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Comprehension check
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Answer the following questions. Do it in pairs.
1. What does international trade law include?
2. What is meant by globalization?
3. What is meant by industrialization?
4. How does globalization affect international trade?
5. How is international trade affected by international agreements and treaties?
6. Why is the WTO becoming more influential?
7. Why is free trade good for the economy?
Use all the information you have learnt so far in this Unit to describe the distinction between international economic law and international trade law.
Work in pairs. Take turns to describe some of the facts, give your reasons.
You are a member of the Ukrainian delegation at the International Conference devoted to the problems of risk in international trade. Make a list of questions which may arise at the International Conference.
Divide your class into two groups and try to answer these questions, giving your reasons and arguments, using the following information.
Companies doing business across international borders face many of the same risks as would normally be evident in strictly domestic transactions. For example:
- Buyer insolvency (purchaser cannot pay);
- Non-acceptance (buyer rejects goods as different from the agreed upon specifications);
- Credit risk (allowing the buyer to take possession of goods prior to payment);
- Regulatory risk (e.g., a change in rules that prevents the transaction);
- Intervention (governmental action to prevent a transaction being completed);
- Political risk (change in leadership interfering with transactions or prices);
- War and other uncontrollable events.
In addition, international trade also faces the risk of unfavorable exchange rate movements (and, the potential benefit of favorable movements).
Section C
Language study
Vocabulary
8. Find logical links: which noun in B can go with the verb in A?
| A | B |
| 1. to include | a) trade |
| 2. to encompass | b) convertibility |
| 3. to impose | c) trade agreements |
| 4. to restrict | d) development |
| 5. to sign | e) rules and customs |
| 6. to promote | f) additional costs |
| 7. to handle | g) law |
| 8. to convert | h) exchange rate |
| 9. to fix | i) money |
| 10. to invest | j) currency |
9. List ‘A’ contains some basic terms in the field of business. Choose a term to fit each definition in List ‘B’.
List A
1 the Law of Demand
2 market economy
3 the Law of Supply
4 GDP
5 VAT
6 revenue
List B
| a __________________ | a system of producing wealth based on the free operation of business and trade without government control |
| b __________________ | the total value of all the goods and services produced by the state’s economy in a single year, except for income received from abroad |
| c __________________ | the law states that the higher the price, the lower quantity demanded |
| d __________________ | value-added tax; a tax added to the price of goods and services |
| e __________________ | the law states that the higher the price, the higher the quantity supplied because selling a higher quantity at a higher price increases revenue |
| f __________________ | money that a business or organization receives over a period of time especially from selling goods or services. |
10. Fill in the missing prepositions:
| for to in of with without on by |
1. The existence of technical barriers ___ international trade creates obstacles not only ___ domestic products entering European and international markets but also ___ domestic consumers interested ____ foreign products ___ high quality.
2. The harmonization ___ Ukrainian standards ___ European and international standards should be accelerated and Ukrainian technical regulations should comply ___ the relevant EU Directives.
3. The authorities should give a legislative assurance ___ the cancellation ___ compulsory food product certification and implement recognition mechanisms ___ the European certificates ___ additional inspections (e. g. labeled with CE mark).
4. To improve the business environment ___ Ukraine the European Business Association focused ___ adopting a new wording ___the Customs Code, harmonizing it ___ international legislation (___ particular ___ the Kyoto Convention the Ukraine acceded ___ ___ October 2006). This will be a tool ___ resolving problems caused ___ overcomplicated customs procedures.
5. Underdeveloped legislation regulating Ukraine’s land market is one ___ the most essential barriers ___ investment ___ our country.