Appendix 3
The full terms
in The British political elite and Europe, 1959–1984

Appendix 3
The full terms

(Main points at a glance as outlined by the Financial Times, 24 June 1971)

Sterling balances: An ‘orderly and gradual run down’ but no timetable set.

Community budget: U.K. contribution will start at 8.64 per cent of budget, rising to 18.92 per cent in fifth and last year of the transitional period. The budget now runs at about $3,000m a year.

New Zealand: Butter exports will be phased down to 80 per cent of present quantities in the fifth year, cheese exports will be phased down to 20 per cent of present levels, both together being equal to 71 per cent of present dairy exports. During third year, the future of butter exports beyond the five years will be reviewed.

Fisheries: The Community policy is to be reconsidered next month (July 1971) at a meeting between the Six and the four applicants.

Commonwealth sugar: The Commonwealth Sugar Agreement continues until 1974, after which the Communities will ‘have at heart’ the interests of developing Commonwealth producers. No quantitative guarantees, but U.K. – Commonwealth interpretation (‘secure and continuing access’) read into Community record.

Other Commonwealth: Developing countries and dependent territories will be offered association or trade agreements for India, Pakistan and Ceylon. Most Hong Kong products will benefit from generalised preferences.

Industrial tariffs: Between U.K. and Community eliminated by 1 July 1977. By then full common external tariff in force. Duty-free quotas or reduced Community tariffs for twelve industrial raw materials and tea.

Agriculture: Five-year transition, with gradual alignment on Community prices by end-1977. Tariffs on horticultural products also eliminated then.

Coal and steel: No transition period, except for tariff alignment.

Institutions: U.K. will have same representation and voting weight as France, Germany and Italy, with ten votes in the Council and two seats on the Commission.

*Labour and capital: Provisions for the free movement of labour and capital, essential elements of the Rome Treaty, have not been completely finalised in the negotiations. Britain has said it can in general accept the free movement of labour immediately after entry.

*This item not included in the Financial Times ‘main points at a glance’.

Source: Reginald Dale, Common Market Correspondent, Financial Times, 24 June 1971

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