106 STAT. 5330 PROCLAMATION 6449-JUNE 22, 1992 Having agreed that economic ties are an important and necessary element in the strengthening of their bilateral relations, Being convinced that an agreement on trade relations between the two Parties will best serve their mutual interests, and Desiring to create a framework which will foster the development and expansion of commercial ties between their respective nationals and companies, Have agreed as follows: Article I—Application of GATT and Certain GATT Agreements 1. Both Parties reaffirm the importance of their rights and obligations under the General Agreement on Tariffs and Trade ("GATT") and reaf- firm the importance of the provisions and principles of the GATT to their respective economic policies. 2. To this end, the Parties shall apply between themselves the provisions of the GATT as those provisions apply to each Party, and shall accord each other's products most-favored-nation treatment ("MFN") as provided in the GATT, provided that to the extent any provision of the GATT is inconsistent with this Agreement, the latter shall apply. 3. Both Parties reaffirm the importance of their participation in the GATT Code Agreements to which both are signatories, which presently include the Agreement on Technical Barriers to Trade ("Standards Code"), the Agreement on Implementation of Article VI ("Anti-Dumping Code"), the Agreement on Implementation of Article VII ("Customs Valuation Code"), the Agreement on Import Licensing Procedures ("Licensing Code"), the Agreement on Trade in Civil Aircraft ("Aircraft Code"), and the Arrangement Regarding Bovine Meat, and the importance of the provisions and principles contained therein to their respective economic policies. 4. Both Parties commit to participate constructively in multilateral negotiations aimed at improving existing agreements and any other multilateral negotiations under the auspices of the GATT. 5. Each Party shall accord to imports of products and services originating in the territory of the other Party most-favored-nation treatment with respect to the allocation of an access to currency to pay for such imports. Article II—General Obligations With Respect to Trade < 1. The Parties agree to maintain a satisfactory balance of market access opportunities through concessions in trade in products and services, including the satisfactory reciprocation of reductions in tariffs and nontariff barriers to trade resulting from multilateral negotiations. 2. With a view to assuring nondiscriminatory trade in products and services, such trade shall be effected by contracts between nationals and companies of either Party concluded in the exercise of their independent commercial judgment and on the basis of customary commer-
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