What does GATT stand for?

The correct answer is the General Agreement on Tariffs and Trade, which is a foundational multilateral treaty aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs and quotas. Established in 1947, GATT's main goal was to foster trade liberalization and help prevent the kind of economic conflicts that can lead to wars. The agreement laid the groundwork for negotiations that would eventually lead to the formation of the World Trade Organization (WTO) in 1995, which expanded upon GATT's principles and includes a broader scope of trade issues.

The other choices do not accurately reflect the established terminology or historical context of GATT. For instance, terms like "Global Association of Trade Teams" and "General Alliance for Trade Transparency" do not correspond to any recognized international trade agreements. Similarly, "Global Agreement on Tariff Trends" misrepresents the core purpose and function of GATT, which is not about trends but rather about formal agreements aimed at reducing trade barriers. Thus, the correct choice effectively summarizes the significance and intent behind GATT's establishment in the context of global trade relations.