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December 15, 1983

1) HAVE REVIEWED AND TAKEN NOTE OF THE EXCHANGE OF COMMODITIES BETWEEN THE TWO COUNTRIES IN 1983. DURING THAT YEAR, THE CHINESE SIDE EXPORTED TO THE PHILIPPINES CRUDE PETROLEUM OIL, ELECTRICITY SUPPLY METERS, FABRICS, CHEMICAL PRODUCTS, OTHER CRUDE MATERIALS, ELECTRIC MOTORS, SURGICAL, MEDICAL AND VETERINARY INSTRUMENTS, DIESEL OIL AND OTHER COMMODITIES. ON THE OTHER HAND, THE PHILIPPINE SIDE EXPORTED TO CHINA COPPER CONCENTRATES, CRUDE COCONUT OIL, MONOCHROME TV PICTURE TUBES, CHROME ORES, AGRICULTURAL INSECTICIDES, PLYWOOD AND OTHER COMMODITIES. THE TWO SIDES ALSO NOTED THE CONTINUING TRADE IMBALANCE AGAINST THE PHILIPPINES,

2) HAVE, THROUGH FRIENDLY CONSULTATIONS, REACHED THE FOLLOWING AGREEMENT ON THE IMPORT AND EXPORT TRADE SCHEDULES OF THE TWO COUNTRIES FOR THE YEAR 1984;

A. THE CHINESE SIDE IS PREPARED TO IMPORT FROM THE PHILIPPINES IN 1984 THE FOLLOWING COMMODITIES; 25,000 TO 60,000 METRIC TONS OF COCONUT OIL, 60,000 TO 100,000 METRIC TONS OF COPPER CONCENTRATES, 100,000 METRIC TONS OF CHROME ORE, 10,000 TO 15,000 METRIC TONS OF COPPER CATHODES, 4,000,000 BDF OF LUMBER, 600,000 PIECES OF PLYWOOD, 55,000,000 SQF OF VENEER, 50,000 METRIC TONS OF SULPHURIC ACID, 10,000 METRIC TONS OF FERROSILICON (SILICON CONTENT OVER 75%, ALUMINIUM CONTENT BELOW 2%), 1,500 TONS OF NATURAL RUBBER, 300 TO 500 METRIC TONS OF POLYESTER LONG FIBER, 1,500 TO 2,000 METRIC TONS OF CASHEW NUTS, 1,000 TO 2,000 TONS OF REFINED GLYCERIN, 10,000 TO 50,000 METRIC TONS OF PHOSPHATIC FERTILIZER, 5,000 TO 10,000 METRIC TONS OF AMMONIUM SULPHATE, CERTAIN QUANTITIES OF SUGAR, SHEET GLASS, DRIED SEA CUCUMBER (PLUM SAM), SISAL, BAKU STRAW AND OTHER COMMODITIES. THE IMPORTATION OF SPECIFIC ITEMS MENTIONED ABOVE WILL BE DECIDED ACCORDING TO THE NEEDS OF CHINA AND THE PHILIPPINES' CAPABILITY TO SUPPLY.

B. THE PHILIPPINE SIDE IS PREPARED TO IMPORT FROM CHINA IN 1984 THE FOLLOWING COMMODITIES: 650,000 TO 900,000 METRIC TONS OF CRUDE OIL, CERTAIN QUANTITIES OF MACHINERY, EQUIPMENT, ELECTRICAL PRODUCTS, COAL, TEXTILES, STEEL BILLETS, MINERALS AND MINERAL PRODUCTS, INDUSTRIAL, AGRICULTURAL AND PHARMACEUTICAL CHEMICALS, FOODSTUFFS AND OTHER COMMODITIES. THE IMPORTATION OF SPECIFIC ITEMS MENTIONED ABOVE WILL BE DECIDED ACCORDING TO THE NEEDS OF THE PHILIPPINES AND CHINA'S CAPABILITY TO SUPPLY,

3) THE PRICES AND OTHER TRANSACTION TERMS OF THE COMMODITIES MENTIONED ABOVE WILL BE ARRANGED BY DESIGNATED TRADE ORGANIZATIONS OR IMPORT AND EXPORT TRADERS OF THE TWO COUNTRIES. BOTH SIDES SHALL JOINTLY ENDEAVOUR TO ACHIEVE MORE OR LESS A BALANCE BETWEEN THE VALUES OF IMPORTS AND EXPORTS IN THEIR BILATERAL TRADE.

4) THE TWO SIDES AGREE THAT THE PROPOSED TRANSACTIONS AS REFERRED TO AB0VE SHALL NOT PRECLUDE OTHER COMMERCIAL TRANSACTIONS BETWEEN DESIGNATED TRADE ORGANIZATIONS OR IMPORT AND EXPORT TRADERS OF THE TWO COUNTRIES. DONE IN BEIJING AT THE SEVENTH MEETING OF THE CHINA-PHILIPPINES JOINT TRADE COMMITTEE ON DECEMBER 15, 1983, IN TWO ORIGINAL COPIES, EACH IN THE CHINESE AND ENGLISH LANGUAGES.