Unit 37. 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:
§ 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 tokeep 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:
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?
Unit 38. Ownership
A business is an organization of material, human, financial, and information resources that are joined together for a specific purpose. There are several main kinds of business: sole trade/sole proprietorship, unlimited liability companies, limited liability company which subdivided into private limited companies/limited liability company and public limited companies, corporation.
Sole trade/ sole proprietorship is the most common form of business organization, it’s owned and run by one person.
The main advantage of a sole proprietorship isthat the easiest form to start and run. In the event that the owner wants to dissolve the business, a sole proprietorship is as easily dissolved as it is formed.
Sole proprietorship owns all the profits of their enterprises and free to make whatever changes they please. They have minimallegal restriction and not have to pay the special taxes placed on the different state establishment.
The major disadvantage of a sole proprietorship is the unlimited liability.Since the business andthe owner are legally the same, the sole proprietor is liable for all financial losses or debts that the business may incur.
The owners of Unlimited liability companies are personally and entirely liable for the debts of the company. This means they may lose their personal assets (e.g.. their house or car) if the company is in financial difficulties.
Limited liability company/ Partnership is a business that is jointly owned by two or more people who have combined their talents and resources for the purpose of earning profit. Partners share their profits and losses and they are responsible for the management of the business and usually agree with each other before making major decision.
Business Corporation is an institution established for the purpose of making profit. It’s operated by individuals. People who would like to form a corporation must file the permission in the state government. If charter approved, the documents give permission to create a corporation is granted. The charter states should involve legal name, legal address, purpose of business. The number of shares of stock, or ownership parts of the firm are specified in the charter. These shares are certificates of ownership and are sold to investors called shareholdersor stockholders. If the corporation is profitable it will eventually issue dividend or a check, representing a part of the corporate profits to shareholders. There are a lots of advantages of corporation: it can attracts a large amount of capital and can invest it in plants equipment and research. Corporations have great capacity for growth and expansion. But there are some disadvantages. It’s difficult and expensive to organize a corporation. There is also an extra tax on corporate profits.
Exercise 1. Give the English for:
компанія з обмеженою відповідальністю, компанія з необмеженою відповідальністю, власник, бути відповідальним за борги компанії, втрачати власне майно, фінансові труднощі, одноосібна власність, корпорація, товариство, закрита акціонерна компанія, акціонер, пропонувати акції, продавати акції на фондовій біржі.
Exercise 2. Match words from list A with words from list B that have a similar meaning:
join sole proprietorship
sole trader propose
Exercise 3. Match the word with the correct definition from the list below:
sole proprietorship, unlimited company, shares (2), partnership, asset, debt, private limited company, limited liability company, stock exchange, shareholder, wealth;
1. a firm run by two or more partners;
2. a business owned by one person;
3. a company in which the owners are entirely liable for the debts of the company;
4. a company in which the owners are liable only for the amount of money they invested in the business;
5. a company that may not offer its shares for sale to the public;
6. a company whose shares can be bought and sold on the stock exchange;
7. money owed by one person or an organization to another;
8. an item of value belonging to a person or a company;
9. one of many portions into which a company’s capital is divided;
10. a market where stock and shares are bought and sold under fixed rules;
11. a person who owns shares in a company and, is, therefore, a member of the company;
12. owing a large amount of money, goods or property.
Exercise 4. Put an appropriate word in the sentences:
stock exchange, wealth, purpose, shareholders, sole trader, partners, shares, assets, debts, partnership, sole proprietorship.
1. The person operating a … … owns the business by his own way.
2. Formed by two or more persons, the … is considered a business entity. Each partner is responsible for the … .
3. All personal … of each partner are at risk if the business falls.
4. … receive dividends in proportion to the capital they invest.
5. Being a … … she works long hours in her hairdressing business.
6. The partnership collapsed as a result of the criminal activities of one of the … .
7. He has … in Great Britain.
8. He is a man of great … .
9. The … of going to school is to learn .
10. He workers as a computer operator at the New York … … .
Exercise 5. Answer the following questions:
1. Are all businesses owned and organized in the same way?
2. What is the simplest form of business ownership?
3. What are the owners liable for in unlimited liability companies?
4. What are the owners liable for in a limited liability company?
5. What are unlimited companies subdivided into?
6. What is the partnership?
7. What is the private limited company?
8. What is the Corporation? Its advantages and disadvantages?
Exercise 6. What is the difference between:
§ sole proprietorship – partnership;
§ partnership – corporation.
Exercise 7. Sum up what the texts says about:
o sole trader;
o unlimited liability company;
o limited liability company.
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