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Ex.8. Write the appropriate word or phrase in the following spaces. Translate the sentences into Ukrainian.

  1. His company has just signed a trade … with Japan.

  2. This new … company imports craft goods from South America.

  3. … between the two countries resulted in a new trade agreement.

  4. One of the main functions of the WTO is to settle … .

  5. By lowering trade …, the WTO also breaks down other barriers between peoples and nations.

  6. The two companies have had … with each other over many years.

  7. Developing countries in the third world have applied to … for development grants.

  8. The growth of … between member states in the EU is remarkable.

  9. I’ve had … with him before and he is not to be trusted.

  10. Trade union leaders and employers are meeting to … the pay dispute.

  11. The WTO, the IMF and the World Bank … international economic relations among governments.

  12. She … the committee meeting to make sure that everything worked smoothly.

administered; oversee; settle; commerce; the World Bank; dealings (2); barriers; trade disputes; the negotiations; trading; agreement.

Ex.9. Fill in the missing prepositions:

The World Trade Organization is an international organization that promotes trade … goods and services … nations. Most nations belong … the World Trade Organization, often called the WTO.

A WTO member nation has both rights and responsibilities. The most important right guarantees that a country’s export goods and services get the same treatment as those … any other WTO member. This treatment includes the same tariffs and other trade restrictions. The main responsibility … a member nation is to follow WTO guidelines … international trade. Another important rule involves the resolution … trade disputes. … case of disagreement … a trade issue, a member nation agrees to submit the case … a WTO committee … review. If the committee finds that a country has violated its WTO commitments, the country must either change its practices or face increased taxes … its exports.

(in (2), between, to (2), of (3), on (2), over, for)

Ex.10. These words are often confused

politics – policy

Complete these sentences using the correct form of one of the words above. Make your own sentences to show that you understand the difference in their meaning.

  1. Honesty is the best … .

  2. Only senior management can take … decisions.

  3. … is the art of government.

  4. It is company … to ensure that all employees receive adequate training for their job.

  5. The mayor has been in … all his life.

  6. The … of that store is that customers may return merchandise for an exchange, but not for a refund.

  7. She refused to get involved in office … .

  8. This President thinks more about internal affairs, such as unemployment and education, than about foreign … .

  9. I am not interested in … .

  10. He has chosen a career in … .

  11. Many people disagree with the President’s recent foreign … decisions.

  12. The WTO’s agreements bind governments to keep their trade … .

Exercises in Comprehension Ex.1. Answer the following questions:

  1. What is the World Trade Organization?

  2. What is its main function?

  3. What does the WTO do to fulfil its main function?

  4. What are the WTO’s agreements?

  5. Who signs these agreements?

  6. What do these agreements guarantee?

  7. What do they bind governments to do?

  8. What is their main purpose?

  9. Who oversees international economic relations among governments?

  10. Who does the World Bank provides loans to?

  11. Where are the WTO headquarters?