Task 6 Complete the following sentences with the information from the text.
1. World trade more than tripled in that period, reaching ….
2. Yet trade has also played a major role in accelerating the diffusion of low-carbon technologies such as ….
3. .… and the companies supplying these markets come from all over the world.
4. In some cases, such as vehicle fuel efficiency standards, independent policy-making has led to ….
5. But there is considerable potential for international cooperation to...
6. A new international legal agreement to provide a foundation of …
7. …to help catalyze action in specific sectors and fields.
8. Access to new technologies is an important requirement for developing countries seeking….
9. One example in the climate field might be ….
10. Strengthening technical and scientific capacities is therefore…
Task 7 Say in what context the following phrases are used in the text:
1. low-carbon growth
2. global greenhouse gas (GHG) emissions
3. light-emitting diodes (LEDs)
4. a convergence of policy
5. to underpin national climate action
6. climate-resilient development
7. open licensing arrangements
8. crop varieties
9. patent-related restrictions
10. technical and scientific capacities
VOCABULARY I
Collocations I
Task 8 Match up the half-sentences below defining key terms.
| 1. Free trade means imports and exports of goods and services | Aa maximum quantity of goods of a specific kind that can be imported into a country. |
| 2. Protectionism means restricting imports | Вa tax charged on imports. |
| 3. Trade barriers are | C by way of trade barriers such as tariffs and quotas. |
| 4. A tariff is | D government policies or regulations that restrict international trade. |
| 5. A quota is | E in an early stage of development and which cannot survive competition from foreign companies. |
| 6. Absolute advantage means a country’s ability to | F particularly important to a country’s economy. |
| 7. Comparative advantage means a country’s ability to | G produce goods at a lower cost than any other country. |
| 8. An infant industry is one that is | H produce particular goods more efficiently (using fewer resources and at a lower cost) than some other countries. |
| 9. A strategic industry is one that is | I without any government restrictions. |
READING II
Task 9 Read the text below and decide which paragraphs could be given the following headings:
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1 Countercting speculation
2 Goldconvertibility
3 Marketforces
4 Marketinterventions
5 Parityandspeculation
Exchange Rates
An exchange rate is the price at which one currency can be exchanged for another (e.g. how many euros are needed to buy a pound). For a quarter of a century after World War II, the levels of most major currencies were fixed (or pegged) against the US dollar, and the dollar was pegged against gold. One dollar was worth 1/35 of an ounce of gold, and the Federal Reserve guaranteed that it could exchange this amount of gold for every dollar in existence. These fixed exchange rates could only be adjusted (revalued or devalued)- with the agreement of the International Monetary Fund. This system of gold convertibility ended in 1971 because after inflation in the USA, the Federal Reserve did not have enough gold to guarantee its currency.
Since that time there has been a system of floating exchange rates in most western countries. This means that exchange rates are determined by supply and demand — the quantities of currencies bought and sold in the foreign exchange markets. If there are more buyers of a currency than sellers, its price will rise; if there are more sellers, it will fall. Proponents of floating exchange rates, such as Milton Friedman, argued that currencies would automatically settle at stable rates which would reflect economic realities more precisely than calculations by central Tax Policy for Emerging Markets: Developing countries bank officials. Yet they underestimated the extent of speculation, which can push currencies away from levels that reflect underlying economic conditions.
In theory, exchange rates should give purchasing power parity (PPP). In other words, the cost of a given selection of goods and services would be the same in different countries. So if the price level in a country increases because of inflation, its currency should depreciate — its exchange rate should go down so as to return to PPP. In fact, this does not happen because rates are influenced by currency speculation. Financial institutions, companies and rich individuals all buy currencies, looking for either higher interest rates or short-term capital gains if a currency appreciates. Only about 50/0 of the world's currency transactions are related to trade — individuals or organizations buying foreign currencies because they want to buy goods and services from abroad — and foreign travel. The remaining 95% are purely speculative.
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Exchange rate changes brought about by speculation clearly cause problems for industry. Although it is possible to some extent to hedge against currency fluctuations by way of futures contracts, forward planning is difficult when the price of raw materials bought from abroad, or the price of your products in export markets, can rise or fall rapidly. This was a major reason for the establishment of the euro, the common currency in much of Europe.
Governments and central banks sometimes try to change the value of their currency. They intervene in exchange markets, using their foreign currency reserves to buy their own currency to raise its value, or selling their currency to lower its value. But speculators have much more money than a government has in its reserves, so attempts to 'manage' a floating exchange rate have limited success. For example, in 1992 the Bank of England lost over £3 billion in one day trying to protect the value of the pound sterling. Speculators were trading so much currency that it was impossible for intervention by a central bank to influence the floating rate.
Comprehension to text II
Task 11 Make up questions to the answers. Use the information from the text above.
1 A system in which the Federal Reserve could exchange gold for all the paper money, 
if necessary
2 Becauseofinflation
3 By the number of buyers and sellers
4 The cost of a given selection of goods and services would be the same
5 To get a higher interest rate or make a capital gain
6 About 95%
7 Bybuyingfuturecontracts
8 By buying or selling their currency on the exchange markets
9 Because speculators have much more money than governments
VOCABULARY II
Collocations II
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Task 12 Find words in the text that mean the following:
1 to increase the value of a currency in an otherwise fixed system
2 to decrease the value of a currency in an otherwise fixed system
3 adjective describing a rate that changes or varies
4 people who argue in favour of something
5 to fall in value in a market system
6 to rise in value in a market system
7 to attempt to protect oneself against future price changes
8 continuous changes in a price or value
9 agreements to buy something at a fixed price several months ahead
GRAMMAR
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