Established in 1948 as a vertical committee of the OEEC. It consists of representatives of member and associated countries. In addition in 1959, the Council decides to invite the Finnish Government to be represented by an observer. Its activities included in the field of economics the study of the general situation of maritime transport , freight market situation, problems of registration under flags of convenience and flag discrimination, the possible effects of pipelines and the new sources of oil supplies on the tanker situation. In the trade field in co-operative action to encourage the liberalisation of maritime transport, joint policy between OEEC countries in the matter of maritime transport , both between member countries themselves and between member countries and the rest of the world. The Committee was also concerned with the state of affairs relating to the application of section 111(a)(2) of the ECA specifying that at least 50% of the merchandise acquired by means of the European Recovery Programme funds must be carried in vessels wearing the US flag.

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