/SS07 /SS07 EN Official Journal oftheEuropean Communities L4/60 8.1.98
COMMISSION REGULATION (EC) No29/98
of7January 1998
determining theworld market price forunginned cotton andtheratefortheaid
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard tothe Treaty establishing the European
Community,
Having regard totheActofAccession ofGreece, and in
particular paragraphs 3and 10ofProtocol 4oncotton, as
lastamended byCouncil Regulation (EC) No1553/95 (1),
Having regard toCouncil Regulation (EC) No1554/95 of
29June 1995 (2)laying down general rules forthesystem
ofaidforcotton and repealing Regulation (EEC) No
2169/81, asamended byRegulation (EC) No1584/96 (3),
and inparticular Articles 3,4and 5thereof,
Whereas Article 3ofRegulation (EC) No 1554/95
requires aworld market price forunginned cotton tobe
periodically determined from the world market price
determined forginned cotton, using thehistorical rela-
tionship between thetwo prices asspecified inArticle 1
(2)ofCommission Regulation (EEC) No 1201/89 of3
May 1989 laying down rules forimplementing thesystem
ofaidforcotton (4),aslastamended byRegulation (EC)
No1740/97 (5);whereas ifitcannot bedetermined inthis
way itistobebased onthelast price determined;
Whereas Article 4ofRegulation (EC) No 1554/95
requires theworld market price forginned cotton tobe
determined foraproduct ofspecific characteristics using
themost favourable offers and quotations ontheworld
market ofthose considered representative ofthe real
market trend; whereas tothis end anaverage istobe
calculated ofoffers and quotations onone ormore Euro-
pean exchanges foracifproduct toaNorth European
port from thesupplier countries considered most repre-
sentative asregards international trade; whereas these
rules fordetermination ofthe world market price for
ginned cotton provide foradjustments toreflect dif-ferences inproduct quality and thenature ofoffers and
quotations; whereas these adjustments arespecified in
Article 2ofRegulation (EEC) No1201/89;
Whereas application oftheabove rules gives theworld
market price forunginned cotton indicated hereunder;
Whereas Article 5(3)ofRegulation (EC) No 1554/95
stipulates that theadvance payment rate fortheaidisto
betheguide price lesstheworld market price and lessa
further amount calculated bytheformula applicable when
theguaranteed maximum quantity isoverun butwith a
15%increase inthe estimate for unginned cotton
production; whereas Commission Regulation (EC) No
1670/97 (6)determined estimated production for the
1997/98 marketing year; whereas application ofthese
rules gives theadvance payment rates foreach Member
State indicated hereunder,
HAS ADOPTED THIS REGULATION:
Article 1
1. The world market price forunginned cotton asindi-
cated inArticle 3ofRegulation (EC) No1554/95 issetat
ECU 36,148 per100 kilograms.
2. Advance payment oftheaidasindicated inArticle 5
(3)ofRegulation (EC) No1554/95 shall beattherateof:
—ECU 31,246 per100 kilograms inSpain,
—ECU 37,305 per100 kilograms inGreece,
—ECU 70,152 per 100 kilograms inother Member
States.
Article 2
This Regulation shall enter into force on8January 1998.(1)OJL148, 30.6.1995, p.45.
(2)OJL148, 30.6.1995, p.48.
(3)OJL206, 16.8.1996, p.16.
(4)OJL123, 4.5.1989, p.23.
(5)OJL244, 6.9.1997, p.1. (6)OJL237, 28.8.1997, p.1.
/SS07 /SS07 EN Official Journal oftheEuropean Communities L4/61 8.1.98
This Regulation shall bebinding initsentirety and directly applicable inallMember
States.
Done atBrussels, 7January 1998.
FortheCommission
Franz FISCHLER
Member oftheCommission