English Cloze Test 4 aiming Bank Exams

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English Cloze Test 4  aiming Bank Exams

Improve your comprehension skills from English Cloze Test 4  aiming Bank Exams

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Q- In the following passage there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits blank appropriately. Find out the appropriate word in each case.

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World Trade Organization, as an institution was established in 1995. It replaced General Agreement on Trade and Tariffs (GATT) which was in place since 1946. In pursuance of World War II, western countries came out with their version of development, which is (1) in promotion of free trade and homogenization of world economy on western lines. This (2) claims that development will take place only if there is seamless trade among all the countries and there are minimal tariff and non- tariff barriers. That time along with two Breton wood institutions – IMF and World Bank, an International Trade Organization (ITO) was (3) . ITO was successfully negotiated and agreed upon by almost all countries. It was supposed to work as a specialized arm of United Nation, towards promotion of free trade. However, United States along with many other major countries failed to get this treaty (4) in their (5) legislatures and hence it became a dead letter.

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Consequently, GATT became (6) platform for issues related to international trade. It has to its credit some major successes in reduction of tariffs (custom duty) among the member countries. Measures against dumping of goods like (7) of Anti-Dumping Duty in (8) countries, had also been agreed upon. It was signed in Geneva by only 23 countries and by 1986, when Uruguay round started (which was (9) in 1995 and led to (10) of WTO in Marrakesh, Morocco), 123 countries were already its member. India has been member of GATT since 1948; hence it was party to Uruguay Round and a founding member of WTO. China joined WTO only in 2001 and Russia had to wait till 2012.

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