a) Subject to revision of all restrictions on current account transactions in accordance with article VIII of the Articles of Agreement of the International Monetary Fund;
b) Shall enter into consultations in good faith with the IMF on economic adjustment measures to address the fundamental underlying problems in the economic difficulties; and
c) Endeavour to adopt or maintain economic policies consistent with such consultations.
3. The measures that apply or maintain in accordance with this Article shall:
a) To avoid unnecessary damage to the economic, commercial or financial interests of another party;
b) Shall not be more burdensome than necessary to deal with the balance of payments difficulties or threat thereof;
c) Be temporary and phased out progressively as the situation improves the balance of payments;
d) Consistent with paragraph 2 (c) and with the Articles of Agreement of the International Monetary Fund; and
e) Application of agreement with the most favourable, including the principles of National Treatment and most-favoured nation.
4. A Party may adopt or maintain a measure under this article that gives priority to services that are essential to its economic programme, provided that the Party does not impose a measure for the purpose of protecting a specific industry or sector unless the measure is consistent with paragraph 2 (c) and with article VIII (3) of the Articles of Agreement of the International Monetary Fund.
5. Restrictions imposed on transfers:
a) Shall be consistent with article VIII (3) of the Articles of Agreement of the International Monetary Fund, where they apply to payments for current international transactions;
b) Shall be consistent with article VI of the Articles of Agreement of the IMF and be imposed only in conjunction with measures on payments for current international transactions under paragraph 2 (a), where they apply to international capital transactions; and
c) May not take the form of surcharges, tariff quotas, licensing or similar measures.
Article 20.05. Exceptions to Disclosure of Information
Nothing in this Treaty shall be construed as requiring a party to furnish or allow access to information the disclosure of which would impede the enforcement or otherwise be contrary to the Constitution, to the public interest or their laws concerning the protection of the privacy of individuals, the accounts and financial affairs of individual customers of financial institutions.
Article 20.06. Taxation
1. Except as provided in this article and in annex 20.06, nothing in this Agreement shall apply to taxation measures.
2. Nothing in this Agreement shall affect the rights and obligations of either party under any tax convention. in the event of incompatibility between any of these treaties and this treaty, they shall prevail to the extent of the inconsistency.
3. Notwithstanding paragraph 2:
a) Article 3.03 (National Treatment) and such other provisions in this Treaty necessary to give effect to that article shall apply to taxation measures to the same extent as article III of the GATT 1994; and
b) Article 3.14 (export taxes) shall apply to taxation measures.
4. For the purposes of this article: Taxation Measures do not include:
a) A "customs tariff" as defined in article (2.01 definitions of general application); or
b) The measures listed exceptions in (b), (c) and (d) that definition.
Annex 20.06 . Double taxation
1. The Parties shall seek to conclude a bilateral double taxation within a reasonable time after the date of Entry into Force of this Treaty.
2. The parties agree that, together with the conclusion of a bilateral double taxation, exchange of letters setting out the relationship between the bilateral treaty to avoid double taxation and Article 20.06.
Chapter 21. Final Provisions
Article 21.01. Modifications
1. Without prejudice to article 18.01 (5) (Free Trade Commission 21.03) and (2), any amendment to this Treaty shall require the agreement of all the parties.
2. The agreed amendments shall enter into force after approval according to the appropriate legal procedures of the Parties and constitute an integral part of this Treaty.
Article 21.02. Reservations
This Treaty shall not be subject to reservations and interpretative declarations at the time of ratification.
Article 21.03. Duration
1. This Treaty shall have indefinite duration and shall enter into force between Chile and each Central American country on the thirtieth day after the date on which respectively have exchanged their respective instruments of ratification certifying that the necessary legal procedures and formalities have been completed.
2. For the present treaty takes effect between Chile and each Central American country, in the instruments of ratification shall be that the legal procedures and formalities have been completed with regard to a bilateral protocol:
a) The annex 3.04 (2) (tariff relief) on the programme of tariff relief between Chile and that Central American country;
b) Section C of Annex contains specific rules of origin (4.03) applicable between Chile and that Central American country;
c) Contains annexes I, II and III of chapter 11 (cross-border trade in services), relating to reservations and restrictions on cross-border services applicable between Chile and that Central American country;
d) The annexes contain 3.08 (customs valuation, 3.10) (6) (restrictions on the importation and exportation) and 16.01 (entities) where appropriate; and
e) Relates to other areas as agreed by the parties.
3. Protocols to be concluded pursuant to paragraph 2 shall be an integral part of this Treaty.
Article 21.04. Annexes
The annexes to this Agreement constitute an integral part of it.
Article 21.05. Denunciation
1. Any Party may denounce this Treaty. provided that Chile is not a party to the complaint, the Treaty shall remain in force for the other parties.
2. Denunciation shall take effect one hundred and eighty (180) days after be communicated to the other parties, without prejudice to the parties may agree on a different period.
Conclusion
Attachments
Annex I .
1. The schedule of a party contained in accordance with article 1108 (1) (reservations), the reservations taken by a Party with respect to existing measures that do not conform with the obligations imposed by:
a) Article 1103 (National Treatment);
b) Article 11.04 (most-favoured-nation treatment); and
c) Article 1106 (local presence);
And, in certain cases, indicate immediate or future liberalization commitments.
2. Each reservation sets out the following elements:
a) Sector refers to the general sector in which the reservation is taken;
b) Sub-sector refers to the specific sector in which the reservation is taken;
c) CPC corresponds to the digits of the Central Product Classification (CPC), as set out in Statistical Office of the United Nations Statistical Papers, Series M. 77, Provisional Central Product Classification, 1991. the Central Product Classification (CPC) is illustrative only;
d) Type of reservation specifies the obligation referred to in paragraph 1 for which a reservation is taken;
e) Measures identifies the laws, regulations or other measures, as described, where this is indicated in the description element, for which the reservation is taken. a measure cited in the element measures:
i) The measure means as amended, continued or renewed as of the date of Entry into Force of this Treaty; and
ii) Includes any subordinate measure adopted or maintained under the authority of and consistent with the measure;
f) Description sets out the liberalization commitments, when they have been made, from the date of Entry into Force of this Treaty, and the remaining dissenting aspects of the existing measure for which the reservation is taken; and
g) The reduction schedule indicates liberalization commitments, when these have been taken, after the date of Entry into Force of this Treaty.
3. In the interpretation of a reservation, all elements of the reservation shall be considered. a reservation is interpreted in the light of the relevant provisions against which the reservation is taken. to the extent that:
a) The reduction schedule establish a gradual reduction of dissenting aspects of the measures, this element shall prevail over all other elements;
b) The measures element is qualified by a commitment from the liberalisation description element, the measures described as element, shall prevail over all other elements; and
c) The measures element is not so qualified element, the measures shall prevail over all other elements, unless a discrepancy between the measure element and the other elements considered in their totality is so substantial material and that it would be unreasonable to conclude that the measure element shall prevail in which case the other elements prevail to the extent of that discrepancy.
Annex II .
1. The list of each Party indicates the reservations taken by that Party, in accordance with article 1108 (2) (reservations), with respect to specific sectors or sub-sectors activities for which it may maintain or adopt new or more restrictive measures that do not conform with the obligations imposed by:
a) Article 1103 (National Treatment);
b) Article 11.04 (most-favoured-nation treatment); and
c) Article 1106 (local presence).
2. Each reservation sets out the following elements:
a) Sector refers to the general sector in which the reservation is taken; sub-sector refers to the specific sector in which the reservation is taken;
c) CPC: corresponds to the digits of the Central Product Classification (CPC), as set out in Statistical Office of the United Nations Statistical Papers, Series M. 77, Provisional Central Product Classification, 1991. the Central Product Classification (CPC) is illustrative only;
d) Type of reservation specifies the obligation referred to in paragraph 1 for which a reservation is taken;
e) Description sets out the scope of the sector and sub-sector or activities covered by the reservation; and
f) Identifies measures, for purposes of transparency, existing measures that apply to the sector and sub-sector or activities covered by the reservation.
3. The interpretation of a reservation in its entirety shall be considered. the description element shall prevail over all other elements.
Annex III .
1. The schedule of a Party sets quantitative restrictions non-discriminatory maintained by that Party, in accordance with article 11.09 (non-discriminatory quantitative restrictions).
2. Each reservation sets out the following elements:
a) Sector refers to the general sector in which the quantitative restriction is maintained;
b) Sub-sector refers to the specific sector in which the quantitative restriction is maintained;
c) CPC corresponds to the digits of the Central Product Classification (CPC), as set out in Statistical Office of the United Nations Statistical Papers, Series M. 77, Provisional Central Product Classification, 1991. the Central Product Classification (CPC) is illustrative only;
d) Measures that identifies the measures it has taken the quantitative restriction; and
e) Description sets out the scope of the sector and sub-sector or activities covered by the quantitative restriction.