Passage 2International trade by barter is, in fact, an inefficient and expensive means of doing business compared to trading with money. Observes David Yoffie, “To cover the additional costs it incurs in handling goods it is forced to take in countertrade, a multinational company simply boosts the price of the goods it sells.” Yoffie sees countertrade as a form of protectionism. “It can help one group and hurt another,” he says.On the other hand, Daniel Cecchin, director of Countertrade Services for Bank America World Trade Corp., asserts that the rise of countertrade provides practical solutions to the debt problems of the international monetary system.41.According to Cecchin, what is the benefit of countertrade?

Once, when Japan faced pressure from abroad, it would either give in reluctantly or keep quiet and hope that the fuss would die down. No longer, it seems. The Clinton administration strongly believes in exerting such pressure. Its policy is to open some Japanese markets by setting import target—an approach to trade policy that supporters call “results-oriented”. This ugly term foreshadows uncertain consequences. Far from capitulating to this new thrust of American trade policy, Japan is taking a stand that could lead to a trans-Pacific confrontation.

【Earnings】 from tourism have got a pronounced increase during 1990-2000.

A substantial proportion of loans from the World Bank is still to be 【disbursed】.

Outside the zone, any service industry are not 【entitled】 to any special status.

Some western experts predict that China will become the world’s 【dominant】 economy in the 21st century.

【Aggregate】 output for developing countries were influenced by the jump of the crude oil price.

Economic weakness in some of the region’s traditional markets has underlined the importance of market 【diversification】.

Europe and Japan will be 【bullied】 to meeting American deadlines and priorities.

The 【moribund】 economies of new EC members, Spain and Portugal jumped with new life.