The World Trade Organization (WTO) superseded the General Agreement on Tariffs and Trade (GATT). Established in 1947, GATT aimed to foster economic recovery and global trade post-World War II by reducing tariffs and trade impediments.
In 1995, the WTO replaced GATT, offering a broader regulatory framework for international trade. This transition expanded the scope beyond goods to encompass services and intellectual property, essential for navigating the complexities of the modern global economy.
Consequently, the accurate designation is: General Agreement on Trade and Tariffs.