ITALY AND RUSSIA

Press, Volume LXXXIV, Issue 25678, 15 December 1948, Page 5

ITALY AND RUSSIA

Agreements Signed In Moscow

TRADE, WARSHIPS. REPARATIONS (N.Z. Press Association—Copyright) (Rec. 9 p.m.) LONDON, Dec. 14. “An Italian-Soviet trade agreement was signed in Moscow on Saturday,” says the Rome correspondent of “The Times.” “A treaty of commerce and navigation nas also been concluded, as well as agreements on reparations and the transfer of Italian warships under the peace treaty. “The trade agreement is to last for three years, and provides for exchanges to the value of £15,000,000 annually by each country. The Soviet Union will supply raw materials and essential foodstuffs, especially cereals. Italian exports will include industrial products and citrus fruits. “The commerce and navigation agreement contains, the principle of ‘reciprocally benevolent’ treatment in trade and most-favoured-nation treatment in respect of customs, transport, and navigation, with certain temporary exceptions. “Italy is to hand over 33 warships to Russia in five groups, beginning on January 15. “The Soviet Union agreed to Italy’s reparations scheme, by which Russia accepts on account of reparations all Italian property in Rumania, Hungary, and Bulgaria. The difference between the value of this property and the £25,000,000 due from Italy under the peace treaty for reparations will be paid out .of current Italian industrial production.”