International trade: Identify what GATT (General Agreement on Tariffs and Trade) is. Consider its legal nature and role relative to the WTO. Choose the most accurate description.

Given data

• Term: GATT — General Agreement on Tariffs and Trade.
• Task: Identify its nature and role.

Concept/Approach
GATT (effective 1948–1994) was a legal agreement among many countries aimed at reducing tariffs and other barriers to trade. In 1995, its functions were subsumed by the World Trade Organization (WTO).

Reasoning
• It was not an agency of the UN, nor a regional bloc. • It served as the foundation and predecessor framework for the WTO.

Common pitfalls
Confusing GATT with WTO (institution). GATT is the agreement; WTO is the organization created later to administer broader trade rules.

Final Answer
A multilateral treaty to reduce trade barriers; predecessor to the WTO