AGREEMENT in the form of an exchange of letters amending the Agreement between the European Economic Community and the Republic of Korea on trade in textile products

Letter N° 1

Sir,

1. I have the honour to refer to the consultations held on 16 October 1991 between our respective delegations for the purpose of amending the Agreement on trade in textile products between the European Economic Community and the Republic of Korea, initialled on 7 August 1986 and applied since 1 January 1987.

2. As a result of these consultations, both Parties agreed to amend Article 18 (1) of the above Agreement so as to extend the period of application of all the provisions of the Agreement for one more year, i.e. until 31 December 1992. Consequently, the Parties also agreed to amend Annex II of the Agreement as regards the quantitative limits for exports from the Republic of Korea to the Community of the textile products referred thereto for the year 1992. The modified Annex II is appended to this letter (Appendix).

3. The Parties also agreed that as regards Article 14 (3) of the Agreement, the percentage of inter-regional transfers for the year 1992 is fixed at 40 %.

It is understood that if as a result of the application of the above percentage serious difficulties, following significant changes in the pattern of trade, occur in certain regions of the Community, both Parties shall hold consultations without delay with a view to remedying the situation.

4. Both Parties agreed that this extension of the Agreement shall enter into force on 1 January 1992 and shall remain in force until 31 December 1992. The Parties agreed that this Agreement shall be applied provisionally from 1 January 1992.

5. I should be obliged if you would kindly confirm the acceptance of your Government to the foregoing.

6. Please accept, Sir, the assurance of my highest consideration.

For the Council

of the European Communities

Appendix 1

ANNEX II

(The full product descriptions of the categories listed in this Annex are to be found in Annex I of the Agreement)

> TABLE POSITION>

>TABLE>

Note: The numbers in brackets are references to the footnotes in Annex II of the Agreement for the appropriate category respectively.

(3) 1992: 261.

(4) 1992: 907.

(5) 1992: 1 810.

(8) 1992: 257.

(9) 1992: 338.'

Letter N° 2

Sir,

I have the honour to acknowledge receipt of your letter of 16 October 1991, which reads as follows:

'1. I have the honour to refer to the consultations held on 16 October 1991 between our respective delegations for the purpose of amending the Agreement on trade in textile products between the European Economic Community and the Republic of Korea, initialled on 7 August 1986 and applied since 1 January 1987.

2. As a result of these consultations, both Parties agreed to amend Article 18 (1) of the above Agreement so as to extend the period of application of all the provisions of the Agreement for one more year, i.e. until 31 December 1992. Consequently, the Parties also agreed to amend Annex II of the Agreement as regards the quantitative limits for exports from the Republic of Korea to the Community of the textile products referred thereto for the year 1992. The modified Annex II is appended to this letter (Appendix).

3. The Parties also agreed that as regards Article 14 (3) of the Agreement, the percentage of inter-regional transfers for the year 1992 is fixed at 40 %.

It is understood that if as a result of the application of the above percentage serious difficulties, following significant changes in the pattern of trade, occur in certain regions of the Community, both Parties shall hold consultations without delay with a view to remedying the situation.

4. Both Parties agreed that this extension of the Agreement shall enter into force on 1 January 1992 and shall remain in force until 31 December 1992. The Parties agreed that this Agreement shall be applied provisionally from 1 January 1992.

5. I should be obliged if you would kindly confirm the acceptance of your Government to the foregoing.`

I have the honour to confirm that my Government is in agreement with the contents of your letter.

Please accept, Sir, the assurance of my highest consideration.

For the Government of

the Republic of Korea

Appendix 1

ANNEX II

(The full product descriptions of the categories listed in this Annex are to be found in Annex I of the Agreement)

> TABLE POSITION>

>TABLE>

Note: The numbers in brackets are references to the footnotes in Annex II of the Agreement for the appropriate category respectively.

(3) 1992: 261.

(4) 1992: 907.

(5) 1992: 1 810.

(8) 1992: 257.

(9) 1992: 338." '

Exchange of notes

The Directorate-General for External Relations of the Commission of the European Communities presents its compliments to the Mission of the Republic of Korea to the European Communities and has the honour to refer to the Agreement in textile products between the Republic of Korea and the Community, initialled on 7 August 1986 and applied since 1 January 1987, as extended by the exchange of letters initialled on 16 October 1991.

The Directorate-General wishes to inform the Mission of the Republic of Korea that whilst awaiting the completion of the necessary procedures for the conclusion and the coming into force of the extended Agreement, the Community is prepared to allow the provisions of the Agreement to apply de facto from 1 January 1992. This is on the understanding that either Party may at any time terminate this de facto application of the extended Agreement provided that 120 days' notice is given.

The Directorate-General for External Relations would be grateful if the Mission would confirm its agreement to the foregoing.

The Directorate-General for External Relations avails itself of this opportunity to renew to the Mission of the Republic of Korea to the European Communities the assurance of its highest consideration.

Exchange of notes

The Mission of the Republic of Korea to the European Communities presents its compliments to the Directorate-General for External Relations of the Commission of the European Communities and has the honour to refer to the Directorate-General's note regarding the Agreement in textile products between the Republic of Korea and the Community, initialled on 7 August 1986 and applied since 1 January 1987, as extended by the exchange of letters initialled on 16 October 1991.

The Mission wishes to confirm to the Directorate-General that whilst awaiting the completion of the necessary procedures for the conclusion and the coming into force of the extended Agreement, the Government of the Republic of Korea is prepared to allow the provisions of the extended Agreement to apply de facto from 1 January 1992. This is on the understanding that either Party may at any time terminate this de facto application of the extended Agreement provided that 120 days' notice is given.

The Mission of the Republic of Korea to the European Communities avails itself of this opportunity to renew to the Directorate-General for External Relations the assurance of its highest consideration.