611.2331/324a: Telegram

The Secretary of State to the Ambassador in Peru ( Norweb )

398. Trade agreement signed at noon today, including 50 percent reductions in duty on long-staple cotton and sugar. In a separate exchange of notes it is agreed that the Tariff Commission will be requested to investigate possibility of consolidating present individual country quotas on long-staple cotton into a global quota equal to the sum of the individual quotas, thus permitting Peru to share in supplying any otherwise unfilled portions of permitted imports. Upon a favorable finding by the Tariff Commission, the President would then issue a proclamation in the above sense.

Dasso signed for Peru. Copy of text by air mail.

Hull

[For text of trade agreement, see Department of State Executive Agreement Series No. 256, or 56 Stat. (pt. 2) 1509. For analysis of text of agreement, see Department of State Bulletin, May 9, 1942, page 410.]