G.A.T.T. Accepts Trade Area For N.Z., Aust.

Press, Volume CV, Issue 31029, 7 April 1966, Page 3

G.A.T.T. Accepts Trade Area For N.Z., Aust.

(N.Z.PA. Reuter —CopyrifllU) GENEVA, April 6. Australia and New Zealand yesterday received a “go ahead’’ signal from the General Agreement on Tariffs and Trades for a new limited free trade area.

But they were urged to extend it as soon as possible to cover a greater volume of trade. A G.A.T.T. spokesman said i the scheme, which came into effect last January 1, won only "rather limited support" because it covered at present only between 50 and 60 per cent of the countries’ total combined trade. G.A.T.T. rules pennit a free

trade area provided it will; cover substantially all trade! within a reasonable period.i and leads to trade expansion I without harming other I G.A.T.T. members. I Periodic Review H Australia and New Zealand i earlier told a G.A.T .T work•ling party they would reviewtithe free trade agreement -; periodical!}’ with the aim of II including additional items. I G.A.T.T. members at yes- •[ terday’s session said they

! appreciated the circumstances: which made it difficult for thej [countries to agree immedii ately to a more comprehen- 1 I sive scheme, but asked them to seriously consider doing this as soon as possible. A United States spokesman said the amount of trade at present covered was insufficient. to justify the forma- ■ tion of a free trade area. He would have liked to have seen a definite timetable for completion of a full free trade area.