Question

C

The World Trade Organization came into existence in the 1990s. It operates a system of trade rules. It serves as a place for nations to settle disagreements and negotiate agreements to reduce trade barriers. The newest of its 150 members, Vietnam, joined in January.

But the roots of the W.T.O. date back to World War Two and the years that followed. In 1944,   the International Monetary(貨幣的) Conference agreed to create the International Monetary Fund and the World Bank. But they could not agree on an organization to deal with international trade.

Three years later, in 1947, twenty-three nations approved the General Agreement on Tariffs (關(guān)稅)and Trade, or GATT. It was meant to be temporary. Trade negotiations under GATT were carried out in a series of talks called rounds. The first round lowered import taxes on one-fifth of world trade. Later rounds produced additional cuts, and negotiators added more issues.

The sixth round began in 1963. It was called the Kennedy Round after the murder of President John F. Kennedy. The results included an agreement against trade dumping. This is when one country sells a product in another country at an unfairly low price.

The eighth round of talks began in Punta del Este, Uruguay, in 1986. The Uruguay Round lasted almost twice as long as planned. In all, 123 nations took part in seven-and-a-half years of work. They set time limits for future negotiations. They also agreed to create a permanent system to settle trade disagreements.

In April of 1994, most of those 123 nations signed an agreement. It replaced GATT with the World Trade Organization.

The W.T.O. launched a new round on development issues in Doha, Qatar, in November of 2001. These talks were supposed to end by January of 2005. But negotiators could not agree on issues involving agricultural protections. The current round has been suspended since last July.

66. The WTO got this name in the year _____.

  A. 1947    B. 1963   C. 1986   D. 1994

67. Which of the following statements about GATT is NOT true?

  A. It was set up after World War II.

  B. It was first approved by less than 30 countries.

  C. It was a branch of the World Bank.

  D. It was meant to improve international trade.

68. What does the underlined sentence in the third paragraph mean?

  A. The founders wanted GATT to bring in money.

  B. The founders didn’t expect GATT to last long.

  C. GATT was ready to change its name at the very beginning.

  D. GATT was open for more member countries.

69. What is one of the results of the Uruguay Round?

  A. A permanent system was agreed on.

  B. It lasted almost eight years.

  C. More countries took part in it.

  D. More disagreements than expected were settled.

70. Which of the following is the best title of the passage?

  A. Why the WTO was Called GATT?

  B. WTO Talk Rounds Last Longer

  C. A Brief Introduction to the WTO

  D. GATT or WTO? A Real Question

Answer 1

66-70 DCBAC