A bill to extend nondiscriminatory treatment and other trade benefits to the Hungarian People's Republic and to the People's Republic of China during the 5-year period beginning on July 1, 1983.

Declares that the provisions of the Trade Act of 1974 dealing with the President's authority to extend the waiver of requirements that nonmarket economy countries permit freedom of emigration in order to obtain most-favored nation-treatment shall not apply to Hungary and the People's Republic of China during the period between July 3, 1983 and July 2, 1988. Grants to Hungary and the People's Republic of China for that period: (1) most-favored-nation treatment; and (2) eligibility to participate in any U.S. program that extends credits or credit or investment guarantees. Declares that specified bilateral commercial agreements between the United States and Hungary and between the United States and the People's Republic of China shall be treated as having been renewed for that five year period.