Assertion (A) : The EXIM policy is liberal, market-oriented and favours global trade.

Reason (R) : GATT has played a significant role in the liberalization of the economy.

1
Both (A) and (R) are true and (R) is the correct explanation of (A)
2
Both (A) and (R) are true, but (R) is not a correct explanation of (A)
3
(A) is true, but (R) is false
4
(A) is false, but (R) is true
5
None of the above

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