Seventh in the history of this international forum. These negotiations began in 1974, after the passing

In the United States of the Trade Act, which gave the President powers to negotiate. The negotiations

were concluded at the end of 1979. Agreement was reached on the following matters:

(a) The major developed countries agreed to reduce their tariffs by, on the average, one-third

Over a period ending on 1 January 1987.

(b) A new code of conduct was drawn up covering customs-valuation procedures, barriers caused

By technical specifications, import licences, and government procurement policies. For instance,

The American Selling Price system was abolished. Under this system the United States revalued

Imports of chemicals to the higher level of that charged by US domestic producers and then calculated

The import duty on this higher figure.

(c) A new code was also agreed concerning the application of countervailing duties. These duties

May only be applied when it can be demonstrated that material injury is being caused to the

Domestic producers of a commodity because of the importation of that commodity from a subsidized

Overseas source (contingent protection, dumping).

Commentary and Notes to Text 19.7.1.2

Under the auspices — под эгидой

Code(s) of conduct — нормы поведения

Government procurement policies — политика государственных закупок