World Trade Organisation

World Trade Organisation (WTO) will continue to hit news headlines for many years to come. In January 1995 when it was formed not many people were aware of it and much less was understood about the implications of it. Seattle meet has brought it into the focus. Indeed many people are realising now that WTO is growing too big and becoming an evil institution through which “monopoly capital” or more precisely, " some" capitalist countries are going to establish their complete command over the rest of the world in all spheres, economic, political, cultural, lifestyle.

GATT (General Agreement of Tariffs and Trade) was not a world body like UN but an agreement by which non-socialist countries discussed trade matters and agreements were reached, periodically. There were 5 rounds of such agreements till 1984. The 6-th round or the Uruguay Round started in 1985 which is now famous for many reasons. The Uruguay Round of GATT ended in formation of WTO in Marrakesh (Morocco) on 1-st January 1994.

Now international monopoly capital led by the United States dictates all newly independent governments what to do and what not to do. They want all the industries, banks, insurance companies under government control to be privatised which will be finally taken over by them - the American, the British and other multinationals.

WTO, IMF, the World Bank are pushing the national governments harder to further liberalise, globalise and privatise so that whatever is still left out will be grabbed by the multinational monopoly capital.

In coming years WTO will oversee that all countries follow the new Patent Laws, the new Investment Laws that give full freedom to any to invest anywhere in the world. It will see that there is no restriction by any country on trade and all the national governments change the labour laws to give full power to MNCs to employ or dismiss workers at will. WTO is set to be more powerful than the United Nations, powered by money and trade weapons having no accountability to any government or people.

Notes:

Hit the headlines – пишуть всi газети

Implication – те, що мається на увазi; сенс

Bring to focus – ставити питання

Command – панування, влада

UN – the United Nations Organisation – Органiзацiя Об’єднаних Нацiй

IMF – the International Monetary Fund – мiжнародний валютний фонд

MNCs – Multinational Companies – багатонацiональнi компанiї

VII. Дайте вiдповiдi на запитання до тексту.

1. What does the abbreviation WTO mean?

2. When was World Trade Organisation formed?

3. How did the Uruguay Round of GATT end?

4. Why does international monopoly capital want all the industries, banks, insurance companies under government control to be privatised?

5. What power will the labour laws give to MNCs?

VIII. Знайдiть в текстi неособовi форми дiєслова (дiєприкметник, iнфiнiтив), випишiть їх та назвiть.