Comprehension Passage
A passage is given below with five blanks labelled (A)-(E). Below the passage, five options are given for each blank. Choose the word that fits each blank most appropriately in the context of the passage, and mark the corresponding answer.
The WTO was founded in 1995 as the ___(A)___ organisation to the General Agreement on Trade and Tariff (GATT). GATT was established in 1948 with 23 countries as a global trade organisation to administer all multilateral trade agreements by ___(B)___ equal opportunities to all countries in the international market for trading purposes. WTO is expected to establish a rule-based trading ___(C)___ in which nations cannot place arbitrary restrictions on trade. In addition, its purpose is also to enlarge production and trade of services, to ensure ___(D)___ utilisation of world resources and to protect the environment. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through the removal of tariff as well as non-tariff ___(E)___ and providing greater market access to all member countries.
The WTO was founded in 1995 as the ___(A)___ organisation to the General Agreement on Trade and Tariff (GATT). GATT was established in 1948 with 23 countries as a global trade organisation to administer all multilateral trade agreements by ___(B)___ equal opportunities to all countries in the international market for trading purposes. WTO is expected to establish a rule-based trading ___(C)___ in which nations cannot place arbitrary restrictions on trade. In addition, its purpose is also to enlarge production and trade of services, to ensure ___(D)___ utilisation of world resources and to protect the environment. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through the removal of tariff as well as non-tariff ___(E)___ and providing greater market access to all member countries.
Which of the following words would most appropriately fit in the blank (C)?
1
Regime
2
Reign
3
Irony
4
Absurd
5
Tycoon