Unit 37. World Trade Organization 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:

A B

global manage

administer universal

dispute supervise

trade lawful

assist transact

cooperate contract

agreement collaborate

negotiate help

legal quarrel

oversee oblige

bind commerce

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

the contract, dealings, trade agreement, commerce, ground rules, negotiating, the World Bank, the World Trade Organization;

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 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 state;

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.

Exercise 4. Write an appropriate word or phrase in the sentences:

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

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  have had … with each other over many years.

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

8. The growth of ... between memeber 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 committe meeting to make sure that everything worked smoothy.

Exercise 5.Translate into English:

Світова організація торгівлі була створена в 1995 році. Це одна з наймолодших світових організацій. Це єдина міжнародна організація, яка має справу з основними правилами торгівлі між країнами. Вона керує торговельними угодами і діє як форум для торгових переговорів. Вона також співпрацює з іншими міжнародними організаціями.

Урегулювання торгових конфліктів – одне з найважливіших завдань Світової організації торгівлі.

Угоди Світової організації торгівлі – це основні правові норми міжнародної торгівлі. Вони гарантують країнам-членам важливі торгові права.

Світова організація торгівлі також регулює торгівлю послугами та інтелектуальною власністю.

Головне управління Світової організації розташоване в Женеві (Швейцарія).

Exercise 6. Answer the following questions:

1. What is the World Trade Organization?

2. What is its main function?

3. What does the WTO do to fulfill 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. Who oversees international economic relations among governments?

9. What does the World Bank provides loans to?

10. Where are the WTO situated headquarters?