Understanding On Balance-Of-Payments Provisions Of The General Agreement On Tariffs And Trade 1994

WTO members facing balance-of-payments difficulties may apply import restrictions in accordance with the provisions of the 1994 General Agreement on Tariffs and Trade (GATT) and the General Agreement on Trade in Services (GATS). The use of balance-of-payments rules in the WTO is governed by the following agreements, which can be downloaded or searched through the gateway of legal texts. Under WTO rules, any trade restriction imposed by a member must be consistent or in accordance with the rules of the international trading system. In accordance with Articles XII, XVIII: B and “GATT Balance of Payments Agreement 1994,” a member may apply import restrictions for balance of payments reasons. Search Documents Online balance-of-payments documents use the WT/BOP code (where additional values are taken) These links open a new window: You can view the results. You can search more sophisticatedly by searching for documents online (open in a new window) by setting several search criteria such as the document icon (example. B code), the search for full text or the date of the document. “Consultations can be carried out within the simplified procedures approved on 19 December 1972 (BISD 20S/47-49, known as `simplified consultation procedures` in this agreement) for members of least developed countries or for developing countries who are making liberalisation efforts in accordance with the timetable presented to the Committee in previous consultations. Simplified consultation procedures may also be applied when a review of a member`s trade policy in a developing country is scheduled for the same calendar year as the date set for consultations. In these cases, the decision to apply full consultation procedures is made on the basis of the factors mentioned in item 8 of the 1979 declaration. Except for members of the least developed countries, there can be no more than two successive consultations in simplified consultation procedures.┬áIn accordance with paragraph 8 of the agreement, least developed countries can hold the necessary consultations to implement restrictions under simplified procedures.

Some other countries may also apply simplified consultation procedures, but only LDCs can do so more than twice in a row.

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