Members in Transition to Market Economies Sample Clauses

Members in Transition to Market Economies. Seven-year transition period for otherwise prohibited subsidies (Article 29.3). A seven-year transition period from the entry into force of the Agreement (i.e. through 1 January 2002) for subsidies falling within Article 3 (i.e. prohibited subsidies) is provided if such subsidies have been notified. The format for such notifications is in PC/IPL/11, Annex 5. The deadline for such notifications is the "earliest practicable date" after the entry into force of the WTO Agreement (i.e. 1 January 1995). The Committee agreed to an indicative date of 30 June 1995 for such notifications. However, since eligibility for the seven-year transition period for these otherwise prohibited subsidies is contingent upon notification, it is in the clear interest of all such countries to notify as soon as possible. Moreover, the longer such a notification is delayed, the greater the chance that another Member may challenge use of the special transition period on the basis that the notification was not made at the earliest practicable date. In addition, all such programs are subject to the basic notification obligation under Article 25 of the Agreement and GATT Article XVI.
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