The socialist market economy with Chinese characteristics has turned into a systemic trade and investment issue both bilaterally and multilaterally. The hope that WTO membership would eventually transform China into a market economy with distortions that would gradually become tolerable and...

Floating exchange rates affect two basic principles of GATT, namely: stability of trade policy conditions and reciprocity of trade concessions. What is the relevance of the changes to foreign trade? What possibilities for surmounting the new problems exist in the realm of external economic...

The next round of GATT negotiations - the so-called "Nixon Round" - will be opened at the ministerial level in Tokyo on September 12–14, 1973, and probably continue for several years in Geneva. Less developed countries (LDCs) which have not joined GATT but nevertheless wish to participate in...

The developing countries are calling for a "New Economic Order" because they feel that the trading system discriminates against them. Whether GATT will emerge from the present negotiations better adapted to the needs of the Third World remains to be seen.

Cooperative compliance represents a shift in thinking for tax administrations, away from a deterrence approach where taxpayers are coerced to comply with tax rules and threatened by audits and penalties, toward a more responsive and collaborative approach.