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COUNTRY REPORTS ON ECONOMIC POLICY

AND TRADE PRACTICES FOR 1992

INTRODUCTION

The Department of State is submitting to the Congress its Country Reports on Economic Policy and Trade Practices, in compliance with Section 2202 of the Omnibus Trade and Competitiveness Act of 1988. The legislation instructs the Department to prepare a detailed report regarding the economic policy and trade practices of each country with which the United States has an economic or trade relationship: we have done so. In addition, we have included reports on a few other countries that may be of interest to readers despite a relatively small level of economic involvement with the United States.

Many of our trading partners experienced enormous political and social upheavals in 1991. The countries of Estonia, Latvia, and Lithuania are represented in this report for the first time. The report on the new independent states of the former Union of Soviet Socialist Republics contains as much information as was available prior to going to press. Each of the new independent states will be discussed in individual reports in the 1993 Trade Act Report.

The country reports have been compiled from information supplied by U.S. Embassies overseas, amplified by analysis and review within the Department of State and in consultation with other U.S. Government agencies. The reports are intended primarily as general guides to economic conditions in a specific country. While we have attempted to standardize the reports, some are necessarily different, reflecting wide variances in availability of data. In some countries, the U.S. has no formal representation. In other cases access to reliable information is limited. Nevertheless, all the country reports incorporate the best information available.

Each country report is divided into nine sections.

Key Economic Indicators: The report begins with a chart showing data for key economic indicators in the national income, monetary, and trade accounts.

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General Policy Framework: The first narrative section is a general sketch of macroeconomic trends.

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Exchange Rate Policies: The second section outlines exchange rate policies, particularly with respect to their impact on price competitiveness of U.S. exports.

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Structural Policies: The third section on structural policies also emphasizes those changes with might affect U.S. exports to that country.

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Debt Management Policies: The fourth section describes debt management policies and implications for trade with the United States.

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Significant Barriers to U.S. Exports and Investment:
The fifth section addresses significant barriers to U.S.
exports and investment.

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Export Subsidies Policies: The sixth section notes any government acts, policies, and practices that provide support for exports from that country, including exports by small businesses.

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Protection of u.s. Intellectual Property: The seventh section discusses the country's laws and practices with respect to protection for intellectual property.

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The eighth and final section has three

Worker Rights:
parts.

The first part outlines in general the country's laws and practices with respect to internationally recognized worker rights.

The second part (subsection f.) highlights
conditions of worker rights in goods-producing
sectors where u.s. capital is invested.

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Finally, a table cites the extent of such
investment by sector where information is available.

We believe that this fourth annual report builds on the strong foundation of the reports submitted in January 1989, January 1990, and February 1991. The Department of State considers the report to be an important contribution toward our goal of ensuring that strong and effective U.S. Government trade policies are based on the best possible understanding of the economic trends in countries around the world.

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TEXT OF SECTION 2202 OF THE OMNIBUS TRADE

AND COMPETITIVENESS ACT OF 1988

"The Secretary of State shall, not later than January 31
of each year, prepare and transmit to the Committee on
Foreign Affairs and the Committee on Ways and Means of
the House of Representatives, to the Committee on Foreign
Relations and the Committee on Finance of the Senate, and
to other appropriate committees of the Congress, a
detailed report regarding the economic policy and trade
practices of each country with which the United States
has an economic or trade relationship. The Secretary may
direct the appropriate officers of the Department of
State who are serving overseas, in consultation with
appropriate officers or employees of other departments
and agencies of the United States, including the
Department of Agriculture and the Department of Commerce,
to coordinate the preparation of such information in a
country as is necessary to prepare the report under this
section. The report shall identify and describe, with
respect to each country:

1. The macroeconomic policies of the country and their impact on the overall growth in demand for United States exports;

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2. The impact of macroeconomic and other policies on the exchange rate of the country and the resulting impact on price competitiveness of United States exports;

3. Any change in structural policies (including tax incentives, regulation governing financial institutions, production standards, and patterns of industrial ownership) that may affect the country's growth rate and its demand for United States exports;

4. The management of the country's external debt and its implications for trade with the United States;

5. Acts, policies, and practices that constitute significant trade barriers to United States exports or foreign direct investment in that country by United States persons, identified under section 181(a)(1) of the Trade Act of 1974 (19 U.S.C. 2241(a)(1));

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6. Acts, policies, and practices that provide direct or indirect government support for exports from that country, including exports by small businesses;

7. The extent to which the country's laws and enforcement of those laws afford adequate protection to United States intellectual property, including patents, trademarks, copyrights, and mask works; and

8. The country's laws, enforcement of those laws, and practices with respect to internationally recognized worker rights (as defined in section 502(a)(4) of the Trade Act of 1974), the conditions of worker rights in any sector which produces goods in which United States capital is invested, and the extent of such investment."

Notes on Preparation of the Reports

Subsections a. through e. of the Worker Rights section (section eight) are abridged versions of section 6 in the Country Reports on Human Rights Practices for 1991, submitted to the Committees on Foreign Affairs of the House of Representatives and on Foreign Relations of the U.S. Senate on January 31, 1992. For a comprehensive discussion of worker rights in each country please refer to that report.

Subsection f. of the Worker Rights section highlights conditions of worker rights in goods-producing sectors where U.S. capital is invested. A table cites the extent of such investment by sector where information is available. The Bureau of Economic Analysis of the U.S. Department of Commerce has supplied information on the U.S. direct investment position at the end of 1990 for all countries for which foreign direct investment has been reported to it. This information for 1990 -- the most recent figures available was published for selected countries in the August 1991 issue of Survey of Current Business. Readers should note that "U.S. Direct Position Abroad" is defined as "the net book value of U.S. parent companies' equity in, and net outstanding loans to, their foreign affiliates" (foreign business enterprises owned 10 percent or more by U.s. persons or companies). The table does not necessarily indicate total assets held in each country. In some instances, the narrative refers to investments for which figures may not appear in the table.

Some Frequently-Used Acronyms

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ADB - Asian Development Bank
BDV Brussels Definition of Value
BIS - Bank for International Settlements
CACM - Central American Common Market
CARICOM Caribbean Common Market
CAP Common Agricultural Policy (of the European Communities)
CCC Commodity Credit Corporation (Department of Agriculture)
COMECOM Council for Mutual Economic Assistance
EC European Communities
EFTA European Free Trade Association
EMS European Monetary System (of the EC)
ERM Exchange Rate Mechanism (of the EC)
EXIMBANK U.S. Export-Import Bank
FOREX Foreign Exchange
GATT General Agreement on Tariffs and Trade
GDP Gross Domestic Product
GNP Gross National Product
GSP Generalized System of Preferences
I BRD International Bank for Reconstruction

and Development (World Bank)
ILO International Labor Organization (of the U.N.)
IMF International Monetary Fund
IDB Inter-American Development Bank
IPR Intellectual Property Rights
LIBOR London Interbank Offer Rate
NNI Net National Income
OECD - Organization for Economic Cooperation and Development
OPIC U.S. Overseas Private Investment Corporation
PTT Posts, Telegraph and Telephone
SAP Structural Adjustment Program (of the IMF/World Bank)
SDR Special Drawing Rights (of the IMF)
UR Uruguay Round of current trade negotiations in the GATT
VAT Value-added tax
WIPO World Intellectual Property Organization

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