Fill in the blank(s) with the correct word(s).
Correct option - 2
Let's find out the meaning of following words :-
Cease - to stop.
With reference to the context, blank should be filled with past participle verb. Hence, options 1 & 3 are eliminated. Now, with opening up of another sea route, traffic in Suez Canal must clearly not be increased. Hence, option 4 is eliminated.
Hence, option 2 i.e. declined is the correct answer.