Help with an English assignment

Obsessive lv

Member
Oct 30, 2006
195
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I have a foriegn exchange student who has some law language that needs to be broken down into simplified english any takers??? Thanks in advance!!

1.
"In the event of serious balance-of-payments and external financial difficuties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments."

2.
"It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the mainenance of a level of financial reserves adequate for the implementation of its programme of economic deleopment or economic transition



 

Obsessive lv

Member
Oct 30, 2006
195
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thanks, I need to translate into layman terms so as to be understood by "me" so I can explain wth it means (lol)
 
May 12, 2008
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candyland
"In the event of serious balance-of-payments and external financial difficuties or threat thereof, a Member may adopt or maintain restrictions on trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments."
If a person has outstanding debt or financial problems, that person can ....god i don't know. Is this like if a person has a credit card and then has something bad happen (like can't go to work for a month bc he's been in the hospital or something?) so then the credit card can like restrict his credit line, and lower the person's minimum payment or something?

2.
"It is recognized that particular pressures on the balance of payments of a Member in the process of economic development or economic transition may necessitate the use of restrictions to ensure, inter alia, the mainenance of a level of financial reserves adequate for the implementation of its programme of economic deleopment or economic transition
It is understood that 'restrictions' may be needed in order to ensure the person continues to make payments? nooooooooooo idea

 

Obsessive lv

Member
Oct 30, 2006
195
0
lol, thanks so much for trying, we got it pretty much converted to basic english enough so that a layman can almost understand it, just hope she gets a good grade or I suck at english (lol)
 

BTBF

O.G.
Feb 11, 2006
2,470
5
I think both 1 and 2, are about balance and restriction. For example, import and export, we must have a restriction on them...so we don't export out too much stuff(we will have not much left), or import in too much stuff(that drives the price of the stuff we currently have, down).
 

Demosthenes

Member
Oct 17, 2006
1,459
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This is all related to national debt/trade/economics, which is why the language is so formal. Does she have any kind of background in this? Otherwise, even if I break it down in plain english, it won't mean anything unless she's familiar with the WTO, IMF, foreign economies, etc.

Here's a quick (as easy as I can explain it) glossary that she should read first before taking the steps to break down the statements.

Balance-of-payments- measures the payments that flow from one country to all other countries. It is composed of the country's current account, capital account, and financial account.

Member- probably means the member of the trade organization. ex: US is a member of the WTO.

Trade in services- very easy, the exchange of a service (intangible product) from the producer to the consumer. ex: A trade in services occurs when a maid offers the service of cleaning to the consumer, who in turn offers cash to complete the trade. In this case, it may refer to a service such as military aid given to another country- like US & Japan.

So once she understands those terms, you can explain to her that statement 1 is basically saying:

When a country is in financial trouble, they can put new restrictions and maintain old ones on their standing commitments, but only when it comes to services, not product. This includes payment or transfers.

Statement 2 is easier. It basically says:

They understand that a country that is in the middle of economic development may need to use restrictions mentioned above to help preserve their federal reserve, etc.

(ex: Indonesia after the tsunami in 2004 would be allowed to place new restrictions on their existing trade in service commitments because they were in the middle of drastic economic development, and needed the funds for that.)