62 STAT.] SWEDEN-RECIPROCAL TRADE-JUNE 12, 1948 2647 Agreement between the United States of America and Sweden respecting June 12, 1948 quantitative import restrictions and deferment of payments, extending [T. I . A. s . so00] the agreement of June 24, 1947, as modified, after June 30, 1948. Effected by exchange of memorandums dated at Washington June 12, 1948; entered into force June 12, 1948. The Swedish Embassy to the Department of State EMBASSY OF SWEDEN WASHINGTON 8, D. C . MEMORANDUM The Government of Sweden wishes to refer to discussions which have recently been held between its Embassy in Washington and represent- atives of the Government of the United States of America concerning the problems faced by the Government of Sweden as the result of the serious loss of its gold and dollar exchange. These discussions have resulted in a mutual understanding between the two Governments as follows: 1. Because of the large deficit in the Swedish balance of payments with the hard currency areas of the world it is recognized that the Gov- ernment of Sweden continues to be faced with the necessity of taking measures to correct its present imbalance of trade and to conserve its foreign exchange. The import restrictions imposed by the Govern- ment of Sweden on March 15,1947, as presently applied are understood to serve these purposes. 2. It is therefore agreed that the provisions contained in the ex- change of aide-memoire between the two Governments dated June 24, 1947, as modified by the exchange of memoranda dated February 11, 1948 shall continue to be applied after June 30, 1948, until the Government of Sweden becomes a contracting party to the General Agreement on Tariffs and Trade concluded at Geneva Switzerland on October 30, 1947, or until June 30, 1949, whichever is the earlier. If by May 1, 1949, Sweden has not adhered to the General Agreement on Tariffs and Trade, the two Governments agree to review the situa- tion for the purpose of considering such actions as the circumstances may demand. It is further agreed that either Government after consultation as to the continued justification for this understanding may terminate it on sixty days written notice. WASHINGTON, D. C ., June 12,1948. A AFF 61 Stat., Pt. 4, p. 3745. 62 Stat., Pt. 2, p. 1840 . 61 Stat., Pts. 5 and 6.
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