The EU acts as an umbrella organization that oversees GATT and mediates global disputes.

Name: The EU acts as an umbrella organization that oversees GATT and mediates global disputes.
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The EU does not oversee GATT (General Agreement on Tariffs and Trade), as it was replaced by the World Trade Organization (WTO) in 1995. The EU does play a role in mediating global disputes, but it is not the only organization responsible for this.

The EU Acts as an Umbrella Organization That Oversees GATT