What agreement aims to dramatically lower trade barriers worldwide and created the World Trade Organization?

The Uruguay Round is indeed the correct choice as it refers to the series of negotiations held from 1986 to 1994 that aimed to significantly lower trade barriers and establish a more robust global trading framework. This round of negotiations resulted in the establishment of the World Trade Organization (WTO) in 1995, which replaced the earlier General Agreement on Tariffs and Trade (GATT).

The Uruguay Round expanded upon the original GATT framework by addressing not only tariffs but also other trade-related issues, such as intellectual property rights, services, and agricultural subsidies. This comprehensive approach marked a significant evolution in international trade agreements and set the stage for the modern global trading system.

While GATT established early foundations for international trade by promoting trade liberalization and dispute resolution, it was the Uruguay Round that formally transformed these efforts into a more structured and encompassing agreement with the creation of the WTO.

The Doha Round, which followed the Uruguay Round, aimed to further address various trade issues but did not establish the WTO itself. The Tokyo Round occurred much earlier and was significant for its focus on non-tariff barriers but also predates the establishment of the WTO. The Uruguay Round represents a pivotal moment in trade history, as it not only lowered tariffs but also