What does GATT stand for?

GATT stands for the General Agreement on Tariffs and Trade. This agreement was established in 1947 and played a significant role in promoting international trade by reducing tariffs and other trade barriers. GATT aimed to create a multilateral trading system that would facilitate trade flows between countries and help avoid trade wars.

The correct term highlights the focus of GATT on tariffs and trade specifically, emphasizing its purpose as an agreement related to the exchange of goods and services across borders. Understanding GATT's role is essential in comprehending the foundational principles of modern international trade laws and agreements. This concept evolved into the World Trade Organization (WTO), which took over GATT's functions and expanded the scope of trade regulations.

The incorrect options either misattribute the components of GATT by including unrelated terms like 'Taxes' or confuse its focus with other hypothetical agreements that do not exist or are not relevant to the actual framework established by GATT. This clarity reinforces why the correct answer is essential in the context of international trade policy and legal frameworks.