Today’s multilateral trading system is constructed upon the GATT. The GATT was agreed on by the signatory member countries in 1947 and has paved the way for the WTO. However, the GATT has been maintaining its entity under the WTO. It is still the main agreement on multinational commodity trade with its widened scope. During the Uruguay Round in which the member countries decided to establish the WTO, they also renewed the GATT. Thus, the GATT improved along with the addition of new articles is referred as the GATT 1994 while the initial one signed in 1947 is referred as the GATT 1947. Upon the failure of the ITO initiative, the GATT 1947 constituted the main nominator of establishing a strong and responsive multilateral trading system. It took concrete steps on making the multilateral trade freer via numerous negotiation rounds.

The GATT is not terminated upon the establishment of the WTO. It is still functioning as the main agreement on the multinational commodity trade under the auspices of the WTO and referred as GATT 1994.

As also understood from the information given, all of the statements in the options about The Gatt are correct, so the correct answer is E.