Omnibus Trade and Competitiveness Act of 1988

The document discusses various aspects of international trade and commerce, including negotiations objectives, dispute settlement mechanisms, transparency, developing countries' policies, current account surpluses, trade and monetary coordination, agriculture, unfair trade practices, specific barriers, worker rights, access to high technology, intellectual property, foreign direct investment, safeguards, border taxes, and other related topics. The President has the authority to negotiate and enter into agreements with foreign governments, and Congress must be consulted and notified of any such actions. The United States Trade Representative (USTR) plays a crucial role in international trade negotiations and disputes, and the document highlights the importance of transparency, fairness, and reciprocity in trade relationships. The USTR is authorized to investigate complaints from U.S. businesses regarding unfair trade practices by foreign governments or entities, and to take action against countries that engage in trade-distorting behaviors. The document also emphasizes the need for effective dispute settlement mechanisms and procedures to enforce United States rights, particularly in cases involving state trading enterprises and government-provided subsidies. Additionally, it calls for broader application of the principle of transparency and clarification of the costs and benefits of trade policy actions through open and equitable procedures in trade matters by Contracting Parties to the GATT. Furthermore, the document discusses the importance of promoting economic development among developing countries by assuming full responsibility for achieving and maintaining an open international trading system, providing reciprocal benefits, and assuming equivalent obligations with respect to their import and export practices. It also highlights the need to develop rules to address large and persistent global current account imbalances that threaten the stability of the international trading system.