American objected to that,and asked whether the proposed“direct payment'"were not really production subsidies in disguise.Officials on both sides were optimistic that a deal on farming,which would unlock the rest of the round,was within reach.A separate,long-running dispute over oilseeds does still pose a threat.Unlike cereals and other farm goods, which the Uruguay round aimed to bring within the GATT's jurisdiction for the first time,oilseeds already fall within it.Twice America has complained to GATT that Europe is in breach of its undertakings;twice GATT has ruled against the European Community.America wants the Community to cut its oilseeds output by nearly half over the next six years.The European Community is willing to cut,but not by that much.Here too,the gap between the two sides appears to have narrowed a lot during the past few days.Governments need to reflect on the broader deal that,because of this progress in the farmtrade talks,has once again moved within their grasp.What does“to reflect on something"mean here?

A commodity breakdown of China's trade shows that fuels accounted for 24% of total exports in 1982,food products for 13%,textile fibers and mineral ores for 7% and manufactured gaods(the most important products were textiles,chemicals and transport equipment)for 55%.Since the founding of People's Republic strong emphasis has been placed on importing capital equipment in order to strengthen the industrial sector.But the leading categories of imports in 1982 were food,which accounted for 22% of the total,light manufactured items with a share of 20% and machinery and transport equipment with 17%.To be sure,China's trade expansion has not been smooth.This year(1995),Beijing averted U.S.sanctions by settling a dispute over copyright and patent protection.And China won't be joining the WTO unless it opens its markets further to meet global standards.

China this year is expected to enter the "top ten" of the world's trading nations, leapfrogging Taiwan and South Korea in the process.

For foreign investors, the prospect of having access to a market of 1 billion consumers no longer seems like a pipe dream.

If there is road to China's future, Highway 204 out of Shanghai is it.

In the commodity market, prices of all major categories declined in 1991.

A possible negotiation with Japan seeking a step-by-step reduction in its nearly $50 billion trade surplus with the United States.

But perhaps the major reason is the dark economic clouds now hanging over Europe.

The report will also reject the argument that Japan needs special trade sanctions because it oper­ates a different sort of capitalism.

Big business and dozens of anonymous bureaucrats have as much power as Japan's top elected leaders.