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Within the Joint Committee provided in Article 30 of the Agreement, the Community shall be represented by the Commission, assisted by the representatives of the Member States.

1. No new customs duty on imports shall be introduced in trade between the Community and Iceland.

2. The Community as originally constituted and Ireland shall progressively abolish customs duties on imports in accordance with the following timetable:

(a) on 1 April 1973 each duty shall be reduced to 80 % of the basic duty;

(b) four further reductions of 20 % each shall be made on: 1 January 1974, 1 January 1975, 1 January 1976, 1 July 1977.

3. The basic duty to which the successive reductions provided for in this Article and in Protocol No 1 are to be applied shall, for each product, be the duty actually applied on 1 January 1972. If, after 1 January 1972, any tariff reductions resulting from the tariff agreements concluded as a result of the Trade Conference held in Geneva from 1964 to 1967 become applicable, such reduced duties shall replace the basic duties referred to in the previous subparagraph.

4. The reduced duties calculated in accordance with this Article and Protocol No 1 shall be applied rounded to the first decimal place.

Subject to the application by the Community of Article 39 (5) of the ‘Act concerning the Conditions of Accession and the Adjustments to the Treaties’ drawn up and adopted within the Conference between the European Communities and the Kingdom of Denmark, Ireland, the Kingdom of Norway and the United Kingdom of Great Britain and Northern Ireland, as regards the specific duties or the specific part of the mixed duties in the Irish Customs Tariff, this Article and Protocol No 1 shall be applied, with rounding to the fourth decimal place.