General Agreement VAL/W/65

27 April 1995

on Tariffs and Trade Special Distribution


Committee on Customs Valuation Original: English





Draft Decision



The Chairman of the Committee on Customs Valuation proposes that the Committee consider for adoption under item E of the Agenda of the meeting of the Committee on 5 May 1995 the following draft decision regarding termination of the Tokyo Round Customs Valuation Agreement.



The Parties to the Agreement on Customs Valuation (hereinafter referred to as "the Agreement"),

Noting that the Agreement is intended to interpret and supplement the provisions of the General Agreement on Tariffs and Trade (hereinafter referred to as the "GATT 1947");

Noting further that the CONTRACTING PARTIES to the GATT 1947 have decided to terminate the GATT 1947 one year after the entry into force of the Agreement Establishing the World Trade Organization;

Considering that it would not be meaningful to maintain the Agreement in existence after the termination of the GATT 1947;

Decide as follows:

The Agreement is herewith terminated one year after the date of entry into force of the WTO Agreement. In the light of unforeseen circumstances, the Parties may decide to postpone the date of termination by no more than one year.