242. Editorial Note

On February 16, 1962, the White House released the text of the long-term cotton textile arrangement agreed upon by the Cotton Textile Committee of the General Agreement on Tariffs and Trade held in Geneva January 29-February 9.

Valid for 5 years beginning October 1, the arrangement was similar to an earlier one in effect from October 1, 1961, to October 2, 1962, which “enabled importing countries threatened by or subject to market disruption in any of 64 categories of cotton textiles to restrain imports to the level of fiscal year 1961.”

This new arrangement, however, allowed any importing nation threatened by or subject to market disruptions to “freeze imports for 1 year to the level of the first 12 of the preceding 15 months.” The freeze could be extended for another year if market conditions persisted but a maximum 5 percent increase per year was the limit. For full text of the White House announcement, see American Foreign Policy: Current Documents, 1962, pages 1411-1412.