Fairness in State Trading Act

Fairness in State Trading Act - Amends the Omnibus Trade and Competitiveness Act of 1988 to revise provisions requiring the President to make certain determinations before any foreign country (currently, major foreign country) can accede to the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization. Requires the President to determine whether state trading enterprises in the foreign country produce or procure a significant share of: (1) the goods exported from, or imported into, such country; or (2) the goods produced domestically in such country. (An affirmative determination, together with another specified affirmative determination, mandates denial of GATT application to such a country.) Requires a country denied GATT application to enter into an agreement with the United States providing that the state trading enterprises will make purchases and sales in international trade based solely on commercial considerations (including price, quality, availability, marketability, and transportation), and on no other basis. Repeals the "in-accordance-with-customary practice" condition on a foreign country's mandate to afford U.S. business firms adequate opportunity to compete for participation in such purchases and sales.