13 oct Understanding On Balance-Of-Payments Provisions Of The General Agreement On Tariffs And Trade 1994
According to WTO rules, any trade restriction imposed by a member must be cohensée or in accordance with the rules of the international trading system. Under Article XII, XVIII:B and the GATT Balance of Payments Arrangements Agreement for 1994, a limitation on imports may be applied for balance of payments reasons. The use of balance of payments provisions within the WTO is governed by the following agreements, which can be downloaded or searched from the legal gateway. WTO members facing balance of payments difficulties may apply import restrictions in accordance with the provisions of the General Agreement on Tariffs and Trade (GATT) 1994 and the General Agreement on Trade in Services (GATS). « Consultations may take place after the consultations which took place on 19 December 19 the simplified procedures approved on 1 December 1972 (BISD 20S/47-49, referred to as the « simplified consultation procedure » in this Agreement) in the case of members of least developed countries or, in the case of members of developing countries, which are pursuing liberalization efforts according to the timetable presented to the Committee in previous consultations. Simplified consultation procedures may also be applied where the revision of a developing country`s trade policy is scheduled for the same calendar year as the date set for the consultations. In such cases, the decision whether or not to apply full consultation procedures shall be taken on the basis of the factors listed in paragraph 8 of the 1979 Declaration. With the exception of members of least developed countries, there may be no more than two successive consultations under simplified consultation procedures. In accordance with paragraph 8 of the Agreement, the least developed countries may carry out such consultations as may be necessary for the application of restrictions under simplified procedures. Some other countries may also use simplified consultation procedures, but only LDCs can do so more than twice in a row: Browse documents online Balance of payments documents use the code WT/BOP/* (where * accepts additional values) These links open a new window: leave a moment to view the results. You can perform more demanding searches via the Documents online search function (opened in a new window) using several search criteria such as the document icon (for example.B . . .