The correct answer is a, b and c.General Agreement on Tariffs and Trade (GATT)The General Agreement on Tariffs and Trade (GATT), signed on October 30, 1947, by 23 countries, was a legal agreement minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies while preserving significant regulations. Hence, statement b is correct.The GATT was intended to boost economic recovery after World War II through reconstructing and liberalizing global trade.The GATT went into effect on January 1, 1948. Hence, statement a is correct.Since that beginning it has been refined, eventually leading to the creation of the World Trade Organization (WTO) on January 1, 1995, which absorbed and extended it. Hence, statement c is correct.The agreement also provided a system to arbitrate commercial disputes among nations, and the framework enabled a number of multilateral negotiations for the reduction of tariff barriers. Not all bilateral and multilateral trade agreements but only agreements between member countries. Hence, statement d is correct.What is the WTO? It is an international organization whose primary purpose is to open trade for the benefit of all.It is the only global international organization dealing with the rules of trade between nations.At its heart are the WTO agreements, negotiated and signed by the bulk of the worlds trading nations and ratified in their parliaments.It is a forum for governments to negotiate trade agreements.It is a place for them to settle trade disputes.It operates a system of trade rules.Essentially, the WTO is a place where member governments try to sort out the trade problems they face with each other.