Italo-Soviet Trade Aid Reparations: Agreements Signed

Gisborne Herald, Volume LXXV, Issue 22820, 15 December 1948, Page 9

Italo-Soviet Trade Aid Reparations : Agreements Signed

(10 a.m.) LONDON, Dec. 14. An Italian-Soviet trade agreement was signed in Moscow on December 11, says the Times’ correspondent in Rome. A treaty of commerce and navigation has also been concluded and also agreements concerning reparations and transfer of Italian warships under the peace treaty. The trade agreement is to last 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" teratment 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 an Italian reparations scheme whereby 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.