BUSINESS ABROAD China Bound If a Korean truce is signed, many a British businessman apparently expects the U.N. to lift its embargo on Chinese trade at once. Last week, in hopes of getting into China first, 16 visiting Britons signed "a business arrangement" in Peking with the Communist China National Import & Export Corp. for the exchange of $84 million worth of goods.

The British agreed to sell such strategic items as metal, machinery, chemicals, electrical equipment and communications and transport equipment. In return they would get such articles as vegetable oil, egg products, tea, silk and handicraft products. A similar...

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