World Trade Organization

The WTO is the intergovernmental organization overseeing the international trading system. It was established on 1 January 1995 as the successor to the General Agreement on Tariffs and Trade. The highest authority of the WTO is the Ministerial Conference, which is composed of representatives of all WTO members. Much of the day-to-day work of the WTO is conducted by the General Council, which is also composed of representatives of all WTO members. The essential functions of the WTO are to provide a forum for multilateral trade negotiations; to administer the trade dispute settlement procedures; to review national trade policies; and to cooperate with other international institutions, in particular the IMF and the World Bank in order to achieve greater coherence in global economic policy-making.

Members are bound to grant to each other’s products treatment no less favourable than that accorded to the products of any third parties.

The Organization considers that secure and predictable market access to encourage trade, investment and job creation may be determined by “binding” tariffs or customs duties.

This process means that a tariff level for a particular product becomes a commitment by a member state and cannot be increased without compensation negotiations with its main trading partners. The WTO is trying to create predictable trading conditions by demanding commitments from member countries and greater transparency of domestic laws and national trade policies.

The WTO aims to promote open, fair and undistorted competition.

The WTO aims to encourage development and economic reform among the increasing number of development countries and countries in transition participating in the international trading system. These countries, particularly, the least-developed states have been granted greater flexibility to implement certain WTO provisions.

In addition the WTO operates a limited number of technical assistance programmes mostly relating to training and the provision of information technology.

Finally, the WTO recognizes the need to protect the environment and to promote sustainable development.

Unit 8. Foreign trade of the khabarovsk territory

Ex.1. Remember the following words and word-combinations:

1. internal внутренний

2. desire желание

3. to strengthen укреплять

4. to make for способствовать, содействовать

5. solution решение

6. provision снабжение

7. foodstuffs продукты питания

8. rapidly быстро

9. markedly значительно

10. to reduce сокращать

11. share доля

12. raw materials сырье

13. saw timber пиломатериалы

14. rolled stock прокат

15. to carry out выполнять

16. hard currency твердая валюта

17. representation представительство

18. to expand расширять

Ex.2. Translate the following sentences paying attention to the Passive Voice:

1. The Khabarovsk Territory is called the heart of the whole Far East.

2. Traditionally a significant part of the export-import ties was oriented towards Japan.

3. Machines, equipment and vehicles are imported to the Khabarovsk Territory.

4. In 1993 coordinating council for foreign economic ties was established by the Far Eastern association of economic cooperation.

5. The interest in mutual cooperation in economy, culture, education, sport and trade is displayed by foreign partners.

6. The share of the Pacific countries has been increased.

7. Export deliveries are carried out for hard currency as well as in a way of commodity exchange.

8. Over 40 representations have been opened by foreign companies of Japan, China, the USA and other countries.

9. The volume of direct investments is constantly growing and the large projects are put into effect.

10. The considerable amount of import goods is delivered into the Territory through the joint ventures, formed with the companies of different countries.

Ex.3. Read and translate the text.