Introductory text

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Community,

Having regard to the Act of Accession of Greece, and in particular Protocol 4 on cotton^f1,

Having regard to Council Regulation (EC) No 1051/2001 of 22 May 2001 on production aid for cotton^f2, and in particular Article 2(1) thereof,

Whereas:

Article 2(1) of Regulation (EC) No 1051/2001 lays down that the amount of the production aid for unginned cotton is to be fixed on the basis of the difference between, on the one hand, the guide price established in accordance with Article 3(1) and Article 7 of that Regulation and, on the other, the world market price determined in accordance with Article 4 thereof.

Article 4(1) of Commission Regulation (EC) No 1591/2001 of 2 August 2001 laying down detailed rules for applying the cotton aid scheme^f3 provides that the amount of aid for unginned cotton applicable for each period for which a world market price for that product has been determined is to be fixed no later than 30 June of the marketing year concerned.

In accordance with Article 7 of Regulation (EC) No 1051/2001, Commission Regulation (EC) No 1123/2004^f4 fixes actual production of unginned cotton and the resulting reduction in the guide price for the 2003/2004 marketing year.

In accordance with Article 4(1) of Regulation (EC) No 1051/2001, the world market price for unginned cotton was fixed periodically during the 2003/2004 marketing year.

The amount of aid applicable for each period for which a world market price for unginned cotton has been determined should accordingly be fixed for the 2003/2004 marketing year,

HAS ADOPTED THIS REGULATION: