject to periodic justment. CTION G. EMERGENCY PROVISIONS–CONSULTATION_NULLIFICATION

OR IMPAIRMENT Article 29. Emergency Action on Imports of Particular Products 1. If, as a result of unforeseen developments and of the effect of e obligations incurred under this Chapter, including the tariff conssions granted pursuant to Article 18, any product is being imrted into the territory of any Member in such increased quantities d under such conditions as to cause or threaten serious injury to mestic producers of like or similar products, the Member shall be ee to withdraw the concession, or suspend the obligation, in respect such product, in whole or in part, or to modify the concession to the tent and for such time as may be necessary to prevent such injury. 2. Before any Member shall take action pursuant to the provisions paragraph 1 of this Article, it shall give notice in writing to the ganization as far in advance as may be practicable and shall afford

Organization, and the other Members having a substantial interest exporters of the product concerned, an opportunity to consult with in respect of the proposed action. If

agreement

among

the intered Members with respect to the proposed action is not reached, the ember which proposes to take the action shall, nevertheless, be free do so, and if such action is taken the other affected Members shall en be free, within sixty days after such action is taken, to suspend sixty days' written notice to the Organization the application to

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