LONG-TERM ARRANGEMENT REGARDING INTERNATIONAL
TRADE IN COTTON TEXTILES
Recognizing the need to take co-operative and constructive action with a view to the development of world trade,
Recognizing further that such action should be designed to facilitate economic expansion and promote the development of less-developed coun- tries possessing the necessary resources, such as raw materials and technical skills, by providing larger opportunities for increasing their exchange earnings from the sale in world markets of products which they can efficiently manufacture,
Noting, however, that in some countries situations have arisen which in the view of these countries, cause or threaten to cause "disruption" of the market for cotton textiles,
Desiring to deal with these problems in such a way as to provide growing opportunities for exports of these products, provided that the development of this trade proceeds in a reasonable and orderly manner so as to avoid dis- ruptive effects in individual markets and on individual lines of production in both importing and exporting countries,
Determined, in carrying out these objectives, to have regard to the Declaration on Promotion of the Trade of Less-developed Countries adopted by Ministers at their meeting during the nineteenth session of the CONTRACT- ING PARTIES in November 1961,
The PARTICIPATING COUNTRIES have agreed as follows:
Article 1
In order to assist in the solution of the problems referred to in the preamble to this Arrangement, the participating countries are of the opinion that it may be desirable to apply, during the next few years, special practical measures of international co-operation which will assist in any adjustment that may be required by changes in the pattern of world trade in cotton textiles. They recognize, however, that the measures referred to above do not affect their rights and obligations under the General Agreement on Tariffs and Trade (hereinafter referred to as the GATT). They also recog- nize that, since these measures are intended to deal with the special prob- lems of cotton textiles, they are not to be considered as lending themselves to application in other fields.