Trade Multilateralism Vocabulary English

1. Multilateral trade agreements serve the interests of today's global production system in a way
that the alternative — a ________________ system of bilateral agreements — does not.

(a) factional
(b) fractional
(c) fragmentary
(d) fragmented

2. Victor K. Fung gives his point of view as a businessman on what is at stake and why WTO
negotiators have an interest in finding common ________________.

(a) ground
(b) law
(c) sense
(d) wealth

3. Global rules ________________ global production.

(a) all
(b) ease
(c) stress
(d) through Image from www.chinadaily.com.cn

4. In the old days, manufacturing would be done "in-house", but manufacturing carries a
completely different meaning today: products are no longer made ________________.

(a) all at once

(b) in one basket
(c) under one roof
(d) within the pale

5. Increasingly, production is ________________ across different factories in different countries

— it is becoming globalized.

(a) disbursed
(b) discharged
(c) dismembered
(d) dispersed

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Trade Multilateralism Vocabulary English

6. Information technology and logistics help dissect the value-added process into
________________ parts, with factories, locations and countries assigned for each stage
according to their competitive advantage.

(a) complementary
(b) component
(c) composite
(d) connective

7. Over the past several years, we have seen ________________. in Seattle and Cancun, with
what appears to be a widening divergence of views between developed and developing
countries, and a rise in bilateral trade agreements.

(a) coercion
(b) concord
(c) discord
(d) dismay

8. Bilateralism distorts the flow of goods: it ________________ barriers, creates friction, reduces
flexibility, raises prices and hinders companies' ability to bring new countries into the global
production system. throws up breaks down bowls over stands on

(a) bowls over

(b) breaks down
(c) stands on
(d) throws up

9. Of particular concern are 'rules of origin', which define where a product is made and determine
what kind of market ________________ it will have.

(a) access
(b) activity
(c) life
(d) share

10. With each new bilateral agreement, considerations relating to rules of origin multiply and
become more complex in the ________________ trade experts call 'the spaghetti bowl effect'.

(a) illusion
(b) paradox
(c) phenomenon
(d) spectre

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English materials by Veronica Gilhooly © Learnwell Oy 2008 Trade multeralism

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