Passage 1

On GATT—WTO

Conclusions of the Uruguay Round are truly a triumph in adversity. Securing agreement among so many countries on such a complex raft of trade agreements frequently seemed an insuperable challenge in the past year. To have done it at a time of sluggish growth, political uncertainty and protectionist pressures is an extraordinary achievement.Whatever the shortcoming of the result, the original vision of a broad expansion of International trade law is now much closer to fulfillment. More remarkably still so is the dream that drove the founding fathers of the General Agreement on Tariffs and Trade: that of a liberal, rules-based international trading system overseen by an authoritative world trade organization. Just as the GATT helped foster economic integration and growth in the postwar decades, the new agreement should provide powerful underpinning for the world economy, fresh impetus to competition, fresh hope for those developing and former communist countries that have been opening up to international commerce.Several individuals deserve credit. Mr. Peter Sutherland and before him Mr. Arthur Dunkel, GATT directors-general, worked tirelessly to cajole recalcitrants—especially the US and EU一 into setting differences. Mr. Mickey Kantor, US trade representative, has dispelled the most serious doubts about his and the administration’s commitment to multilateral free trade. Sir Leo Brittan, the European trade commissioner, played a difficult hand with consummate skill and by luring France into the fold, arguably saved the Union from a political crisis of alarming proportions.

It was not difficult for the member countries of the GATT to reach an agreement on trade.

U. S. government officials worry that the explosive growth in countertrade will weaken the world trading system. By concealing the real prices and costs of transactions, says one U. S. trade representative, the various forms of barter may conceal and help perpetuate economic inefficiencies in the marketplace.Barter can also be risky business. “Many companies,” says David Yoffie, “suffer losses because they’re stuck with products of poor quality or with the wrong specifications."International trade by barter is, according to some experts, an inefficient and expensive means of doing business compared to trading with money. On the other hand, Home other experts assert that the rise of countertrade provides practical solutions to the debt problems of the international monetary system.

Passage 2

In this sense, South Korea is treading a path not taken by Japan. While Japanese interests span the globe, few foreign firms have successfully penetrated Japan’s home turf. Korea, too, has a legacy of xenophobia; and the Koreans are clearly wary of opening their markets to high-powered Western competitors. But they are tentatively doing just that, so far with a momentum unmatched by Japan. The aim is to defuse the protectionist pressures that have hobbled U. S. —Japanese trade relations and, in time, to enter the ranks of the world’s developed nations. That’s no small order, but the Koreans think it can be filled fairly simply. At bottom，says Nam Due Woo, chairman of the Korea Traders Association, South Korea needs only “some degree of (sweat) and some degree of (technological sophistication).”And that’s precisely what has already (lifted Korea, Inc, into contention).

49、What does the writer mean by the word “sweat”?

50、What does “technological sophistication” refer to here?

51、Can you explain “...lifted Korea, Inc. into contention”?

Passage 1

Gold: lower. After (coming in for early support) on news of strike action affecting mines belonging to gold fields of South Africa, values declined in line with platinum and (New York advices) as miners were encouraged to return to work by management promises of negotiation. The fall in oil prices also brought pressure to bear but good resistance at around the 400 dollars per ounce level permitted a brief rally. However, values suffered a late decline lo below 400 dollars per ounce in line with New York as (the dollar strengthened on news of a decline in the U. S. budget trade and a cut in the bank of Japan’s discount rate).

46、What does “coming in for early support” mean?

47、What meaning does the word “advice” carry in the given context? And what were “New York advices”?

48、“...the dollar strengthened on news of a decline in the U. S. budget trade and a cut in the Bank of Japan’s discount rate.” How could the above-mentioned developments help strengthen the dollar?

Organization for Economic Cooperation and Development

infrastructure

brain trust

macroeconomic factors

baby-boomers

countervailing duty

portfolio investment