Unit 37. World Trade Organization

A B

obtain obstacle

produce defend

consume internal

domestic elevate

raise use up

protect manufacture

barrier get

Exercise 3. Match the correct definition from the list below:

domestic, free trade, exchange control, tariff, barrier, quota, living standard;

1. the level of material comfort and wealth that a person or a community has;

2. an amount that must be paid when particular goods are imported into a country, or sometimes when they are exported;

3. a limit on the amount of a particular good that may be imported into country during a given a period of time;

4. a set of restrictions imposed by a government on buying and selling foreign currencies;

5. trade between countries with few government restrictions;

6. a system of import controls set up by a government to protect the country from foreign competition;

7. inside a particular country.

Exercise 4. Write an appropriate word into sentence:

national producer, free, barriers, exchange controls, quota, tariff, living standard, international.

1. The company depends on … trade.

2. I hope this new job will give me a better …..

3. …. barriers can make trade difficult.

4. The government fixed a … on the number of foreign cars allowed to be sold in the USA.

5. The United Kingdom removed all … long tome ago.

6. The General Agreement on Tariffs and Trade (GATT) is an international organization whose goal is to eliminate tariffs and other … to international trade.

7..… trade among nations results in increased competition and lower prices.

8. This company is the largest … of steel.

Exercise 5. Answer the following questions:

1.What is the international trade?

2.Why do countries engage in international trade?

3. Does international trade influence on domestic prices?

4. Do the government control international trade?

5. What are the most common protectionist measures?

6. What reasons are generally given for imposing trade barrier?

7. What is the free trade?

Active Vocabulary

the World Trade Organization (WTO) administer trade agreements trade negotiating settle trade disputes	Світова організація торгівлі керування торговельними угодами торгові переговори регулювати торгові конфлікти
legal ground rules bind trade rights oversea keep trade policy dealings International Monetary Fund the World Bank	основні правові норми зобов’язувати торгові права закордонний дотримуватися торгової політики справи (операції) Міжнародний валютний фонд Світовий банк

The World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible. It does this by:

§ administrating trade agreements;

§ acting as a forum for trade negotiatings;

§ settling trade disputes;

§ reviewing national trade policies;

§ assisting developing countries in trade policy issues through technical assistance and training programmers;

§ cooperating with other international organizations.

At the heart of the system are the WTO’s agreements, negotiated and signed by a large majority of the world’s trading nations. Those agreements are the legal ground rules for international commerce. Essentially, they are contracts, guaranteeing member countries important trade rights. They also bind governments to keep their trade policies within agreed limits to everybody’s benefit. Their main purpose is to help producers of goods and services, exporters and importers conduct their business.

The WTO is one of three major organizations that oversea international economic relations among governments. The other two are the International Monetary Fund, which improves payment arrangements and other financial dealings between countries, and the World Bank, which provides loans to poorer nations. The WTO headquarters are in Geneva, Switzerland.

Exercise 1. Give the English for:

Світова організація торгівля, керувати торговельними угодами, форум для торгових переговорів, урегульовувати торгові конфлікти, торгова політика, технічна допомога, навчальні програми, співпрацювати з міжнародними організаціями, основні правові норми, гарантувати торгові права, дотримуватися торгової політики, міжнародні економічні відносини, світовий банк, надавати позику, головне управління.

Exercise 2. Match words from list A with words list B that have a similar meaning:

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