Minutes of Council and Joint Council simultaneous meetings, items discussed: Price compensation measures; "INST" Procedure: proposals by the Committee for Trade Experts for revision; Mutual recognition of tests and inspections; Icelandic global quotas for 1975; Problems arising from the present prices of certain agricultural raw materials; The special problems of inflation in small countries; Finnish trade restrictions – balance of payment difficulties; External economic relations; Portuguese balance of payment difficulties; Assistance to Portugal; EFTA progress report to GATT; Industrial Development Fund for Portugal; Portuguese iron and steel industry: reduction in and abolition of Portuguese import duties; Introduction of a global import quota system for footwear in Sweden.

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