TURKEY-TRADE -JULY 4, 1948 of quantitative restrictions in accordance with the principles of the General Agreement on Tariffs and Trade) to the merchandise trade of Turkey. 3. The undertakings in points 1 and 2, above, are entered into in the light of the absence at the present time of effective or significant tariff barriers to imports into the areas herein concerned. In the event that such tariff barriers are imposed, it is understood that such undertakings shall be without prejudice to the application of the principles set forth in the Havana Charter for an International Trade Organization [1] relating to the reduction of tariffs on a mutually advantageous basis. 4. It is recognized that the absence of a uniform rate of exchange for the currency of the areas in western Germany, Japan or southern Korea referred to in point 1, above, may have the effect of indirectly subsidizing the exports of such areas to an extent which it would be difficult to calculate exactly. So long as such a condition exists, and if consultation with the Government of the United States of America fails to reach any agreed solution to the problem, it is understood that it would not be inconsistent with the undertaking in point 1 for the Government of the Republic of Turkey to levy a countervailing duty on imports of such goods equivalent to the estimated amount of such subsidization, where the Government of the Republic of Turkey determines that the subsidization is such as to cause or threaten ma- terial injury to an established domestic industry or is such as to prevent or materially retard the establishment of a domestic industry. 5. The undertakings in this Note shall remain in force until Jan- Duration. uary 1, 1951, and unless at least six months before January 1, 1951, either Government shall have given notice in writing to the other of intention to terminate these undertakings on that date, they shall remain in force thereafter until the expiration of six months from the date on which such notice shall have been given.[ 2] Please accept, Excellency, the renewed assurances of my highest consideration. EDWIN C. WILSON His Excellency NECMEDDIN SADAK Minister of Foreign Affairs Ankara. 'Department of State publication 3117. 2 Entered into force July 13, 1948, the date on which the Turkish Ministry of Foreign Affairs gave notice to the American Embassy at Ankara of ratification of the notes by the Grand National Assembly of Turkey. 62 STAT. ] 2935
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