Article XII Overeenkomst tot oprichting van de Wereldhandelsorganisatie
GENERAL OBLIGATIONS AND DISCIPLINES
1 In the event of serious balance-of-payments and external financial difficulties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments. It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development or economic transition.
2 The restrictions referred to in paragraph 1:
a) shall not discriminate among Members;
b) shall be consistent with the Articles of Agreement of the International Monetary Fund;
c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member;
d) shall not exceed those necessary to deal with the circumstances described in paragraph 1;
e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves.
3 In determining the incidence of such restrictions, Members may give priority to the supply of services which are more essential to their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular service sector.
4 Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the General Council.
5
a) Members applying the provisions of this Article shall consult promptly with the Committee on Balance-of-Payments Restrictions on restrictions adopted under this Article.
b) The Ministerial Conference shall establish procedures
1) It is understood that the procedures under paragraph 5 shall be the same as the GATT 1994 procedures.
for periodic consultations with the objective of enabling such recommendations to be made to the Member concerned as it may deem appropriate.
c) Such consultations shall assess the balance-of-payment situation of the Member concerned and the restrictions adopted or maintained under this Article, taking into account, inter alia, such factors as:
i) the nature and extent of the balance-of-payments and the external financial difficulties;
ii) the external economic and trading environment of the consulting Member;
iii) alternative corrective measures which may be available.
d) The consultations shall address the compliance of any restrictions with paragraph 2, in particular the progressive phaseout of restrictions in accordance with paragraph 2e).
e) In such consultations, all findings of statistical and other facts presented by the International Monetary Fund relating to foreign exchange, monetary reserves and balance of payments, shall be accepted and conclusions shall be based on the assessment by the Fund of the balance-of-payments and the external financial situation of the consulting Member.
6 If a Member which is not a member of the International Monetary Fund wishes to apply the provisions of this Article, the Ministerial Conference shall establish a review procedure and any other procedures necessary.
- Regeling
- Overeenkomst tot oprichting van de Wereldhandelsorganisatie
- Afkortingen
- GATS, GATT 1994, TRIPS, WTO, WTO Oprichting
- Soort
- Verdrag
- Geldend vanaf
- 23-01-2017
- BWB-id
- BWBV0001160
- Versie
- 2017-01-23_0