2Under recitals 65 and 77 of Council Regulation (EC) No 1234/2007 of 22 October 2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) (OJ 2007 L 299, p. 1), as amended by Council Regulation (EU) No 517/2013 of 13 May 2013 (OJ 2013 L 158, p. 1) (‘Regulation No 1234/2007’):(65) A [European Union] single market involves a trading system at the external borders of [the Union]. That trading system should include import duties and export refunds and should, in principle, stabilise the [Union] market. The trading system should be based on the undertakings accepted under the Uruguay Round of multilateral trade negotiations.…(77) Provisions for granting refunds on exports to third countries, based on the difference between prices within [the Union] and on the world market, and falling within the limits set by the commitments made within the WTO, should serve to safeguard [the Union’s] participation in international trade in certain products falling within this Regulation. Subsidised exports should be subject to limits in terms of value and quantity.’
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