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GATT2_1E.TXT
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1994-01-11
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UNDERSTANDING IN RESPECT OF WAIVERS OF OBLIGATIONS UNDER
THE GENERAL AGREEMENT ON TARIFFS AND TRADE 1994
1. It is agreed that a request for a waiver or for an extension of an
existing waiver shall describe the measures which the Member proposes
to take, the specific policy objectives which the Member seeks to
pursue and the reasons which prevent the Member from achieving its
policy objectives by measures consistent with its obligations under
the GATT 1994.
2. Any waiver in effect on the date of entry into force of the Agreement
Establishing the MTO shall terminate, unless extended in accordance
with the procedures above and those of Article IX of the Agreement
Establishing the MTO, on the date of its expiry or two years from the
date of entry into force of the Agreement Establishing the MTO,
whichever is earlier.
3. Any Member considering that a benefit accruing to it under the GATT
1994 is being nullified or impaired as a result of
(a) the failure of the Member to whom a waiver was granted to observe
the terms or conditions of the waiver, or
(b) the application of a measure consistent with the terms and
conditions of the waiver
may invoke the provisions of Article XXIII of the GATT 1994 as
elaborated and applied by the Understanding on Rules and Procedures
Governing the Settlement of Disputes.