Common use of QUANTITATIVE IMPORT RESTRICTIONS Clause in Contracts

QUANTITATIVE IMPORT RESTRICTIONS. 1. The Parties shall neither maintain nor introduce quantitative import restrictions on trade in products listed in Schedule 1. 2. Not withstanding the provisions of paragraph 1 of this Article, a Party may, after consultations with the other parties reimpose quantitative import restrictions or introduce new quantitative import restrictions on trade in goods listed in Schedule 1 of this Agreement, provided such restrictions are imposed to prevent prejudice to balance of payment in accordance with such Party's international obligations. 3. At the request of any of the Parties consultation shall be held regarding the application and effect of the restrictions referred to in paragraph 1 and 2 of this Article. In the event that such restrictions are interfering unduly, with conditions of fair competition the Parties shall in those consultations consider appropriate measures to remedy the situation. 4. A Party which is maintaining quantitative import restrictions from the other Parties shall ensure, to the extent permitted by its balance-of-payments, that the administration of such restrictions is in conformity with the objective of the gradual elimination of barriers to trade between the Parties to this Agreement.