The World Trade Organization (WTO) came into being on January 1, 1995, and is the successor ____ the General Agreement ___ Tariff and Trade (GATT), which was created ___ 1948, and continued to operate ___ almost five decades ___ an international organization. The WTO deals ___ the rules of trade ___nations ___ a global level. It is responsible ___ negotiating and implementing new trade agreements, signed ___ the world’s trading nations.
The WTO headquarters are ___ Geneva, Switzerland.
Ex. 6 Choose the best word for each gap:
Where international (1) __________ is concerned the WCO is strengthening its (2) __________ with Interpol, the European Commission, WTO, and the Council of Europe in order (3) __________ that the efforts in the fight against (4) __________ and piracy come together. The organizations cooperate and maintain (5) __________ exchange of information on matters of interest which include invitations to meetings, joint (6) __________activities, exchange of experts and support for (7) __________ that continue to harmonize standards in the customs sector.
1) a. valuation b. restriction c. cooperation
2) a. partnership b. merchandise c. shipment
3) a. to disrupt b. to combat c. to ensure
4) a. negotiations b. counterfeiting c. facilities
5) a. systematic b. challenging c. identical
6) a. smuggling b. training c. wholesale
7) a. concealments b. release c. initiatives
Ex.7 Complete the sentences:
1) The WCO was set up to . . .
2) The mission of the WCO is to . . .
3) The Goods Nomenclature is used to . . .
4) The WCO focuses on . . .
Ex. 8 Get ready to speak on the topic.
Ex. 9 Render the newspaper article
Why is Customs Modernization necessary?
It is true that Customs’ role is primarily about the control of goods crossing borders. There is, however, nuance in this because Customs administrations have different functions, resources and authority.
Some Customs administrations make emphasis on duty collection. For others, non-financial matters like narcotics trafficking and security take priority. On the other hand, nations with low import tariffs are determined to improve trade facilitation. Some administrations do not use risk management and post audit control and instead attempt to physically inspect every consignment. Thus, Customs must strive to achieve balance.
The WCO takes a strategic management approach to promote modernization in all areas of Customs roles and responsibilities, including revenue collection, trade facilitation, enforcement, and security, in order to strike balance.
It is evident that an administration that focuses on revenue collection can learn from an administration that focuses on trade facilitation or security, and consequently boost revenue collection. An administration that focuses on security can learn from an administration that focuses on trade facilitation or revenue collection, and strengthen security, and so on.
Thus, a facilitated Customs process leads to security. At the same time, a secured Customs process leads to facilitation.