c) CONTRACTING PARTIES, in agreement with the International Monetary Fund, formulate rules for the conversion of a foreign currency by the contracting parties, for which several exchange rates are maintained under the International Monetary Fund agreement. Each contracting party may apply these rules to these foreign currencies within the meaning of paragraph 2 of this article as an alternative to the use of nominal values. Pending the obtaining of these provisions by the contracting parties, each party may apply conversion rules to such a foreign currency, as defined in paragraph 2, which aim to effectively reflect the value of that foreign currency in commercial transactions. (5) As a general rule, a contractor should not impose special tariffs or special penalties for non-compliance with pre-import labelling requirements, unless corrective marking is unreasonably delayed or misleading markings have been affixed or the necessary labelling has not been deliberately omitted. GATT Digital Library: This online library of more than 30,000 GATT documents from 1947 to 1994 is a joint project of the WTO and Stanford University. You must register to access the full text of the documents, but registration is free. This page also contains bibliographies, search guides and links to other useful sites. 6. Paragraph 5 does not apply to the internal quantitative rules in force on the territory of a contracting party on July 1, 1939, April 10, 1947 or March 24, 1948 at the request of that contracting party; To the extent that such a regulation, contrary to paragraph 5, is not amended to the detriment of imports and is treated as a tariff for negotiation purposes.
Quantitative import and export subsidies were generally prohibited by the GATT, but exemptions were permitted in certain circumstances. The two main exceptions for Canada were macro-financial assistance and agricultural regimes. These latter products have been excluded from the GATT trade liberalization framework, mainly due to the insistence of the United States. Canada and other major exporters of agricultural products have strongly opposed the absence (see agriculture and food). Canada also opposed the special waiver that the United States received in 1955 to limit imports of dairy products when it did not have national controls on production. Subsequently, after many controversies, Germany and Switzerland obtained other exceptions to limit agricultural imports. The GATT was established in 1948 to regulate world trade. It was created as a means of stimulating economic recovery after the Second World War by reducing or eliminating tariffs, quotas and subsidies.