21987D0820(03)

DECISION N° 1/87 OF THE EEC-ICELAND JOINT COMMITTEE of 1 July 1987 altering the limits expressed in ECU in Article 8 of Protocol 3 concerning the definition of the concept of originating products and methods of administrative cooperation

THE EEC-ICELAND JOINT COMMITTEE,

Having regard to the Agreement between the European Economic Community and the Republic of Iceland signed in Brussels on 22 July 1972,

Having regard to Protocol 3 concerning the definition of the concept of originating products and methods of administrative cooperation, and in particular Article 28 thereof,

Whereas the equivalents of the ECU in some national currencies on 1 October 1986 were lower than their equivalents on 1 October 1984; whereas this fact, as a result of the automatic change of base date provided for in Article 8 (4) of Protocol 3, would lead, on the conversion into the national currencies concerned, to a lowering of the effective limits for simplified documentary requirements; whereas, in order to avoid this, the limits expressed in ECU should be raised,

HAS DECIDED AS FOLLOWS:

Article 1

1. Article 8 of Protocol 3 as last amended is hereby amended as follows:

- in paragraph 1 (b) '4 000 ECU' is replaced by '4 400 ECU',

- in paragraph 2, '280 ECU' is replaced by '310 ECU' and '800 ECU' by '880 ECU'.

2. In point 1 of Article 1 of Decision N° 3/86 of the EEC-Iceland Joint Committee '4 000 ECU' is replaced by '4 400 ECU'.

Article 2

This Decision shall enter into force on 1 May 1987.

Done at Brussels, 1 July 1987.

For the EEC-Iceland Joint Committee

The Chairman

E. BENEDIKTSSON