The products covered by the Agreement and the rate of conversion into square meters equivalent are set out in Annex A. For the purposes of this Agreement, the product shall be classified as a cotton textile if the cotton component exceeds 50 percent by weight of all component fibers thereof, unless wool equals or exceeds 36 percent by weight of all fibers, in which case the product will be a wool textile. During the term of the Agreement, the Government of Colombia shall limit in each Agreement year exports from Colombia to the United States of the textile products listed in Annex A, to the specific limits set forth in Annex B hereto, as such limits may be adjusted in accordance with Paragraph 4. The limits set out in Annex B are without such adjustments.
Exports are subject to a limit for the period in which they are exported.
No carryover shall be available during the first Agreement Year. Carryforward may be utilized up to 6 percent of the receiving Agreement Year's specific limit. Carryforward used shall be charged against the immediately following Agreement Year's specific limit. No carryforward shall be available during the last Agreement Year. The Government of Colombia shall notify the Government of the United States of the application of adjustments as available under this paragraph.