The document discusses the General Agreement on Tariffs and Trade (GATT), which was the first worldwide multilateral free trade agreement put into effect from 1948 to 1995. GATT grew out of the Bretton Woods Agreement and aimed to liberalize international trade by reducing tariffs and eliminating quotas. It established rules for trade between participating countries and was later replaced by the World Trade Organization in 1995 which had more robust structures for resolving trade disputes.