China's Foreign Trade Law Revised for WTO Era
May 02, 2004 | BY
clpstaff &clp articlesThe revised Law encourages increased foreign trade and cross-border services and cooperation by simplifying the approval requirements to trading rights, but impose new intellectual property licensing barriers.
By Neal Stender, Matthew McConkey & Bi Xing, Coudert Brothers, Hong Kong, Beijing & Shanghai
New revisions to the PRC Foreign Trade Law (中华人民共和国对外贸易法)(the Law) will take effect on July 1 2004. The Law governs all cross-border transactions involving goods, technology or services, deregulates access to foreign trading rights, and addresses the roles of governmental authorities, foreign and domestic companies, state-operated trading entities, and trade associations.
The new revisions, the first since 1994, will bring Chinese law into closer conformity with the PRC's WTO obligations. Certain gaps may remain, depending on the Law's interaction with other laws and regulations, and with new detailed rules that are expected. Much will depend on the Law's interpretation and implementation by governmental authorities.
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