GATT was established to regulate world trade in 1948. GATT stands for:

Correct option is B

The correct answer is (b) General Agreement on Tariffs and Trade.
· The General Agreement on Tariffs and Trade (GATT) was established in 1948 to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas.
· GATT was a multilateral treaty aimed at ensuring fair and equitable international trade practices.
· It provided a framework for negotiating trade agreements and a mechanism for resolving trade disputes between member countries.
· In 1995, GATT was replaced by the World Trade Organization (WTO), which continues to oversee global trade rules and agreements.