(a) current account and
(b) capital account necessary to further the objectives of the Common Market.
2. Member States recognizing that exchange-rate stability as between themselves is necessary to promote the smooth functioning of the Common Market agree to--
(a) a policy of continuing consultation and the fullest possible exchange of relevant information on monetary payments and exchange rate matters, and
(b) to examine ways and means of harmonizing their monetary and exchange-rate and payments policies in the interest of the smooth functioning of the Common Market.
3. Member States further agree - (a) to the policy whereby through arrangements by their Central Banks or Monetary Authorities the notes and coins of other Member States shall be exchanged within their own States at official par value without exchange commission.
(b) to develop arrangements for co-operation in other monetary matters including the operation of a clearing arrangement by their Central Monetary Authorities.
44. OWNERSHIP AND CONTROL OF REGIONAL RESOURCES
1. Member States recognise the need for continuing inflows of extra-regional capital and the urgent necessity to promote development in the Less Developed Countries.
2. Member States shall keep under review the question of ownership and control of their resources, with a view to increasing the extent of national participation on their economies and working towards the adoption as far as possible of a common policy on foreign investment
45. COORDINATION OF NATIONAL DEVELOPMENT PLANNING
1. Member States recognise the desirability of a long-term Common Market Perspective plan as a framework for co-ordinating their development efforts and agree to work jointly in the formulation of such a Plan.
2. In order to promote maximum complementarity between industries and economic sectors of Member States, each Member State agrees to consult with other Member States in drawing up its national medium-term operational development plans. Member States shall establish a Committee of Officials in charge of national planning agencies for the purpose of promoting collaboration in development planning.
46. COMMON MARKET INDUSTRIAL PROGRAMMING
1. Member States undertake to promote a process of industrial development through industrial programming aimed at achieving the following objectives:
(a) the greater utilization of the raw materials of the Common Market;
(b) the creation of production linkages both within and between the national economies of the Common Market;
(c) to minimize product differentiation and achieve economies of large scale production, consistent with the limitation of market size;
(d) the encouragement of greater efficiency in industrial production;
(e) the promotion of exports to markets both within and outside the Common Market;
(f) an equitable distribution of the benefits of industrialization paying particular attention to the need to locate more industries in the Less Developed States.
2. The Council may make recommendations from time to time to promote achievement of the objectives stated in paragraph I of this Article.
47. JOINT DEVELOPMENT OF NATURAL RESOURCES
1. Member States agree to a policy of regular exchange of information on their natural resources with a view to the development of joint projects for the increased utilisation of these resources within the Common Market and to collaborate in promoting research in these areas.
2. With a view to facilitating negotiations with mining companies, Member States agree to exchange information on exploration leases, exploitation licences and on taxation of mining companies.
3. The Council advised by the Standing Committee of Ministers responsible for Mines and Natural Resources may make recommendations for achieving the objectives stated in paragraphs 1 and 2 of this Article.
48. MARKETING OF AGRICULTURAL PRODUCTS
1. Member States agree to work towards the rationalization of trade within the Common Market of certain selected agricultural products having special regard to the agricultural development of the Less Developed Countries.
2. In pursuance of this objective Member States agree to arrangements for the marketing of oils and fats and other agricultural products as set out in Schedules VII, VIII and IX to this Annex.
3. The Council may make recommendations for the development of agricultural trade between Member States.
49. RATIONALIZATION OF AGRICULTURAL PRODUCTION
1. Member States agree to adopt a scheme for the rationalization of agricultural production within the Common Market with a view to promoting complementarity in national agricultural programmes and providing special opportunities for the development of agriculture in the Less Developed Countries.
2. The Scheme shall have the following objectives:
(a) the development of a regional plan for the integration of agricultural development in the Common Market;
(b) the achievement of the optimum utilization of agricultural resources;
(c) the improvement of the efficiency of agricultural production in order to increase the supply of agricultural products for--
(i) domestic consumption;
(ii) export to regional as well as extra-regional markets; and
(iii) inputs for agro-based industries.
(d) replacement of imports on a regional basis;
(e) increasing the income and standard of living of the rural population;
(f) contributing to the achievement of full employment for the peoples of the Common Market;
(g) the provision of greater opportunities to the Less Developed Countries for the expansion of agricultural production for export to markets within and outside the Common Market.
3. Member States recognise the desirability of joint action in the exporting of non-traditional agricultural products to countries outside the Common Market and agree to the promotion of schemes towards this objective.
4. With regard to the production of non-traditional agricultural products, Member States shall pursue a policy of collaboration with a view to improving productivity and promoting a more efficient allocation of the resources of the Common Market giving special consideration to the need for increasing production in the Less Developed Countries.
5. The Council shall keep this Article under review and shall make recommendations to Member States for achieving its objectives.
50. COOPERATION IN TOURISM
1. Member States agree to collaborate in the promotion and development of the tourist industry within the Common Market.
Chapter VII. Special Regime for Less Developed Countries
51. PURPOSE OF THE CHAPTER
The provisions of this Chapter shall have effect for the purposes of establishing within the framework of this Annex a special regime for the Less Developed Countries.
52. IMPORT DUTIES, REVENUE DUTIES AND INTERNAL TAXATION
For the purposes of Articles 15 and 17 of this Annex the special arrangements contained in Schedules iii and iv to this Annex concerning impart duties? revenue duties and internal taxation shall apply to the Less Developed Countries.
53. COMMON MARKET ORIGIN
Member States agree that in the compilation of the process list pursuant to paragraph l(b) of Article 14 of this Annex, the special needs of the Less Developed Countries shall be taken into account.
54. HARMONISATION OF FISCAL INCENTIVES
Member States agree that in the establishment of the Scheme for Harmonisation of Fiscal Incentives to Industry, provided for in Article 40 of this Annex, the special needs of the Less Developed Countries shall be taken into account.
55. THE COMMON EXTERNAL TARIFF AND COMMON PROTECTIVE POLICY
Member States agree that in the establishment of the Scheme for a Common External Tariff provided for in Article 31 of this Annex, the special needs of the Less Developed Countries shall be taken into account.
56. PROMOTION OF INDUSTRIAL DEVELOPMENT IN THE LESS DEVELOPED COUNTRIES
1. Upon any application made in that behalf by the Less Developed Countries the Council may, if necessary, as a temporary measure in order to promote the development of an industry in any of those States, authorise by majority decision such States to suspend Common Market Tariff treatment of any description of imports eligible therefor on grounds of production in the other Member States
2. Upon any application made in that behalf by the Less Developed Countries the Council may, if necessary, as a temporary measure in order to promote the development of an industry in any of those States, authorise by majority decision such States to impose quantitative restrictions on like imports from the other Member States.
3. In the light of the special position of Barbados that State may; in relation to trade with the Less Developed Countries, during the period for which the authorisations referred to in paragraphs 1 and 2 of this Article are in force, suspend Common Market tariff treatment of, or apply quantitative restrictions on, the like description of imports from the Less Developed Countries.
4. The Council may, in taking decisions pursuant to paragraphs I and 2 of this Article, impose terms and conditions to which such authorisation shall be subject.
5. For the purposes of this Article a majority means a decision supported by the affirmative votes of all the Less Developed Countries and at least two of the More Developed Countries.
57. GOVERNMENT AIDS
Paragraph I (a) of Article 25 of this Annex shall not apply to exports from a Less Developed Country except where such exports are consigned to Barbados.
58. PUBLIC UNDERTAKING
Paragraph I (a) of Article 26 of this Annex shall not apply to the Less Developed Countries.
59. FINANCIAL ASSISTANCE FROM MORE DEVELOPED COUNTRIES
1. With a view to promoting the flow of investment capital to the Less Developed Countries, the More Developed Countries agree to co-operate in--
(a) facilitating, whether by by means of private investment capital or otherwise, joint ventures in those States;
(b) negotiating double taxation agreements in respect of the income from investments in the Less Developed Countries by residents of other Member States, and (c) facilitating the flow of loan capital to the Less Developed Countries.
2. In furtherance of the objectives stated in paragraph I above, primary consideration should be given to ventures which are substantially owned and effectively controlled by nationals of Member States within the meaning of Article 35 of this Annex.
3. Member States agree that in order to promote the development of industries in the Less Developed Countries an appropriate investment institution shall be established.
60. USE OF TECHNOLOGICAL AND RESEARCH FACILITIES IN MORE DEVELOPED COUNTRIES
The More Developed Countries undertake to provide opportunities for the use of their technological and research facilities by the Less Developed Countries.
61. ADDITIONAL SPECIAL ARRANGEMENTS FOR BELIZE
Without prejudice to any other provision of this Chapter, the provisions of Schedule XI to this Annex shall apply for the purpose of establishing additional special arrangements in regard to the participation of Belize in the Common Market.
62. REVIEW OF MECHANISMS FOR THE LESS DEVELOPED COUNTRIES
The Council shall review annually the need for strengthening existing mechanisms or introducing new ones to provide greater benefits to the Less Developed Countries and shall submit a Report thereon to the Heads of Government Conference.
Chapter VIII. General and Final Provisions
63. LEGAL CAPACITY
1. The Common Market shall have international juridical personality.
2. Each Member State shall, in its territory, accord to the Common Market the most extensive legal capacity accorded to legal persons under its municipal law including the capacity to acquire and transfer movable and immovable property and to sue and be sued in its own name. In any legal proceedings the Common Market shall be represented by the Secretary-General of the Secretariat.
3. Each Member State hereby agrees to take such action as is necessary to make effective in its territory the provisions of this Article and shall promptly inform the Secretariat of such action.
64. PRIVILEGES AND IMMUNITIES
1. The privileges and immunities to be recognised and granted by the Member States in connection with the Common Market shall be laid down in a Protocol to this Annex.
2. The Common Market shall conclude with the Government of the Member State in which its on with the Common Market privileges and immunities to be recognized and granted in connection with the Common Market.
65. ACCESSION
1. A State, mentioned in paragraph 1 (b) of Article 2 of this Annex may become a Member of the Common Market on such terms and conditions as the Conference may determine.
2. Any such State shall deposit on or before a date appointed by the Conference an instrument of accession with the Secretariat which shall transmit certified copies to the Government of each Member State.
3. Upon such deposit the State shall become a Member of the Common Market on the appointed date.
66. AMENDMENTS
1. Except where this Annex provides otherwise, amendments thereto shall enter into force when they have been approved by the Council and ratified by all Member States in accordance with their respective constitutional procedures.
2. Instruments of ratification shall be deposited with the Secretariat which shall transmit certified copies thereof to each Member State.
67. RECOGNITION OF EXISTING INTEGRATION AGREEMENT WITHIN THE COMMON MARKET
Nothing in this Annex shall affect any decisions or things done under the ECCM Agreement immediately before the coming into force of this Annex or the continued application and development of that Agreement to the extent that the objectives of that Agreement are not achieved in the application of the objectives of this Annex, provided such application or development does not conflict with the obligations under this Annex of the Member States which are parties to that Agreement.
68. PARTICIPATION IN OTHER ARRANGEMENTS
Nothing in this Annex shall preclude any Member State from participating in other arrangements to the extent that those arrangements are not incompatible with the obligations of Member States under this Annex.
69. WITHDRAWAL
1. A Member State may withdraw from the Common Market by giving notice in writing to the Secretariat, and the Secretariat shall promptly notify the other Member States. Such withdrawal shall take effect twelve (12) months after the notice is received by the Secretariat.
2. A Member State so withdrawing undertakes to honour any financial obligations duly assumed during its membership of the Common Market.
3. A Member State that withdraws from the Treaty in accordance with Article 27 thereof shall, if a member of the Common Market be deemed to have withdrawn from the Common Market with effect from the expiration of the time limited by the said Article 27.
70. RELATIONS WITH OTHER STATES AND INTERNATIONAL ORGANIZATIONS
1. The Council may, on behalf of the Common Market, negotiate Agreements with Member States, non-member States and other International Organisations in order to promote the objectives of the Common Market.
2. Such agreements, however, shall be subject to ratification by the Conference.
71. TRANSITIONAL PROVISIONS
On entry into force of this Annex in accordance with the provisions of Article 24 of the Treaty, the Agreement establishing the Caribbean Free Trade Association done at Dickenson-Bay, Antigua, on the Fifteenth day of December, 1965 and the Supplementary Agreement under Article 31 (3) of the former Agreement done at Georgetown, Guyana, on the Fifteenth day of March, 1968, and at St. John's, Antigua, on the Eighteenth day of March, 1968 shall be superceded by the provisions of this Annex as between the Parties to whom the provisions of this Annex apply.
72. ASSOCIATE MEMBERSHIP
1. Any State which in the opinion of the Conference is qualified for membership of the Common Market in accordance with Article 2. l (b) of this Annex may, upon application to the Council for associate membership of the Common Market, be admitted as an associate member of the Common Market in accordance with paragraph 2 of this Article.
2. On the application made under paragraph l of this Article the Conference shall determine the conditions under which the applicant State may be associated with the Common Market.
73. STATUS OF SCHEDULES
Schedules to this Annex shall form an integral part thereof.