01 STAT.] SWEDEN-RECIPROCAL TRADE-JUNE 24, 1947 d. No commodity or class of commodities imported from the United States during the operation of the Commercial Agreement between the United States of America and Sweden of 1935 shall be entirely excluded. e. No commodity now on the unrestricted list and imported from the United States during the operation of the Commer- cial Agreement between the United States of America and Sweden of 1935 shall be removed from that list without equitable transitional arrangements having been provided. 6. The Government of Sweden will place in operation as of July 1, 1947 the system of administering the import controls envisaged in this aide-memoire. 7. The Government of Sweden recognizes that the Commercial Agreement between the United States of America and Sweden of 1935 remains in full force and effect, save for those temporary modifications in its operation provided for in this exchange of memoranda. 8. If unforeseen developments require a temporary modification in the terms of the understanding embodied in this exchange of memoranda, and in any event before the expiration of this under- standing on June 30, 1948, the Government of Sweden agrees to review the situation with the Government of the United States of America for the purpose of considering such action as the circumstances may demand. WASHINGTON, D.C., June 24, 1947. _ H.E. The Department of State to the Swedish Legation AIDE-MEMOIRE The Government of the United States of America refers to the aide- memoire of the Government of Sweden, dated June 24, 1947, concern- ing the problems, in relation to the Commercial Agreement between the United States of America and Sweden of May 25, 1935, which stat. 370 . have arisen as a result of the imposition of quantitative import restric- tions by the Swedish Government on March 15, 1947. The Govern- ment of the United States of America: 1. Takes note of the entensive information presented by the repre- sentatives of the Swedish Government with respect to the serious reduction in Sweden's reserves of gold and convertible exchange indicating the necessity of imposing measures to correct this situation; 2. Acknowledges the declaration made by the Government of Sweden of its adherence to the principle of unrestricted, multi- lateral trade on the basis of free competition, and takes note of the desire of the Swedish Government that the quantitative restrictions upon imports imposed by it on March 15, 1947 shall be of as short duration as possible; 3747
�
