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Article 20. Restrictions to Restore Equilibrium in the Balance of
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 islocation 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 imported 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 cther 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
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 conutry.
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 1. 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(9) 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 (0) 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.
2. The obligations of paragraph 1 of this Article shall not prevent any Member which is a member of the International Monetary Fund from imposing restrictions in conformity with the Articles of Agreement of the International Monetary Fund: Provided, That no Member of the Organization shall invoke or continue to invoke the provisions of Article XIV, Section 2, of the Articles of Agreement of the International Monetary Fund for the purpose of imposing restrictions on the making of payments and transfers in connection with the importation of any product of any other Member, except such exchange restrictions as complement and correspond to quantitative restrictions authorized by, and meeting the requirements set forth in, Articles 20, 21 and 22 of this Charter: And provided further, That the provisions of this paragraph shall not be construed to authorize any Member of the Organization to impose restrictions on transactions with any other Member by virtue of Article XI, Section 2, of the Articles of Agreement of the International Monetary Fund.
3. The Organization shall respect the authority and jurisdiction in respect of exchange matters assigned to the International Monetary Fund by the Articles of Agreement of the International Monetary Fund and shall seek to cooperate with the Fund to the end that the Fund and the Organization may pursue a common policy with regard to exchange questions within the competence of the Fund and questions of quantitative restrictions or other trade measures within the competence of the Organization.
4. This Article shall become effective upon the expiration of six months from the day on which this Charter enters into force.
Article 24. Nondiscriminatory Administration of Exchange
Members maintaining or establishing exchange restrictions shall accord to the trade of other Members the equality of treatment with respect to all aspects of such restrictions required of members of the Fund under the provisions of the Articles of Agreement of the International Monetary Fund or, in cases in which the approval of the Fund is required, the equality of treatment prescribed by the Fund after consultation with the Organization.
SECTION E. SUBSIDIES
Article 25. General Undertaking Regarding Subsidies—Elimination
of Export Subsidies-Exceptions 1. Except as provided in paragraphs 2 and 3 of this Article, if any Member establishes or maintains any subsidy, including any form of