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111) Furthermore, it should be pointed out that these general
restrictions have been put into effect in order to ensure
the least possible security to the Greek industry which
has proceeded to considerable investments to renew its
equipment and to avoid the desorganisation threatening the
Greek market by the offer of Greek products by other
countries, as the same products are produced at a very low
cost in Greece.
Attention should also be drawn to the fact that, though the
international cotton agreement aims at eliminating restrictions
imposed on the cotton trade, and at assisting developing
countries to promote the specialization of their production
and of their exports, many developed countries apply restric-
tions on their imports in the effort to avoid the desorganiza-
tion of their cotton market.
In view of the above, modification of the measures taken by
Greece, which let be noted, are within the meaning of the
Article XVIII of GATT、 depend on the prevailing conditions
of the International Cotton Market and at the same time on
the slackening of the far wider restrictions which are imposed
by other industrially advanced countries on cotton products.
The Royal Ministry for Foreign Affairs avail themselves of this opportunity to renew to Her Britannic Majesty's Embassy
the assurances of their highest consideration.
Athens, May 30, 1969