Abstract
The GATT rules which govern international trade are to be reformed during the current Multilateral Trade Negotiations. It is widely agreed that among the rules most in need of change are those relating to the use of trade policy measures, such as import quotas and surchages, for balance-of-payments purposes. This article reviews the role of such measures under international monetary regimes based on both fixed and flexible exchange rates, and concludes that they should no longer be authorized by the GATT. If they do remain part of the system, a number of major changes are needed in both the substantive and procedural rules which govern their use.
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