The determination of import requirements shall be the responsibility of the Joint Export-Import Agency. The procurement of these requirements shall be dealt with as follows:—
(I) Procurement of Category A imports to the extent that they are financed from appropriated funds of either Government shall be the responsibility of that Government.
(II) Procurement of Category B imports and of Category A imports to the extent that they are not financed by appropriated funds shall be the responsibility of the Joint Export-Import Agency, with such assistance from the two Governments as may be desired.
Unless otherwise agreed, subject to the provisions of this paragraph, procurement shall be from the most economical source of supply. However, the sources shall be selected to the fullest extent practicable so as to minimize the drain on the dollar resources of the United Kingdom.
The two Governments will establish a Joint Committee in Washington with the following responsibilities:—
(a) In the case of commodities in short supply, to support the requirements of the Joint Export-Import Agency before the appropriate Authorities.
(b) To determine, where necessary, sources of supply and to designate procurement agencies having regard to the financial responsibilities and exchange resources of the two Governments.
With respect to sub-paragraph (a) above, the two Governments agree to assist the Committee in obtaining the requirements of the Joint Export-Import Agency having regard to all other legitimate claims on available world supply.
With respect to sub-paragraph (b) above, where the financial responsibility rests with one Government and the designated source of supply is the territory under the authority of the other Government, the latter, if so requested, will accept responsibility for procuring those supplies as agent for the former.
9. Currency and Banking Arrangements
The Bipartite Finance Committee (United States–United Kingdom) will be authorized to open accounts with approved Banks of the countries in which the Joint Export-Import Agency is operating, provided that agreements are negotiated with those countries for credit balances to be transferred on demand into dollars or sterling. The Bipartite Finance Committee will be authorized to accept payment of balances in either dollars or sterling, whichever, in the judgment of the Joint Export-Import Agency, may be better utilized in financing essential imports.