ECONOMIC UNION PROPOSED
BENELUX COUNTRIES AGREE (Rec. 9 p.m.) LUXEMBOURG, Oct. 15. The Benelux countries—Luxembourg, Belgium, and Holland—to-night reached agreement on an economic union, after three days’ intensive debate by their Prime Ministers and other key • Ministers. The agreement is twofold, and provides for a stop-gap period described as a pre-union covering period, from October 11, 1949, to July 1, 1950, when the full three-nation economic merger is expected to begin. Trade deficits among the three Benelux countries will be covered either by calling on the International Monetary Fund or by payment in gold or a convertible currency. A communique said that measures would be taken to free imports of iron, steel and metal manufactured goods. Before January 1. 1950, the three countries would work out a plan to free textile imports. The Belgian Foreign Minister (Mr Paul van Zeeland), at the end of the conference, said that the Benelux States would show other countries what could be achieved by unity.
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Press, Volume LXXXV, Issue 25936, 17 October 1949, Page 7
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161ECONOMIC UNION PROPOSED Press, Volume LXXXV, Issue 25936, 17 October 1949, Page 7
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