G Week 10
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Student’s name Lê Hoàng Liên Vũ Thị Diệu Linh
Class: ESP3 Instructor: Ms Thảo Quyên
Topic: WTO Subtopic: 10 benefits of the WTO trading system
Source: World Trade Organization, 10 benefits of the WTO trading system, [online] available at
http://www.wto.org/english/thewto_e/whatis_e/10ben_e/10b00_e.htm#10benefit_me (Access Nov, 28th, 2006)
1
1. Summary In addition, the WTO trading system offer customers more goods and services to choose from such as fruits and vegetables out of season, clothing, movies from all around the world because we can import them. It also provides consumers with a wider range of qualities and higher ones of locally- produced products because of competition from imports. Imports are even used as materials, components and equipments for local production which expands the sort of final domestic goods and services and which boosts the range of technology they can use. For example, services mushroom with the availability of mobile phones even in the country that does not make them. Moreover, the success of imported products can stimulate local manufacturers to compete, giving clients more choice of brands. Sixthly, trade increases because of lowering trade barriers, resulting in raising both personal and national incomes. As an illustration of this, it is estimated that the world economy would go up by $613 billion if trade barriers in agriculture, manufacturing and services are cut by one third. Further income means that resources are available for governments to reallocate the benefits from those who get the most- for instance to help workers and companies become more competitive and productive or change to new activities. However, trade poses challenges as domestic producers have to be faced up with competition from imported goods and services. Furthermore, it has been proved that trade boosts economic growth, leading to the creation of more jobs. On the other hand, some jobs are lost as a result of increasing trade. This can attribute to technological advance which benefits some jobs but hurt others and national income that is not always translated into new employment for workers who lost their jobs because of competition from imports. The picture is complicated and not the same in all countries, some nations with effective adjustment policies grasp the opportunities while others do not. For instance, the EU Commission calculates that its Single market is set up, generating from 300,000 to 900,000 more jobs. Nevertheless, protectionism is not the alternative because there is evidence that it hurts employment. The example is that trade barriers on Japanese imported cars into the US markets raised the price of cars in the country, so fewer cars were sold and many people were unemployed. What is more, the basic principles of the WTO’s trading system increase efficiency and cut costs. One of the principles is nondiscrimination, that is, the government imposes the same duty rates on imports from all nations, and uses the same regulations for all goods despite their origin and whether they are imported or not. Other principles include transparency (clear information about policies, rules), improved certainty about trading conditions (commitments to lower trade barriers and to increase other nation’s access to one’s markets are compulsory) and trade facilitation. Trade facilitation is aimed to simplify trade such as the standardization of customs procedure, elimination of bureaucracy, centralized databases of information. The above principles make it easier for companies to source components or raw materials, resulting in lower expenses. Ninthly, the system protects governments from narrow interest group by focusing on the benefits of everyone in the economy. In the early decades of the 20th century, protectionism could cause damage if narrow sectoral interests get an unequal share of political influence. In addition, it biases the economy against other sectors that shouldn’t be penalized- if you protect the clothing industry, clothes will be more 2
expensive, putting pressure on wages in all sectors. It can also become more serious as other countries get revenge by raising their own trade barriers. Under the GATT- WTO system, the government can refuse the protection pressure by arguing that it needs an agreement which will do well to all segments of the economy. Last but not least, the system encourages good governments. The rules involved not to come back to risky policies such as protectionism. They also try to deal with quotas, which artificially lift up prices, creating unusually large profit, which provides chances for corruption, such as in the distribution of quotas among traders. Commitments that all countries join the WTO have to make contain reducing or eliminating many trade barriers, especially in textile. Many other areas of the WTO’s agreements can also help lessen corruption and bad government like transparency, other aspects of trade facilitation, and nondiscrimination.
2. Favorites a. Sales people are usually reluctant to fight their customers: the aim of sale person is not to fight against the customers. In fact, both of them enjoy a healthy commercial relationship which has less political conflicts. b. Discrimination complicates trade, equal treatment is better for all: It’s difficult to do the trade with discrimination. It’s better and easier for all partners with equal treatment
3
3. Glossary 1.
New words Switch
2.
The Single Market
3. 4. 5.
Stimulate Enshrine Commitment
6.
Binding
7. 8. 9.
Shield Place Trade-off
10 . 11 . 12 . 13 .
Escalate Retaliate
Meaning (v) to change suddenly or completely, especially from one thing to another, or to exchange by replacing one person or thing with another (chuyển) (n) a group of countries that have few or no restrictions on the movement of goods, money and people between the members of the group (thị trường duy nhất, thị trường chung) (v) to encourage something to grow, develop or become active (kích thích) (v) to contain and keep as if in a holy place (cất giữ ở nơi linh thiêng) (n) when you are willing to give your time and energy to something that you believe in, or a promise or firm decision to do something (sự tận tâm) (a) (especially of an agreement) which can not be legally avoided or stopped (tính ràng buộc) (v) to protect someone or something (che chở, bảo vệ) (v) to put something in a particular position (để, đặt) (n) a situation in which you balance two opposing situations or qualities (sự thỏa hiệp) (v) to make or become greater or more serious (leo thang)
15 . 16 . 17 . 18 . 19 .
Arbitrary
20 . 21 . 22 . 23 . 24
Better off
(v) to hurt someone or do something harmful to them because they have done or said something harmful to you (trả thù) (phrasal verb) to prevent something unpleasant from harming or approaching you (né tránh cái gì) (v) to try to persuade a politician, the government or an official group that a particular thing should or should not happen, or that a law should be changed (vận động hành lang) (v) to go back to doing something bad when you have been doing something good, especially to stop working hard or to fail to do something that you had agreed to do ( tái phạm, lại sa ngã) (a) based on chance rather than being planned or based on reason (tùy hứng) (n) something which controls what you do by keeping you within particular limits (sự đè nén) (n) a situation in which two countries or groups of people quarrel or disagree with each other. (cuộc tranh luận) (v) to make part of the building, structure, piece of clothing etc stronger. (củng cố thêm) (n) an action by a government that makes free trade between its own country and other countries more difficult or impossible (rào cản thương mại) (adv) richer than you were before (khá giả, phong lưu)
Prosperous
(adj) successful and rich (thịng vượng, phát đạt, phồn vinh)
Pre – war
(adj, adv) happening or existing before a war, especially the First or Second World Wars ( tiền chiến tranh) (v) to push something firmly and deeply into something else (đẩy vào)
Ward something off Lobby
14 Backslide .
Constraint Dispute Reinforce Trade barrier
Plunge sth into sth Scenario
(n) a situation that cold possibly happen but has not happened yet. (viễn 4
25 . 26 . 27 . 28 .
Vital
29 . 30 . 31 . 32 .
Comply with
Consensus Entrust Unilateral
Declare war on sb Resist Alliance
33 Regime .
cảnh) (adj) extremely important and necessary for something to succeed or exist. (sống còn) (n) an opinion that everyone in a group will agree with or accept (sự đồng lòng, sự nhất trí) (v) to make someone responsible for doing something important. ( giao phó) (adj) a unilateral action or decision is done by only one of the groups involved in a situation. (đơn phương) -> unilaterally (adv) (v) to do what you have to do or are asked to do (tuân theo) (v) to decide and state officially that you will begin fighting another country (tuyên chiến) (v) to try to prevent change or prevent yourself being forced to do something ( cưỡng lại) (n) an arrangement in which two or more countries, groups etc agree to work together in order to try to change or achieve something (sự liên minh) (n) a system of government or management, especially one you disapprove of. (chế độ)
5
Class: ESP3 Instructor: Ms Thảo Quyên
Topic: WTO Subtopic: 10 benefits of the WTO trading system
Source: World Trade Organization, 10 benefits of the WTO trading system, [online] available at
http://www.wto.org/english/thewto_e/whatis_e/10ben_e/10b00_e.htm#10benefit_me (Access Nov, 28th, 2006)
1
1. Summary In addition, the WTO trading system offer customers more goods and services to choose from such as fruits and vegetables out of season, clothing, movies from all around the world because we can import them. It also provides consumers with a wider range of qualities and higher ones of locally- produced products because of competition from imports. Imports are even used as materials, components and equipments for local production which expands the sort of final domestic goods and services and which boosts the range of technology they can use. For example, services mushroom with the availability of mobile phones even in the country that does not make them. Moreover, the success of imported products can stimulate local manufacturers to compete, giving clients more choice of brands. Sixthly, trade increases because of lowering trade barriers, resulting in raising both personal and national incomes. As an illustration of this, it is estimated that the world economy would go up by $613 billion if trade barriers in agriculture, manufacturing and services are cut by one third. Further income means that resources are available for governments to reallocate the benefits from those who get the most- for instance to help workers and companies become more competitive and productive or change to new activities. However, trade poses challenges as domestic producers have to be faced up with competition from imported goods and services. Furthermore, it has been proved that trade boosts economic growth, leading to the creation of more jobs. On the other hand, some jobs are lost as a result of increasing trade. This can attribute to technological advance which benefits some jobs but hurt others and national income that is not always translated into new employment for workers who lost their jobs because of competition from imports. The picture is complicated and not the same in all countries, some nations with effective adjustment policies grasp the opportunities while others do not. For instance, the EU Commission calculates that its Single market is set up, generating from 300,000 to 900,000 more jobs. Nevertheless, protectionism is not the alternative because there is evidence that it hurts employment. The example is that trade barriers on Japanese imported cars into the US markets raised the price of cars in the country, so fewer cars were sold and many people were unemployed. What is more, the basic principles of the WTO’s trading system increase efficiency and cut costs. One of the principles is nondiscrimination, that is, the government imposes the same duty rates on imports from all nations, and uses the same regulations for all goods despite their origin and whether they are imported or not. Other principles include transparency (clear information about policies, rules), improved certainty about trading conditions (commitments to lower trade barriers and to increase other nation’s access to one’s markets are compulsory) and trade facilitation. Trade facilitation is aimed to simplify trade such as the standardization of customs procedure, elimination of bureaucracy, centralized databases of information. The above principles make it easier for companies to source components or raw materials, resulting in lower expenses. Ninthly, the system protects governments from narrow interest group by focusing on the benefits of everyone in the economy. In the early decades of the 20th century, protectionism could cause damage if narrow sectoral interests get an unequal share of political influence. In addition, it biases the economy against other sectors that shouldn’t be penalized- if you protect the clothing industry, clothes will be more 2
expensive, putting pressure on wages in all sectors. It can also become more serious as other countries get revenge by raising their own trade barriers. Under the GATT- WTO system, the government can refuse the protection pressure by arguing that it needs an agreement which will do well to all segments of the economy. Last but not least, the system encourages good governments. The rules involved not to come back to risky policies such as protectionism. They also try to deal with quotas, which artificially lift up prices, creating unusually large profit, which provides chances for corruption, such as in the distribution of quotas among traders. Commitments that all countries join the WTO have to make contain reducing or eliminating many trade barriers, especially in textile. Many other areas of the WTO’s agreements can also help lessen corruption and bad government like transparency, other aspects of trade facilitation, and nondiscrimination.
2. Favorites a. Sales people are usually reluctant to fight their customers: the aim of sale person is not to fight against the customers. In fact, both of them enjoy a healthy commercial relationship which has less political conflicts. b. Discrimination complicates trade, equal treatment is better for all: It’s difficult to do the trade with discrimination. It’s better and easier for all partners with equal treatment
3
3. Glossary 1.
New words Switch
2.
The Single Market
3. 4. 5.
Stimulate Enshrine Commitment
6.
Binding
7. 8. 9.
Shield Place Trade-off
10 . 11 . 12 . 13 .
Escalate Retaliate
Meaning (v) to change suddenly or completely, especially from one thing to another, or to exchange by replacing one person or thing with another (chuyển) (n) a group of countries that have few or no restrictions on the movement of goods, money and people between the members of the group (thị trường duy nhất, thị trường chung) (v) to encourage something to grow, develop or become active (kích thích) (v) to contain and keep as if in a holy place (cất giữ ở nơi linh thiêng) (n) when you are willing to give your time and energy to something that you believe in, or a promise or firm decision to do something (sự tận tâm) (a) (especially of an agreement) which can not be legally avoided or stopped (tính ràng buộc) (v) to protect someone or something (che chở, bảo vệ) (v) to put something in a particular position (để, đặt) (n) a situation in which you balance two opposing situations or qualities (sự thỏa hiệp) (v) to make or become greater or more serious (leo thang)
15 . 16 . 17 . 18 . 19 .
Arbitrary
20 . 21 . 22 . 23 . 24
Better off
(v) to hurt someone or do something harmful to them because they have done or said something harmful to you (trả thù) (phrasal verb) to prevent something unpleasant from harming or approaching you (né tránh cái gì) (v) to try to persuade a politician, the government or an official group that a particular thing should or should not happen, or that a law should be changed (vận động hành lang) (v) to go back to doing something bad when you have been doing something good, especially to stop working hard or to fail to do something that you had agreed to do ( tái phạm, lại sa ngã) (a) based on chance rather than being planned or based on reason (tùy hứng) (n) something which controls what you do by keeping you within particular limits (sự đè nén) (n) a situation in which two countries or groups of people quarrel or disagree with each other. (cuộc tranh luận) (v) to make part of the building, structure, piece of clothing etc stronger. (củng cố thêm) (n) an action by a government that makes free trade between its own country and other countries more difficult or impossible (rào cản thương mại) (adv) richer than you were before (khá giả, phong lưu)
Prosperous
(adj) successful and rich (thịng vượng, phát đạt, phồn vinh)
Pre – war
(adj, adv) happening or existing before a war, especially the First or Second World Wars ( tiền chiến tranh) (v) to push something firmly and deeply into something else (đẩy vào)
Ward something off Lobby
14 Backslide .
Constraint Dispute Reinforce Trade barrier
Plunge sth into sth Scenario
(n) a situation that cold possibly happen but has not happened yet. (viễn 4
25 . 26 . 27 . 28 .
Vital
29 . 30 . 31 . 32 .
Comply with
Consensus Entrust Unilateral
Declare war on sb Resist Alliance
33 Regime .
cảnh) (adj) extremely important and necessary for something to succeed or exist. (sống còn) (n) an opinion that everyone in a group will agree with or accept (sự đồng lòng, sự nhất trí) (v) to make someone responsible for doing something important. ( giao phó) (adj) a unilateral action or decision is done by only one of the groups involved in a situation. (đơn phương) -> unilaterally (adv) (v) to do what you have to do or are asked to do (tuân theo) (v) to decide and state officially that you will begin fighting another country (tuyên chiến) (v) to try to prevent change or prevent yourself being forced to do something ( cưỡng lại) (n) an arrangement in which two or more countries, groups etc agree to work together in order to try to change or achieve something (sự liên minh) (n) a system of government or management, especially one you disapprove of. (chế độ)
5
