Which of the following describes the General Agreement on Tariffs and Trade (GATT)?

The General Agreement on Tariffs and Trade (GATT) is best described as an international agreement aimed at lowering tariffs. Its primary purpose was to promote international trade by reducing or eliminating trade barriers, primarily tariffs on goods. Established in 1947, GATT created a framework for negotiating trade agreements and resolving disputes between member countries with the goal of fostering a multilateral trading system.

GATT played a crucial role in the post-World War II era, facilitating trade liberalization and encouraging economic cooperation among nations. It sought to ensure that trade flows as freely as possible, which helps in the economic development of countries by allowing them to access larger markets. The focus on lowering tariffs was essential because high tariffs can hinder trade by making goods more expensive.

In contrast, the other options do not accurately capture the essence of GATT. Regulating prices, consumer protection laws, and bilateral trade deals are not the primary functions or characteristics of GATT, which is fundamentally about trade liberalization among multiple countries rather than specific regulations, protections, or agreements between only two parties.