International Trade Agreements

Foreign trade economic relations among nations are developed on the basis of bilateral and

multilateral agreements. Let us consider a few of them.

Several international commodity agreements have been signed in the past. They have included

cocoa, coffee, olive oil, rubber, sultanas, sugar, timber, wheat, and tin. It has been a feature of

t he markets in primary commodities that imbalance between supply and demand gives rise to

vide fluctuations in prices. Primary commodities often have long production cycles which are

difficult to adjust to bring into equilibrium with relatively short-run fluctuations in demand. At

At the same time, the development of the economies of the primary producing countries can de pend

heavily on the export earnings of these commodities, with the result that, in response to a

fall in demand, there can be a tendency to increase supply to maintain total earnings in the face

5.Развивающиеся страны в основном остаются поставщи-

Personaly, I.

ками сырья, продовольствия и несложных технологи-

I think should be frank to say that.

чески изделий на мировой рынок. Назовите наиболее itegv tacehouxy c'an Iy smr'ro I

отсталые (backward), по вашему мнению, страны афри-

answer.

канского и азиатского континентов.

6. Международная торговля выступает в качестве замени-

I supose the

main thing is теля международной мобильности ресурсов. Что, по ва-

imigration laws.

шему мнению, ограничивает миграцию реального капи-

The things are not so easy, the interna-

Vocabulary Notes to Text 2.7.1.1

1. commodity agreements — товарные соглашения

2. imbalance between supply and demand — дисбаланс между предложением и спросом

3. wide fluctuations in prices — большие колебания в ценах

4. long production cycles — длительные производственные циклы

5. export earnings — доходы от экспорта

6. in the face of intensified competition — в условиях усиленной конкуренции

7. maintenance of prices — поддержание цен

8. export quota — экспортная квота

9. floor — минимальный уровень (цен)

10. “buffer” stock — буферный запас (стабилизационный)

11. the production... and encouraging its consumption — производство и поддержка

(стимулирование) его потребления

12. the sole agreement — единое соглашение

2.7.1.2.Translate the text “The Classification of Least-Developed Countries According to the

United Nations Conference on Trade and Development” and compare the average per capita income