public or private.4. The secretariat of the Arrangement shall monitor variations in market data, in particular herd sizes, stocks, slaughterings and domestic and international prices, so as to permit early detection of the symptoms of any serious imbalance in the supply and demand situation. The secretariat shall keep the Council apprized of significant developments on world markets, as well as prospects for production, consumption, exports and imports.Note: It is understood that under the provisions of this Article, the Council instructs the secretariat to draw up, and keep up to date, an inventory of all measures affecting trade in bovine meat and live animals, including commitments resulting from bilateral, plurilateral and multilateral negotiations.Article IVFunctions of the International Meat Council and Cooperation between the Participants to this Arrangement1. The Council shall meet in order to(a) evaluate the world supply and demand situation and outlook on the basis of an interpretative analysis of the present situation and of probable developments drawn up by the secretariat of the Arrangement, on the basis of documentation provided in conformity with Article III of the present Arrangement, including that relating to the operation of domestic and trade policies and of any other information available to the secretariat:(b) proceed to a comprehensive examination of the functioning of the present Arrangement,(c) provide an opportunity for regular consultation on all matters affecting international trade in bovine meat.2. If after evaluation of the world supply and demand situation referred to in paragraph 1(a) of this Article, or after examination of all relevant information pursuant to paragraph 3 of Article III, the Council finds evidence of a serious imbalance or a threat thereof in the international meat market the Council will proceed by consensus, taking into particular account the situation in developing countries, to identify, for consideration by governments possible solutions to remedy the situation consistet with the principles and rules of GATT.3. Depending on whether the Council considers that the situation defined in paragraph 2 of this Article is temporary or more durable, the measures referred to in paragraph 2 of this Article could include short-, medium-, or long-term measures taken by importers as well as exporters to contribute to improve the overall situation of the world market consistent with the objectives and aims of the Arrangement, in particular the expansion, ever greater liberalization, and stability of the international meat und livestock markets.4. When considering the suggested measures pursuant to paragraphs 2 and 3 of this Article, due consideration shall be given to special and more favourable treatment to developing countries, where this is feasible and appropriate.5. The participants undertake to contribute to the fullest possible extent to the implementation of the objectives of this Arrangement set forth in Article I. To this end, and consistent with the principles and rules of the General Agreement, participants shall, on a regular basis, enter into the discussions provided in Article IV:1(c) with a view to exploring the possibilities of achieving the objectives of the present Arrangement, in particular the further dismantling of obstacles to world trade in bovine meat and live animals. Such discussions should prepare the way for subsequent consideration of possible solutions of trade problems consistent with the rules and principles of the GATT, which could be jointly accepted by all the parties concerned, in a balanced context of mutual advantages.6. Any participant may raise before the Council any matter affecting this Arrangement inter alia for the same purposes provided for in paragraph 2 of this Article. The Council shall, at the request of a participant meet within a period of not more than fifteen days to consider any matter (2) affecting the present Arrangement.PART TWO Article VAdministration of the Arrangement1. International Meat CouncilAn International Meat Council shall be established within the framework of the GATT. The Council shall comprise representatives of all participants to the Arrangement and shall carry out all the functions which are necessary to implement the provisions of the Arrangement. The Council shall be serviced by the GATT secretariat. The Council shall establish its own rules of procedure, in particular the modalities for consultations provided for in Article IV.2. Regular and special meetingsThe Council shall normally meet at least twice each year. However the Chairman may call a special meeting of the Council either on his own initiative, or at the request of a participant to this Arrangement.3. DecisionsThe Council shall reach its decisions by consensus. The Council shall be deemed to have decided on a matter submitted for its consideration if no member of the Council formally objects to the acceptance of a proposal.4. Cooperation whith other organizationsThe Council shall make whatever arrangements are appropriate for consultation or cooperation with intergovernmental and non-governmental organizations.5. Admission of observers(a) The Council may invite any non-participating country to be represented at any of its meetings as an observer.(b) The Council may also invite any of the organizations referred to in paragraph 4 of this Article to attend any of its meetings as an observer.PART THREE Article VIFinal