Key terms and expressions

UNIT 1

INTEGRATIONPROCESSES AND CUSTOMS

STARTING UP

A. Discuss these questions.

1. What motivates countries to participate in economic integration?

2. Why do countries tend to form customs unions?

3. What current customs unions do you know?

4. How is the formation of customs unions regulated in the international trade law?

5. Can customs unions help induce the liberalization of international trade?

6. Why do countries strive to attract foreign direct investments?

7. Why are regional integration groups more attractive to foreign investors in comparison with individual countries?

8. What is the historical background of economic integration?

B. Comment on the following issues:

1. the main difficulties faced by countries in the process of economic integration;

2. the pros and cons of customs unions in comparison with other forms of economic integration;

3. the contradiction between the functioning of customs unions and basic principles of international trade system;

4. the role of foreign direct investments in the regionalization of foreign trade;

5. the most widespread form of economic integration in the modern world;

6. the role of regional trade agreements in modern economy;

7. the role of economic integration in the development of the Belarusian economy.

VOCABULARY

Key terms and expressions

to abolish discrimination between economic units; entail the suppression of some forms of discrimination; retain tariffs against nonmembers; restrictions on commodity and factor movements; divergences in national monetary, fiscal and other policies; the removal of artificial barriers; obstruct continuous economic activity; accounting for …% of trade agreements; the general incidence of the duties and regulations; applicable in the constituent territories; notify the other contracting parties of their intentions; run into difficulties; open a loophole of considerable size; the exception for “interim agreement”; in respect of duties and charges; shall be based upon an overall assessment of weighted average tariff rates; the proliferation of regional trade agreements; divert initial foreign investment from some member countries to others; investment relocation effect; mitigate the relocation problem; attractive in terms of domestic politics; “fair trade”; economically inefficient.

A. Match the words from the two columns to make up word combinations:

1) to abolish	a) continuous economic activity
2) restrictions	b) in the constituent territories
3) obstruct	c) of their intentions
4) applicable	d) initial foreign investment
5) assessment	e) of artificial barriers
6) the removal	f) a loophole of considerable size
7) divert	g) into difficulties
8) open	h) discrimination
9) notify	i) of weighted average tariff rates
10) run	j) on commodity and factor movements

B. Say what words or phrases from the box Key terms and expressions the following definitions refer to:

1) differences in opinions, policies

2) range or scope of effect or smth.

3) to cause some effect or results

4) to come across some problems

5) a gap, a hole in smth.

6) spreading of smth.

7) temporary, preliminary

8) to ease, to soften

Дата добавления: 2015-11-14