Exchange Arrangements and Exchange Restrictions - Annual Report 1996
Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
January 1996
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    APPENDIX European Union: Selected Trade Measures Introduced and Eliminated on an EU-Wide Basis During 19951

    Common Import Policy

    1. Antidumping Activities

    May 29. Changes in antidumping and countervailing duty procedures, including new time limits forthe procedures, were adopted by the Council and entered into force on September 1, 1995. The changes transposed Uruguay Round rules into EU legislation (Council Regulations Nos. 1251/95 and 1252/95). The European Union undertook the following numbers of antidumping actions in 1995: investigations,33; provisional duties, 24; definitive duties, 13; reviews, 26; temporary suspensions, 3; and terminations, 8. Major actions included the following:

    March 27. Definitive antidumping duties were imposed on imports of television sets from the People’s Republic of China, the Republic of Korea, Malaysia, Singapore, and Thailand (Council Regulation No. 710/95).

    August 16. Definitive antidumping duties were imposed on imports of ammonium nitrate from the Russian Federation (Council Regulation No. 2022/95).

    October 2. Definitive antidumping duties were imposed on imports of photocopiers from Japan after a review of a case (Council Regulation No. 2380/95).

    October 6. Definitive antidumping duties were imposed on imports of ferro-silico-manganese from Brazil, the Russian Federation, South Africa, and Ukraine (Council Regulation No. 2413/95).

    October 10. Definitive antidumping duties were imposed on imports of disodium carbonate from the United States (Council Regulation No. 2381/95).

    December 22. 22. Definitive antidumping duties were imposed on imports of microwave ovens from the People’s Republic of China, the Republic of Korea, Malaysia, and Thailand (Council Regulation No. 5/96).

    2. Safeguards

    January 16. The Commission adopted a regulation introducing provisional quantitative limits onimports of certain textile products from the People’s Republic of China (Commission Regulation No. 59/95).

    February 27. The Commission adopted a regulation introducing modified quantitative limits on imports of certain textile products from Pakistan (Commission Regulation No. 405/95).

    March 7. The Commission adopted a regulation imposing definitive quantitative limits on imports of certain textile products from India and Indonesia (Commission Regulation No. 507/95).

    3. Preferences

    May 22. The Council approved the accession of Zambia to the Protocol on sugar of the fourth Lome Convention effective January 1, 1995 (Council Decision 95/185/EC).

    July 17. The Council adopted agreements on preferential import quotas for unrefined cane sugar with African, Caribbean, and Pacific (ACP) sugar suppliers and India for the period July 1, 1995 to June 30, 2001 (Council Decision No. 95/284/EC).

    October 23. The application by the European Union of tariff preferences for imports of certain agricultural goods from South Africa was extended for 1995 (Council Regulation No. 2651/95).

    October 30. The Council adopted a decision providing for implementation of the fourth Lome Convention by the new EU members (Austria, Finland, and Sweden) and the ACP countries (Bulletin 10-1995, Point 1.4.115).

    December 22. The Council adopted a regulation extending application of generalized tariff preferences for certain agricultural products for six months (Council Regulation No. 3058/95).

    4. Other Import Measures

    February 20. The EU Council adopted a decision authorizing provisional implementation of protocols adjusting bilateral textiles agreements with numerous suppliers to take into account the accession to the European Union of Austria, Finland, and Sweden (Bulletin 1/2-1995, Point 1.4.61).

    March 1. The European Commission established tariff quotas for banana imports for 1995 in which 2.2 million tons would come from nontraditional (i.e., non-ACP) suppliers.

    March 6. The rules governing imports from statetrading countries were amended in order to take account of EU enlargement resulting in changes in the system of non-textile import quotas applying to the People’s Republic of China.

    March 31. The European Commission and the Ministry of Trade and Industry of Japan extended an arrangement regarding Japanese exports of automobiles to the European Union, establishing overall export levels to the European Union and expected levels of exports to five protected markets (France, Italy, Portugal, Spain, and the United Kingdom) for 1995. The export ceilings were also modified to take account of EU enlargement.

    April 4. The European Commission approved an increase in imports of bananas under its tariff quota system to take account of the accession to the European Union of Austria, Finland, and Sweden.

    April 10. The rules governing imports from state-trading countries were amended to terminate their applicability to the Baltic countries.

    April 11. The European Commission adopted a regulation establishing definitive quantitative limits on imports of certain textile products from the People’s Republic of China (Commission Regulation No. 810/95).

    June 6. The Council adopted a regulation adjusting Community import quotas on textiles with third countries as a result of the accession to the European Union of Austria, Finland, and Sweden (Council Regulation No. 1325/95).

    June 13. The Council approved an agreement between the European Union and the People’s Republic of China adjusting the rates of increase and flexibility of textile import quotas (Bulletin 6-1995, Point 1.4.38).

    June 13. The Council approved a textile trade agreement between the European Union and Mongolia to run through end-1997 (Bulletin 6-1995, Point 1.4.39).

    July 24. The Council approved a regulation setting quotas on rum imported from ACP states for the period July 1, 1995–December 31, 1995, prior to the entry into force of a new rum import regime beginning in 1996.

    October 6. The European Union reduced the 1995 import targets for automobiles from Japan in order to reflect an expected decline in sales growth.

    October 31. The Council adopted a regulation phasing out quotas on rum imported from ACP states by the year 2000.

    November 13. The European Union introduced a system for the surveillance of imports of certain textile and clothing items from the United Arab Emirates, pending conclusion of a bilateral textile and clothing agreement (Commission Regulation No. 2635/95).

    December 7. The European Commission signed a steel import agreement with the Russian Federation covering 1995 and 1996. Russian quotas were set at 309,000 metric tons in 1995 (Bulletin 12-1995, Point 1.4.37).

    December 15. The European Commission signed a steel import agreement with Ukraine covering 1995 and 1996, with Ukrainian quotas set at 131,000 metric tons for 1995 (Bulletin 12-1995, Point 1.4.37).

    December 22. The Council adopted a provisional decision implementing a renewal of a bilateral agreement with amendments on textile trade with the People’s Republic of China previously covered under the Multifiber Arrangement, which was scheduled to expire at end-1995.

    December 22. The Council adopted a regulation extending for three years autonomous arrangements covering textiles imports from Taiwan Province of China, which were scheduled to expire at end-1995 (Council Regulation No. 3060/95).

    December 22. The Council decided to implement provisionally amendments to a textile import agreement with Vietnam.

    December 22. The Council adopted revised protocols to the European Agreements dealing with textile imports from Bulgaria, the Czech Republic, Hungary, Poland, Romania, and the Slovak Republic.

    December 22. The Council adopted a provisional decision implementing a protocol on textile trade with Slovenia, whereby all quantitative restrictions would be eliminated by January 1, 1998, and Slovenia would eliminate all duties on textiles by January 1,2001.

    December 22. The Council adopted a provisional decision to apply renewed agreements on textile trade for two years with Egypt, Malta, Morocco, and Tunisia that were scheduled to expire at end-1995.

    December 22. The Council authorized provisional implementation of renewed bilateral textile and clothing trade agreements with Belarus, the Russian Federation, Ukraine, and Uzbekistan, which were scheduled to expire at end-1995.

    Multilateral and Regional Developments

    1. Multilateral Developments

    January 1. The United States and the European Union reached agreement on an interim six-month set of compensating tariffs and quotas to offset increases due to EU enlargement to include Austria, Finland, and Sweden.

    February 6. The Council authorized negotiations under Article XXIV:6 of GATT, 1994, to adjust tariff bindings and other commitments as a result of the accession to the European Union of Austria, Finland, and Sweden (Bulletin 1/2-1995, Point 1.4.28).

    June 29. The Council adopted a regulation reducing import duties on newsprint earlier than committed to under the Uruguay Round to compensate Canada under GATT Article XXIV:6 for the accession to the European Union of Austria, Finland, and Sweden (Council Regulation No. 1644/95).

    July 25. The European Commission and Norway signed an agreement giving Norway duty-free quotas for fish exports to the European Union in compensation for the accession to the European Union of Austria, Finland, and Sweden.

    December 22. The Council adopted a regulation applying tariff reductions resulting from negotiations with the European Union’s major trading partners under GATT Article XXIV:6 (Bulletin 12-1995, Point 1.4.17).

    2. Regional Developments

    January 1. The European Union was enlarged to include Austria, Finland, and Sweden.

    January 1. Free-trade agreements between the European Union and the Baltic countries (Estonia, Latvia, and Lithuania) entered into force.

    January 23. The European Union signed a partnership and cooperation agreement with Kazakstan (Bulletin 1/2-1995, Point 1.4.97).

    February 1. The Europe Association Agreements with Bulgaria, the Czech Republic, Romania, and the Slovak Republic entered into force (Bulletin 1/21995, Point 1.4.73).

    February 9. The European Union signed a partnership and cooperation agreement with Kyrgyzstan (Bulletin 1/2-1995, Point 1.4.99).

    March 6. The European Union signed a partnership and cooperation agreement with Belarus (Bulletin 3-1995, Point 1.4.70).

    March 6. The EU-Turkey Association Council reached an agreement on the formation of a customs union (Bulletin 3-1995, Point 1.4.65).

    June 1. The European Union signed an interim agreement implementing the trade provisions of a partnership and cooperation agreement with Ukraine (Bulletin 6-1995, Point 1.4.93).

    June 12. Europe Association Agreements were signed with Estonia, Latvia, and Lithuania (Bulletin 6-1995, Point 1.4.63).

    July 17. A Euro-Mediterranean Association Agreement was signed with Tunisia (Bulletin 7/8-1995, Point 1.4.84).

    July 17. The European Union signed an interim agreement implementing the trade provisions of a partnership and cooperation agreement with the Russian Federation (Bulletin 7/8-1995, Point 1.4.89).

    October 2. The European Union signed an interim agreement implementing the trade provisions of a partnership and cooperation agreement with Moldova (Bulletin 10-1995, Point 1.4.88).

    November 20. A Euro-Mediterranean Association Agreement was signed with Israel (Bulletin 11-1995, Point 1.4.69).

    December 5. The European Union signed an interim agreement to implement the trade provisions of the partnership and cooperation agreement with Kazakstan (Bulletin 12-1995, Point 1.4.99).

    December 15. The European Union and the MERCOSUR countries (Argentina, Brazil, Paraguay, and Uruguay) signed an interregional framework cooperation agreement (Bulletin 12-1995, Point 1.4.111).

    December 21. The Council adopted a regulation providing for advanced implementation of EU concessions to Morocco for certain agricultural products under a Euro-Mediterranean Association Agreement (Council Regulation No. 3057/95).

    Sources: Official Journals of the European Communities; General Report on the Activities of the European Union; 1995; European Report.

    Summary Features of Exchange and Trade Systems in Member Countries

    Summary Features of Exchange and Trade Systems in Member Countries1

    (as of date shown on first country page)2

    AlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamas, TheBahrainBangladeshBarbadosBelarusBelgium and LuxembourgBelizeBeninBhutanBoliviaBosnia HerzegovinaBotswanaBrazilBrunei DanussalamBulgania
    A. Acceptance of Article Status
    1.Article VIII status
    2.Article XIV status
    B. Exchange Arrangement?
    1.Exchange rate determined on the basis of:
    (a)A peg to:
    (i)the U.S. dollar
    (ii)the French franc
    (iii)other currencies4
    (iv)a composite of currencies
    (b)Limited flexibility with respect to:
    (i)single currency
    (ii)cooperative arra ngement
    (c)More flexible arrangements:
    (i)adjusted according to a set of indicators
    (ii)other managed floating
    (iii)independently floating
    2.Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
    3.More than one rate for imports
    4.More than one rate for exports
    5.Import rate(s) different from export rate(s)
    C. Payments Arrears
    D. Bilateral Payments Arrangements
    1.With members
    2.With nonmembers
    E. Payments Restrictions
    1.Restrictions on payments for current transactions5
    2.Restrictions on payments for capital transactions5,6
    F. Cost-Related Import Restrictions
    1.Import surchargesxirts
    2.Advance import deposits
    G. Export Proceeds
    1.Repatriation requirement
    2.Surrender requirement
    Burkina FasoBurundiCambodiaCamerooncanadaCape VerdeCentral African RepublicChadChileChinaColombiaComorosCongoCosta RicaCôte d’IvoireCroatiaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyprEl salvatorEquatorial GuineaEritreaEstoniaEthiopiaFijiFinlandFranceGabonGambia, TheGeorgiaGermany
    GhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHong KongHungaryIcelandIndiaIndonesiaIran, Islamic Rep. ofIrelandIsraelItalyJamaicaJapanJordanKazakstanKenyaKiribatiKorea
    A. Acceptance of Article Status
    1.Article VIII status
    2.Article XIV status
    B. Exchange Arrangement?
    1.Exchange rate determined on the basis of:
    (a)A peg to:
    (i)the U.S. dollar
    (ii)the French franc
    (iii)other currencies4
    (iv)a composite of currencies
    (b)Limited flexibility with respect to:
    (i)single currency
    (ii)cooperative arra ngement
    (c)More flexible arrangements:
    (i)adjusted according to a set of indicators
    (ii)other managed floating
    (iii)independently floating
    2.Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
    3.More than one rate for imports
    4.More than one rate for exports
    5.Import rate(s) different from export rate(s)
    C. Payments Arrears
    D. Bilateral Payments Arrangements
    1.With members
    2.With nonmembers
    E. Payments Restrictions
    1.Restrictions on payments for current transactions5
    2.Restrictions on payments for capital transactions5,6
    F. Cost-Related Import Restrictions
    1.Import surchargesxirts
    2.Advance import deposits
    G. Export Proceeds
    1.Repatriation requirement
    2.Surrender requirement
    KuwaitKyrgyz RepublicLao People’s Dem. Rep.LatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLithuaniaMacedonia, former Yugoslav Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMauritaniaMauritiusMexcoMicronesia, Fed. Statse ofMoldovaMongoliaMoroccoMozambiqueMyanmarNamibiaNepalNetharlandsNetharlands AntillesNew ZealandNicaraguaNigerNigeria
    NorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRussian FederationRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and GrendinesSan MarinoSão Tomé PríncipeSaudi ArabiaSenegalSeychellesSierra LeoneSingaporeSlovak Republic
    A. Acceptance of Article Status
    1. Article VIII status
    2. Article XIV status
    B. Exchange Arrangement3
    1. Exchange rate determined on the basis of:
    (a) A peg to:
    (i) the U.S. dollar
    (ii) the French franc
    (iii) other currencies4
    (iv) a composite of currencies
    (b) Limited flexibility with respect to:
    (i) single currency
    (ii) cooperative arrangement
    (c) More flexible arrangements:
    (i) adjusted according to a set of indicators
    (ii) other managed floating
    (iii) independently floating
    2. Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
    3. More than one rate for imports
    4. More than one rate for exports
    5. Import rate{s) different from export rate(s)
    C. Payments Arrears
    D. Bilateral Payments Arrangements
    1. With members
    2. With nonmembers
    E. Payments Restrictions
    1. Restrictions on payments for current transactions5
    2. Restrictions on payments for capital transactions5, 6
    F. Cost-Related Import Restrictions
    1. Import surcharges
    2. Advance import deposits
    G. Export Proceeds
    1. Repatriation requirement
    2. Surrender requirement
    For key and footnotes, see page 552.
    SloveniaSolomon IslandsSouth AfricaSpainSri LankaSudanSurinamaSwazilandSwedanSwitzerlandSyrian Arab RepublicTajikistanTanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenazuelaVietnamWestern SamoaYemen, Republic ofZaïreZambiaZimbabwa
    Key and Footnotes

    indicates that the specified practice is a feature of the exchange and trade system.

    indicates that the specified practice is not a feature of the system.

    indicates that the composite is the SDR.

    The listing includes the nonmetropolitan territory of Hong Kong, for which the United Kingdom has accepted the Fund’s Articles of Agreement, and Aruba and the Netherlands Antilles, for which the Kingdom of the Netherlands has accepted the Fund’s Articles of Agreement. Exchange practices indicated in individual countries do not necessarily apply to all external transactions.

    Usually December 31, 1995.

    It should be noted that existence of a separate rate does not necessarily imply a multiple currency practice under Fund jurisdiction. Exchange arrangements involving transactions at a unitary rate with one group of countries and at another unitary rate with a second group of countries are considered, from the viewpoint of the overall economy, to involve two separate rates for similar transactions.

    Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.

    Restrictions (i.e., official actions directly affecting the availability or cost of exchange, or involving undue delay) on payments to member countries, other than restrictions evidenced by external payments arrears and restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

    Resident-owned funds.

    Definitions of Acronyms

    Note: This list does not include acronyms of purely national institutions mentioned in the country chapters

    ACU

    Asian Clearing Union

    AFTA

    ASEAN free trade area (see ASEAN, below)

    AMU

    Asian monetary unit

    ANZCERTA

    Australia-New Zealand Closer Economic Relations and Trade Agreement

    ASEAN

    Association of South East Asian Nations

    ATC

    Agreement of Textiles and Clothing

    BCEAO

    Central Bank of West African States (Banque centrale des Etats de l’Afrique de l’Ouest)

    BEAC

    Bank of Central African States (Banque des Etats de l’Afrique Centrale)

    BLEU

    Belgian-Luxembourg Economic Union

    CACM

    Central American Common Market

    CAP

    Common agricultural policy (of the EU)

    Caricom

    Caribbean Common Market

    CEEAC

    Economic Community of Central African States

    CEFTA

    Central European free trade area

    CEPGL

    Economic Community of the Great Lakes Countries

    CEPT

    Common effective preferential tariff of the ASEAN free trade area

    CET

    Common external tariff (of Caricom)

    CFA

    Communauté financière africaine

    CIS

    Commonwealth of Independent States

    CMA

    Common monetary area

    CMEA

    Council for Mutual Economic Assistance (dissolved)

    COCOM

    Coordinating Committee for Multilateral Export Controls

    ECCB

    Eastern Caribbean Central Bank

    ECLAC

    Economic Commission for Latin America and the Caribbean

    ECOWAS

    Economic Community of West African States (Cedeao)

    ECSC

    European Coal and Steel Community

    ECU

    European currency unit

    EEA

    European economic area

    EFTA

    European Free Trade Association

    EMS

    European monetary system

    ERM

    Exchange rate mechanism (of the EMS)

    EU

    European Union (formerly European Community)

    GATT

    General Agreement on Tariffs and Trade

    GCC

    Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf)

    GSP

    Generalized system of preferences

    HCDCS

    Harmonized commodity description and coding system

    LAIA

    Latin American Integration Association

    LIBOR

    London interbank offered rate

    MERCOSUR

    Southern Cone Common Market

    MFA

    Multifiber Arrangement

    MFN

    Most favored nation

    MTN

    Multilateral trade negotiations (the Uruguay Round)

    NAFTA

    North American Free Trade Agreement

    NATO

    North Atlantic Treaty Organization

    OECD

    Organization for Economic Cooperation and Development

    OECS

    Organization of Eastern Caribbean States

    OGL

    Open general license

    PTA

    Preferential trade area for Eastern and Southern African states

    SACU

    Southern African Customs Union

    SPARTECA

    South Pacific Regional Trade and Economic Cooperation Agreement

    UAPTA

    Unit of account of the PTA

    UDEAC

    Central African Customs and Economic Union

    WAEC

    West African Economic Community (CEAO) (dissolved)

    WAEMU

    West African Economic and Monetary Union (formely WAMU)

    WAMU

    West African Monetary Union

    WTO

    World Trade Organization (supercedes GATT)

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