Article XV

A. Text of Article XV
Article XV: Exchange Arrangements
1. The CONTRACTING PARTIES shall seek co-operation with the International Monetary !n" to
the en" that the CONTRACTING PARTIES an" the !n" #ay p!rs!e a co-or"inate" policy with
re$ar" to e%chan$e &!estions within the '!ris"iction o( the !n" an" &!estions o( &!antitati)e
restrictions an" other tra"e #eas!res within the '!ris"iction o( the CONTRACTING PARTIES.

*. In all cases in which the CONTRACTING PARTIES are calle" !pon to consi"er or "eal with
pro+le#s concernin$ #onetary reser)es, +alances o( pay#ents or (orei$n e%chan$e
arran$e#ents, they shall cons!lt (!lly with the International Monetary !n". In s!ch
cons!ltations, the CONTRACTING PARTIES shall accept all (in"in$s o( statistical an" other (acts
presente" +y the !n" relatin$ to (orei$n e%chan$e, #onetary reser)es an" +alances o(
pay#ents, an" shall accept the "eter#ination o( the !n" as to whether action +y a contractin$
party in e%chan$e #atters is in accor"ance with the Articles o( A$ree#ent o( the International
Monetary !n", or with the ter#s o( a special e%chan$e a$ree#ent +etween that contractin$
party an" the CONTRACTING PARTIES. The CONTRACTING PARTIES in reachin$ their (inal "ecision
in cases in)ol)in$ the criteria set (orth in para$raph * -a. o( Article /II or in para$raph 0 o(
Article /1III, shall accept the "eter#ination o( the !n" as to what constit!tes a serio!s "ecline
in the contractin$ party2s #onetary reser)es, a )ery low le)el o( its #onetary reser)es or a
reasona+le rate o( increase in its #onetary reser)es, an" as to the (inancial aspects o( other
#atters co)ere" in cons!ltation in s!ch cases.

3. The CONTRACTING PARTIES shall seek a$ree#ent with the !n" re$ar"in$ proce"!res (or
cons!ltation !n"er para$raph * o( this Article.

4. Contractin$ parties shall not, +y e%chan$e action, (r!strate5 the intent o( the pro)isions o(
this A$ree#ent, nor, +y tra"e action, the intent o( the pro)isions o( the Articles o( A$ree#ent o(
the International Monetary !n".

6. I( the CONTRACTING PARTIES consi"er, at any ti#e, that e%chan$e restrictions on pay#ents
an" trans(ers in connection with i#ports are +ein$ applie" +y a contractin$ party in a #anner
inconsistent with the e%ceptions pro)i"e" (or in this A$ree#ent (or &!antitati)e restrictions,
they shall report thereon to the !n".

7. Any contractin$ party which is not a #e#+er o( the !n" shall, within a ti#e to +e
"eter#ine" +y the CONTRACTING PARTIES a(ter cons!ltation with the !n", +eco#e a #e#+er
o( the !n", or, (ailin$ that, enter into a special e%chan$e a$ree#ent with the CONTRACTING
PARTIES. A contractin$ party which ceases to +e a #e#+er o( the !n" shall (orthwith enter into
a special e%chan$e a$ree#ent with the CONTRACTING PARTIES. Any special e%chan$e a$ree#ent
entere" into +y a contractin$ party !n"er this para$raph shall there!pon +eco#e part o( its
o+li$ations !n"er this A$ree#ent.

8. -a. A special e%chan$e a$ree#ent +etween a contractin$ party an" the CONTRACTING
PARTIES !n"er para$raph 7 o( this Article shall pro)i"e to the satis(action o( the CONTRACTING
PARTIES that the o+'ecti)es o( this A$ree#ent will not +e (r!strate" as a res!lt o( action in
e%chan$e #atters +y the contractin$ party in &!estion.

-+. The ter#s o( any s!ch a$ree#ent shall not i#pose o+li$ations on the contractin$
party in e%chan$e #atters $enerally #ore restricti)e than those i#pose" +y the Articles o(
A$ree#ent o( the International Monetary !n" on #e#+ers o( the !n".

9. A contractin$ party which is not a #e#+er o( the !n" shall (!rnish s!ch in(or#ation within
the $eneral scope o( section 6 o( Article 1III o( the Articles o( A$ree#ent o( the International
Monetary !n" as the CONTRACTING PARTIES #ay re&!ire in or"er to carry o!t their (!nctions
!n"er this A$ree#ent.

0. Nothin$ in this A$ree#ent shall precl!"e:

-a. the !se +y a contractin$ party o( e%chan$e controls or e%chan$e restrictions in
accor"ance with the Articles o( A$ree#ent o( the International Monetary !n" or with that
contractin$ party2s special e%chan$e a$ree#ent with the CONTRACTING PARTIES, or

-b. the !se +y a contractin$ party o( restrictions or controls in i#ports or e%ports, the sole
e((ect o( which, a""itional to the e((ects per#itte" !n"er Articles /I, /II, /III an" /I1, is to
#ake e((ecti)e s!ch e%chan$e controls or e%chan$e restrictions.
B. Text of Note Ad Article XV
Ad Article XV: Paragraph 4
The wor" ;(r!strate< is inten"e" to in"icate, (or e%a#ple, that in(rin$e#ents o( the letter o(
any Article o( this A$ree#ent +y e%chan$e action shall not +e re$ar"e" as a )iolation o( that
Article i(, in practice, there is no apprecia+le "epart!re (ro# the intent o( the Article. Th!s, a
contractin$ party which, as part o( its e%chan$e control operate" in accor"ance with the Articles
o( A$ree#ent o( the International Monetary !n", re&!ires pay#ent to +e recei)e" (or its
e%ports in its own c!rrency or in the c!rrency o( one or #ore #e#+ers o( the International
Monetary !n" will not there+y +e "ee#e" to contra)ene Article /I or Article /III. Another
e%a#ple wo!l" +e that o( a contractin$ party which speci(ies on an i#port licence the co!ntry
(ro# which the $oo"s #ay +e i#porte", (or the p!rpose not o( intro"!cin$ any a""itional
ele#ent o( "iscri#ination in its i#port licensin$ syste# +!t o( en(orcin$ per#issi+le e%chan$e
controls.
C. Interpretation and Application of Article XV
. Article XV:: !cooperation "ith the International #onetar$ %&nd'
704. At its #eetin$ on the 9, 0 an" 13 No)e#+er 1007, the General Co!ncil appro)e"-()*. an
A$ree#ent +etween the International Monetary !n" an" the =orl" Tra"e Or$ani>ation. This
A$ree#ent, si$ne" on 0 ?ece#+er 1007, was acco#panie" +y a letter (ro# the Mana$in$ ?irector o(
the IM an" an a$ree" co##entary on pro)isions o( the A$ree#ent.-()4.
+. Article XV:+: Cons&ltation "ith the %&nd
-a. Participation +y the !n" in +alance-o(-pay#ents cons!ltations
706. Para$raph 4 o( the IM@=TO A$ree#ent re(erre" to a+o)e pro)i"es as (ollows:
;The !n" a$rees to participate in cons!ltations carrie" o!t +y the =TO Co##ittee on Aalance-
o(-Pay#ents Restrictions on #eas!res taken +y a =TO #e#+er to sa(e$!ar" its +alance o(
pay#ents. or these cons!ltations, e%istin$ proce"!res (or !n" participation shall contin!e an"
#ay +e a"apte" as appropriate in accor"ance with para$raph 14 +elow.<-(),.
707. The A$ree" Co##entary on this pro)ision pro)i"es:
;Co##ent: The cons!ltations wo!l" take place as re&!este" +y the =TO (or the operation o( its
r!les on tra"e-relate" #eas!res taken (or +alance o( pay#ents reasons. This pro)ision #akes
per#anent the pro)isional a$ree#ent containe" in a ?ece#+er 1004 e%chan$e o( letters
+etween the !n" an" the Chair#an o( the GATT Co##ittee on Aalance o( Pay#ents to apply to
the =TO the proce"!res that e%iste" )is-B-)is the GATT an" to e%ten" s!ch proce"!res to
ser)ices.

Cn"er e%istin$ proce"!res, the =TO Secretariat an" the !n"2s sta(( coor"inate so that the
ti#in$ o( the cons!ltations will +e s!ita+le to the cons!ltin$ Me#+er an" the instit!tions, with a
)iew to ens!rin$ that the !n" is in a position to pro)i"e the re&!isite in(or#ation. The !n"
pro)i"es to the =TO Co##ittee on Aalance-o(-Pay#ents Restrictions the #ost recent RE?,
s!+'ect to consent o( the #e#+er, an" s!pple#entary +ack$ro!n" in(or#ation -in cases where
the RE? #ay re&!ire !p"atin$. an" a state#ent on the Me#+er2s +alance o( pay#ents sit!ation
an" e%ternal reser)e position, which are appro)e" +y the Aoar", nor#ally on a lapse o( ti#e
+asis. The !n"2s sta(( recei)es an" co##ents on a +ack$ro!n" "oc!#ent that the =TO
Secretariat prepares +ase" in part on the Article I1 Cons!ltation Report an" +ack$ro!n" papers
that it recei)es ro!tinely (ro# the !n" -see para$raph 1* on pro)ision o( "oc!#ents.. The
!n"2s representati)e participates in the "isc!ssions an" is a)aila+le to answer &!estions raise"
+y Co##ittee #e#+ers.<-()-.
708. See also the "isc!ssion o( +alance-o(-pay#ents cons!ltations +elow at the en" o( the
#aterial on Article /1III.
-+. Cons!ltation with the !n" in the conte%t o( "isp!te settle#ent
709. Para$raph 9 o( the IM@=TO A$ree#ent re(erre" to in para$raph 704 a+o)e pro)i"es as
(ollows:
;Each or$ani>ation #ay co##!nicate its )iews in writin$ on #atters o( #!t!al interest to the
other or$ani>ation or any o( its or$ans or +o"ies -e%cl!"in$ the =TO2s "isp!te settle#ent panels.
an" s!ch )iews shall +eco#e part o( the o((icial recor" o( s!ch or$ans an" +o"ies. The !n" shall
in(or# in writin$ the rele)ant =TO +o"y -incl!"in$ "isp!te settle#ent panels. consi"erin$
e%chan$e #eas!res within the !n"2s '!ris"iction whether s!ch #eas!res are consistent with the
Articles o( A$ree#ent o( the !n".<-()).
700. The A$ree" Co##entary on this pro)ision pro)i"es:
;Co##ent: This pro)ision allows each or$ani>ation to co##!nicate its )iews to any or$an or
+o"y o( the other or$ani>ation -other than the +o"ies speci(ically e%cl!"e".. =hile these
co##!nications #ay co)er all #atters, in practice, they are e%pecte" to +e !se" only (or
p!rposes o( co##!nicatin$ )iews on i#portant #atters o( policy an"Dor '!ris"iction. As the
)iews co##!nicate" wo!l" +e )iews o( the or$ani>ation, they wo!l" +e appro)e" +y the
appropriate instit!tional +o"y +e(ore their trans#ittal. The pro)ision also re&!ires that s!ch
)iews +e incl!"e" in the o((icial recor" o( the rele)ant +o"y or or$an, which #eans they #!st +e
note", +!t are not +in"in$ on the other party.

Also, !n"er this pro)ision, the !n" is re&!ire" to in(or# a =TO +o"y consi"erin$ e%chan$e
#eas!res within the !n"2s '!ris"iction -incl!"in$ a "isp!te settle#ent panel. whether s!ch
#eas!res are consistent with the !n"2s Articles as is rele)ant (or the application o( certain
pro)isions in the relate" a$ree#ents -GATT Article /1 an" GATS Article /IE see also co##ent on
para$raph 3 a+o)e..

The scope o( this co##!nication is li#ite" to '!ris"ictional #atters an" wo!l" not incl!"e )iews
on policy #atters. As the pro)ision o( Fin(or#ation2 will i#ple#ent the re&!ire#ent o(
cons!ltation with the !n" on consistency o( e%chan$e #eas!res with the !n"2s Articles, these
co##!nications will ha)e o((icial stat!s in the procee"in$s, which co!l" #ean that they will +e
recor"e", (or instance, in the reports o( the panels to the ?isp!te Settle#ent Ao"y.<-()..
8GG. In the "isp!te on Argentina Textiles and Footwear, Ar$entina asserte" that a 3 per cent
ad valorem statistical ta% on i#ports was i#pose" (or (iscal per(or#ance p!rposes so as to o+tain
IM (inancin$ to "eal with a (inancial crisis. In response to Ar$entina2s clai# that the Panel ha"
erre" +y (ailin$ to cons!lt with the IM, the Appellate Ao"y (o!n" that while ;it #i$ht perhaps ha)e
+een !se(!l (or the Panel to ha)e cons!lte" with the IM on the le$al character o( the relationship
or arran$e#ent +etween Ar$entina an" the IM in this case<, the panel "i" not a+!se its "iscretion
+y not seekin$ in(or#ation or an opinion (ro# the IM:
;The only pro)ision o( the WTO Agreement that requires cons!ltations with the IM is Article
/1:* o( the GATT 1004. This pro)ision requires the =TO to cons!lt with the IM when "ealin$
with Fpro+le#s concernin$ #onetary reser)es, +alances o( pay#ents or (orei$n e%chan$e
arran$e#ents2. Howe)er, this case "oes not relate to these #attersI .

As in the WTO Agreement, there are no pro)isions in the Agreement Between the IMF and the
WTO that require a panel to cons!lt with the IM in a case s!ch as this. Cn"er para$raph 9 o(
this latter A$ree#ent, in a case in)ol)in$ Fe%chan$e #eas!res within the !n"2s '!ris"iction2,
the IM Fshall in(or# in writin$ the rele)ant =TO +o"y -incl!"in$ "isp!te settle#ent panels. I
whether s!ch #eas!res are consistent with the Articles o( A$ree#ent o( the !n".2 This case
"oes not, howe)er, in)ol)e Fe%chan$e #eas!res within the !n"2s '!ris"iction2. Para$raph 9 also
pro)i"es that the IM F#ay co##!nicate its )iews in writin$ on #atters o( #!t!al interest to the
J=TOK or any o( its or$ans or +o"ies -excluding the WTO2s dispute settlement panels. I2
-e#phasis a""e".. E)i"ently, the IM has not +een a!thori>e" to pro)i"e its )iews to a =TO
"isp!te settle#ent panel on #atters not relatin$ to e%chan$e #eas!res within its '!ris"iction,
!nless it is re&!este" to "o so +y a panel !n"er Article 13 o( the ?SC.<-()(.
8G1. The Panel in India uantitative !estrictions s!+#itte" &!estions to the IM +y a letter,
;ha)in$ re$ar" to Article 13 o( the ?SC an" to Article /1:* o( the GATT 1004.<-(./. The Panel
Report recor"s that the Panel (o!n" that ;whate)er the interpretation o( Article /1:* o( GATT 1004,
Article 13.1 o( the ?SC entitles the Panel to cons!lt with the IM in or"er to o+tain any rele)ant
in(or#ation relatin$ to In"ia2s #onetary reser)es an" +alance-o(-pay#ents sit!ation which wo!l"
assist !s in assessin$ the clai#s s!+#itte" to !s.< The Panel took this in(or#ation into acco!nt in
assessin$ the clai#s +e(ore it.-(..
8G*. The Panel Report on India L A!tos "isc!sses the iss!e o( cons!ltation with the IM in that
case:
;In"ia has also in"icate" that it wo!l" e%pect the Panel to cons!lt with the IM in "eter#inin$
In"ia2s +alance-o(-pay#ents sit!ation as o( the "ates o( each clai#ant2s re&!est (or
esta+lish#ent o( this Panel. The Panel "oes not r!le on whether cons!ltation with the IM is
co#p!lsory or not +e(ore the (inal (act!al resol!tion +y a panel o( a +alance-o(-pay#ents
#atter, where there is con(lictin$ e)i"ence presente". =hate)er the proper )iew as to this
&!estion, s!ch a cons!ltation co!l" not +e !se" as a total s!+stit!te (or assertin$ an" pro)i"in$ a
prima "acie case as to a "e(ence !n"er Article /1III:A, an" in the a+sence o( any in"ication o(
how the #eas!res #i$ht (all within the ter#s (oreseen in that pro)ision. It is clear that a panel2s
(act (in"in$ #an"ate sho!l" not +e !tili>e" so as to #ake o!t a prima "acie case where that is
not achie)e" +y the rele)ant party. At an appropriate sta$e in procee"in$s, cons!ltation o(
appropriate international e%perts or a!thorities co!l" +e help(!l in esta+lishin$ whether one o(
the speci(ic sit!ations (oreseen in Article /1III:A applie" to In"ia2s sit!ation. As state" +y the
India uantitative !estrictions panel, s!ch cons!ltation co!l" Fassist in assessin$ the clai#s
s!+#itte"2 to the Panel. Howe)er, the ar$!#ents presente" "i" not e)en lea" the Panel to that
point.<-(.+.
8G3. The Panel in #ominican !epublic Import and $ale o" %igarettes e%a#ine", inter alia, a
;(orei$n e%chan$e (ee< o( 1G per cent ad valorem on all i#ports. The ?o#inican Rep!+lic ar$!e"
that this #eas!re was an e%chan$e restriction '!sti(ie" !n"er Article /1:0-a., an" that it ha" +een
appro)e" +y the IM as part o( a stan"-+y arran$e#ent with the IM, an" there(ore was in
accor"ance with the IM Articles o( A$ree#ent. The Panel re&!este" in(or#ation (ro# the IM on
the (ollowin$ two iss!es: ;-i. how the (orei$n e%chan$e (ee is +ein$ i#ple#ente" +y the ?o#inican
Rep!+licE -ii. whether the (orei$n e%chan$e (ee as c!rrently applie" +y the ?o#inican Rep!+lic is an
Fe%chan$e control2 or Fe%chan$e restriction2 !n"er the Articles o( A$ree#ent o( the IM.<-(.*. The
letter +y the Panel to the IM an" the IM2s co##!nication to the Panel are +oth attache" to the
Panel Report.-(.4.
-c. ;(in"in$s o( statistical an" other (acts presente" +y the !n"<
8G4. The Panel Report on India uantitative !estrictions recor"s that the parties to that
"isp!te ha" "i)er$ent )iews on the role o( the IM. The Cnite" States ar$!e" that Article /1:*
re&!ire" the =TO -incl!"in$ panels. to cons!lt with the IM, an" to accept as "ispositi)e the IM2s
"eter#inations o( (act on the #atters o( (act speci(ie" in Article /1:* incl!"in$ whether In"ia
(act!ally #et the criteria in Article /1III:0 +ase" on the (acts o( its +alance-o(-pay#ents an"
reser)e sit!ation. In"ia ar$!e" that Article /1:* re&!ire" the =TO to accept certain IM
"eter#inations ;in reachin$ their (inal "ecision<, only the =TO co!l" take (inal "ecisions on the
stat!s o( restrictions in the =TO. The Panel re(raine" (ro# "eci"in$ the e%tent to which panels
#!st cons!lt with the IM or consi"er IM "eter#inations as "ispositi)e, an" note":
;J=Khether or not the pro)isions o( Article /1:* e%ten" to panels, the Panel has the
responsi+ility o( #akin$ an o+'ecti)e assess#ent o( the (acts o( the case an" the con(or#ity with
GATT 1004, as incorporate" into the =TO A$ree#ent, o( the In"ian #eas!res at iss!e, in
accor"ance with Article 11 o( the ?SC.<-(.,.
8G6. The Panel Report on #ominican !epublic Import and $ale o" %igarettes states that the
Panel #a"e its own (act!al (in"in$ re$ar"in$ the nat!re o( the 1G per cent (ee i#pose" +y the
?o#inican Rep!+lic, +ase" on its e%a#ination o( the #eas!re as c!rrently applie" an" its
interpretation o( Article /1:0-a. +elow at para$raph //, an" consi"erin$ the IM2s co##!nication to
the Panel:
;The Panel (!lly a$rees with the opinion o( the IM. or the reasons set o!t a+o)e +y the Panel
an" consi"erin$ the opinion e%presse" +y the IM, the Panel (in"s that the (orei$n e%chan$e (ee
#eas!re as it is c!rrently applie" +y the ?o#inican Rep!+lic "oes not constit!te an Fe%chan$e
restriction2 within the #eanin$ o( Article /1: 0-a. o( the GATT 1004.<-(.-.
*. Article XV:-: special exchange agreements
8G7. The =orkin$ Party Report on the Accession o( Chinese Taipei, which is not a #e#+er o( the
!n", notes that ;in or"er to co#ply with GATT 1004 Article /1, Chinese Taipei ha" ne$otiate" a
Special E%chan$e A$ree#ent.<-(.). The Protocol o( Accession o( Chinese Taipei pro)i"es that the
Special E%chan$e A$ree#ent anne%e" thereto (or#s an inte$ral part o( that Protocol.-(...
4. Article XV:(0a1
-a. ;e%chan$e controls or e%chan$e restrictions<
8G8. The Panel in #ominican !epublic Import and $ale o" %igarettes (o!n" that Article /1:0-a.
is an e%ception or an a((ir#ati)e "e(ence, an" there(ore the party in)okin$ this e%ception ;+ears
the +!r"en to esta+lish: -i. that the (orei$n e%chan$e (ee #eas!re is an Fe%chan$e control or
e%chan$e restriction2 within the #eanin$ o( Article /1:0-a.E an" -ii. that the #eas!re is Fin
accor"ance with2 the Articles o( A$ree#ent o( the International Monetary !n"<, as re&!ire" +y
Article /1:0-a..-(.(.
8G9. The sa#e Panel took note o( a 107G ?ecision o( the E%ec!ti)e ?irectors o( the !n" that the
criterion (or "eter#inin$ whether a #eas!re is an ;e%chan$e restriction< is ;whether it in)ol)es a
"irect $o)ern#ental li#itation on the a)aila+ility or !se o( e%chan$e as s!ch<, an" "eci"e" to apply
this criterion to the #eas!re +e(ore it.-((/. Interpretin$ this criterion, the Panel (o!n":
;JTKhe or"inary #eanin$ o( F"irect li#itation on a)aila+ility or !se o( e%chan$e I as s!ch2 #eans
a li#itation "irectly on the !se o( e%chan$e itsel(, which #eans the !se o( e%chan$e (or all
purposes. It cannot +e interprete" in a way so as to per#it the restriction on the !se o(
e%chan$es that only a((ects i#portation. To concl!"e otherwise wo!l" lo$ically lea" to the
sit!ation where+y any =TO Me#+er co!l" easily circ!#)ent o+li$ations !n"er Article II:1-+. +y
i#posin$ a (orei$n c!rrency (ee or char$e on i#ports at the c!sto#s an" then con)eniently
characteri>e it as an Fe%chan$e restriction2. S!ch types o( #eas!res wo!l" serio!sly "iscri#inate
a$ainst i#ports while not necessarily +ein$ e((ecti)e in achie)in$ the le$iti#ate $oals !n"er the
Articles o( A$ree#ent o( the IMI . +eca!se the (ee as c!rrently applie" is i#pose" only on
(orei$n e%chan$e transactions that relate to the i#portation o( $oo"s, an" not on other types o(
transactions, it is not Fa "irect li#itation on the a)aila+ility or !se o( e%chan$e as s!ch.2<-((.
-+. ;in accor"ance with the Articles o( A$ree#ent o( the International Monetary !n"<
8G0. Para$raph 3 o( the IM@=TO A$ree#ent re(erre" to in para$raph 704 a+o)e pro)i"es
re$ar"in$ IM "ecisions a!thori>in$ e%chan$e restrictions, "iscri#inatory c!rrency arran$e#ents or
#!ltiple c!rrency practices p!rs!ant to Articles 1I or 1III o( the IM Articles o( A$ree#ent:
;The !n" shall in(or# the =TO o( any "ecisions appro)in$ restrictions on the #akin$ o(
pay#ents or trans(ers (or c!rrent international transactions, "ecisions appro)in$ "iscri#inatory
c!rrency arran$e#ents or #!ltiple c!rrency practices, an" "ecisions re&!estin$ a !n" #e#+er
to e%ercise controls to pre)ent a lar$e or s!staine" o!t(low o( capital.<-((+.
81G. The A$ree" Co##entary on this pro)ision pro)i"es as (ollows:
;Co##ent: This in(or#ation on !n" "ecisions is rele)ant to the i#ple#entation o( GATT an"
GATS +eca!se o( certain conse&!ences !n"er these A$ree#ents when a #eas!re is consistent
with the !n"2s Articles -Article /1 o( GATT 1004 an" Article /I o( the GATS.. A""itionally, !n"er
the GATS, #e#+ers are allowe" to i#pose controls on capital transactions relate" to their
sche"!le" co##it#ents !n"er certain circ!#stances, incl!"in$ i( s!ch controls are i#pose" at
the re&!est o( the !n". In practice, the !n"2s a!thority to re&!est capital controls -Article 1I,
Section 1-a. o( the !n"2s Articles. has ne)er +een !se".

Non-appro)al o( e%chan$e #eas!res that constit!te restrictions !n"er the !n"2s Articles -an"
#ay +e s!+'ect to cons!ltation on their tra"e i#plications !n"er =TO +alance-o(-pay#ents
pro)isions or action !n"er =TO "isp!te settle#ent. wo!l" not +e separately noti(ie" to the
=TO. In(or#ation on these #eas!res, howe)er, is containe" in sta(( reports on Article I1
Cons!ltations, which the =TO Secretariat will recei)e -see para$raph 11.E a""itionally, the
!n"2s sta(( wo!l" +e rea"y to respon" to the Secretariat2s re&!ests (or clari(ications on their
stat!s.<-((*.
811. Co##!nications (ro# the IM p!rs!ant to Para$raph 3 o( the IM@=TO A$ree#ent are
circ!late" in the =TDTDIM series.-((4.
81*. The Panel Report on #ominican !epublic Import and $ale o" %igarettes notes the Panel2s
a$ree#ent with the IM2s state#ent that +eca!se the #eas!re at iss!e "i" not constit!te an
e%chan$e restriction, ;the iss!e o( its consistency or inconsistency with the !n" Articles I "oes not
arise<. The Panel also (o!n" that an IM "ecision cite" +y the ?o#inican Rep!+lic "i" not constit!te
a le$al +asis (or the application o( the (orei$n e%chan$e (ee #eas!re, an" that the ?o#inican
Rep!+lic ha" not "e#onstrate" that this (ee was applie" ;in accor"ance with< the IM Articles o(
A$ree#ent.-((,.