Passage 1In the past few days differences between the United States and the European Community on farm trade have narrowed almost to nothing. As a result the world is now close to concluding the Uruguay round of GATT talks. That deal is admittedly 【far from】 perfect, a series of messy compromises. The cause of free trade will have many more battles to fight. Never mind. On a conservative estimate the Uruguay round would permanently raise global welfare by more than $100 billion a year, spur economic growth everywhere and extend competition to hitherto 【sheltered】 ，and therefore backward, parts of all economies. By any standards, it would be a hugely valuable achievement.37.What do “far from” and “sheltered” mean?

Passage 1In the past few days differences between the United States and the European Community on farm trade have narrowed almost to nothing. As a result the world is now close to concluding the Uruguay round of GATT talks. That deal is admittedly 【far from】 perfect, a series of messy compromises. The cause of free trade will have many more battles to fight. Never mind. On a conservative estimate the Uruguay round would permanently raise global welfare by more than $100 billion a year, spur economic growth everywhere and extend competition to hitherto 【sheltered】 ，and therefore backward, parts of all economies. By any standards, it would be a hugely valuable achievement.38.How can the Uruguay round be described by a non-conservative estimate?

Passage 2Nations with serious debt problems, such as Mexico, Brazil and Argentina, have been compelled to devote almost all their export earnings to debt service, leaving themselves with virtually no surplus to pay for imports. With barter, however, debtor nations can continue to import goods while, in effect, concealing export earnings from creditors. But counter trade is not the exclusive province of debtor nations. Says Yoffie， “Even countries with strong foreign exchange positions, such as Australia, Canada and Indonesia, are insisting on countertrade in certain areas. Linking imports and exports is a way to exert power over multinational corporations. Countries that lack expertise in international marketing try to use counter trade as leverage to tap the networks of 【global firms】.”39.What are the advantage and disadvantage of barter?

Passage 2Nations with serious debt problems, such as Mexico, Brazil and Argentina, have been compelled to devote almost all their export earnings to debt service, leaving themselves with virtually no surplus to pay for imports. With barter, however, debtor nations can continue to import goods while, in effect, concealing export earnings from creditors. But counter trade is not the exclusive province of debtor nations. Says Yoffie， “Even countries with strong foreign exchange positions, such as Australia, Canada and Indonesia, are insisting on countertrade in certain areas. Linking imports and exports is a way to exert power over multinational corporations. Countries that lack expertise in international marketing try to use counter trade as leverage to tap the networks of 【global firms】.”40.What does “global firms” refer to?

Passage 2Nations with serious debt problems, such as Mexico, Brazil and Argentina, have been compelled to devote almost all their export earnings to debt service, leaving themselves with virtually no surplus to pay for imports. With barter, however, debtor nations can continue to import goods while, in effect, concealing export earnings from creditors. But counter trade is not the exclusive province of debtor nations. Says Yoffie， “Even countries with strong foreign exchange positions, such as Australia, Canada and Indonesia, are insisting on countertrade in certain areas. Linking imports and exports is a way to exert power over multinational corporations. Countries that lack expertise in international marketing try to use counter trade as leverage to tap the networks of 【global firms】.”41.Why do countries with strong foreign exchange position need counter trade?

Barter endured for thousands of years as the primary means of trade. Colonial powers forced bilateral barter upon their client states, making the colonies take expensive manufactured goods in return for bargain-price raw materials, and prohibiting them from trading with other nations. International trade was supposed to be freed from bartering’s constraints in July 1944, when diplomats and economists attended the United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire.

Unlike cereals and other farm goods, which the Uruguay round aimed to bring within the GATT’s 【jurisdiction】 for the first time, oilseeds already fall within it.

Speculators profited handsomely from the price 【fluctuation】 of the 1990s.

In this project everybody does his own 【share】 of the work.

The treaty stipulates a member’s 【obligations】 and benefits.