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Латыгина Базовый курс економики на англ.doc
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World Trade Organization

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:

  • administering trade agreements

  • acting as a forum for trade negotiations

  • settling trade disputes

  • reviewing national trade policies

  • assisting developing countries in trade policy issues through technical assistance and training programmes

  • reducing protectionism

  • 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. These 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 oversee international economic relations among governments. The other two are the International Monetary Fund, which works to improve 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.

Exercises in Word Study

Ex.1. Form verbs from the following nouns:

administrator, negotiation, settlement, assistance, training, cooperation, agreement, improvement, arrangement, dealings.

Ex.2. The following words can be used in more than one way. Underline the correct part of speech for each word as it is used in the text.

flow

a) noun

b) verb

dispute

a) noun

b) verb

guarantee

a) noun

b) verb

benefit

a) noun

b) verb

conduct

a) noun

b) verb

trade

a) noun

b) verb

issue

a) noun

b) verb

contract

a) noun

b) verb

limit

a) noun

b) verb

Ex.3. Give the English for:

Світова організація торгівлі; керувати торговельними угодами; форум для торгових переговорів; урегульовувати торгові конфлікти; допомагати країнам, які розвиваються; 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 позики; головне управління.

Ex.4 Match words from list A with words from list B that have a similar meaning:

A

B

global

administer

dispute

trade

assist

cooperate

agreement

negotiate

legal

oversee

bind

manage

universal

supervise

lawful

transact

contract

collaborate

help

quarrel

oblige

commerce

Ex.5. Find suitable opposites to the following words and phrases:

national; agreement; predictably; legal; agreed; poorer nations.

Ex.6. Consult your dictionary and translate the following word combinations into Ukrainian.

barter trade; bilateral trade; border trade; cash trade; domestic trade; exclusive trade; export trade; external trade; fair trade; hire-purchase trade; illicit trade; invisible trade; lawful trade; licence trade; luxury trade; mail-order trade; profitable trade; retail trade; service trade; stock trade; tally trade; wholesale trade.

Ex.7. Look at the words and phrases in the box. Match them with the correct definition from the list below:

  1. an international organization that promotes trade in goods and services between nations;

  2. an arrangement between countries to follow certain rules on pricing, import duties, etc. when buying from and selling to each other;

  3. the process of trying to reach an agreement through discussion;

  4. the central bank, controlled by the United Nations, that lends money to member states;

  5. a set of rules;

  6. business in general in the buying and selling of goods and services within a country, and with other countries;

  7. business done between people or organizations;

  8. an agreement, usually written and signed by those making it;