COMMISSION REGULATION (EC) No 29/98 of 7 January 1998 determining the world market price for unginned cotton and the rate for the aid
Date: 1998-01-07
Institutions: European Commission
Subjects: Greece, Spain, aid system, cotton, production aid, world market price

L 4/60

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EN

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Official Journal of the European Communities

8. 1. 98

COMMISSION REGULATION (EC) No 29/98

of 7 January 1998

determining the world market price for unginned cotton and the rate for the aid

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

ferences in product quality and the nature of offers and
quotations; whereas these adjustments are specified in
Article 2 of Regulation (EEC) No 1201/89;

Having regard to the Treaty establishing the European
Community,

Whereas application of the above rules gives the world
market price for unginned cotton indicated hereunder;

Having regard to the Act of Accession of Greece, and in
particular paragraphs 3 and 10 of Protocol 4 on cotton, as
last amended by Council Regulation (EC) No 1553/95 (1),

Having regard to Council Regulation (EC) No 1554/95 of
29 June 1995 (2) laying down general rules for the system
of aid for cotton and repealing Regulation (EEC) No
2169/81, as amended by Regulation (EC) No 1584/96 (3),
and in particular Articles 3, 4 and 5 thereof,

Whereas Article 3 of Regulation (EC) No 1554/95
requires a world market price for unginned cotton to be
periodically determined from the world market price
determined for ginned cotton, using the historical rela-
tionship between the two prices as specified in Article 1
(2) of Commission Regulation (EEC) No 1201/89 of 3
May 1989 laying down rules for implementing the system
of aid for cotton (4), as last amended by Regulation (EC)
No 1740/97 (5); whereas if it cannot be determined in this
way it is to be based on the last price determined;

Whereas Article 4 of Regulation (EC) No 1554/95
requires the world market price for ginned cotton to be
determined for a product of specific characteristics using
the most favourable offers and quotations on the world
market of
the real
those considered representative of
market trend; whereas to this end an average is to be
calculated of offers and quotations on one or more Euro-
pean exchanges for a cif product to a North European
port from the supplier countries considered most repre-
sentative as regards international
trade; whereas these
rules for determination of the world market price for
ginned cotton provide for adjustments to reflect dif-

(1) OJ L 148, 30. 6. 1995, p. 45.
(2) OJ L 148, 30. 6. 1995, p. 48.
(3) OJ L 206, 16. 8. 1996, p. 16.
(4) OJ L 123, 4. 5. 1989, p. 23.
(5) OJ L 244, 6. 9. 1997, p. 1.

Whereas Article 5 (3) of Regulation (EC) No 1554/95
stipulates that the advance payment rate for the aid is to
be the guide price less the world market price and less a
further amount calculated by the formula applicable when
the guaranteed maximum quantity is overun but with a
15 % increase in the estimate for unginned cotton
production; whereas Commission Regulation (EC) No
the
1670/97 (6) determined estimated production for
1997/98 marketing year; whereas application of
these
rules gives the advance payment rates for each Member
State indicated hereunder,

HAS ADOPTED THIS REGULATION:

Article 1

The world market price for unginned cotton as indi-
1.
cated in Article 3 of Regulation (EC) No 1554/95 is set at
ECU 36,148 per 100 kilograms.

Advance payment of the aid as indicated in Article 5

2.
(3) of Regulation (EC) No 1554/95 shall be at the rate of:

— ECU 31,246 per 100 kilograms in Spain,

— ECU 37,305 per 100 kilograms in Greece,

— ECU 70,152 per 100 kilograms in other Member

States.

Article 2

This Regulation shall enter into force on 8 January 1998.

(6) OJ L 237, 28. 8. 1997, p. 1.

8. 1. 98

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Official Journal of the European Communities

L 4/61

This Regulation shall be binding in its entirety and directly applicable in all Member
States.

Done at Brussels, 7 January 1998.

For the Commission

Franz FISCHLER

Member of the Commission