The correct answer is option A) General Agreement on Trade and Tariff (GATT).

Explanation:
The General Agreement on Trade and Tariffs (GATT) was an international organization that was established after World War II to promote international trade and reduce trade barriers. It was signed by 23 countries in 1947 and came into effect in 1948. GATT was created to provide a framework for negotiating and implementing trade agreements among its member countries.

GATT played a crucial role in promoting trade liberalization and reducing tariffs and other trade barriers. It operated on the principles of non-discrimination, most-favored-nation treatment, and the elimination of quantitative restrictions on trade. GATT provided a platform for negotiations and dispute settlement mechanisms to resolve trade disputes among its member countries.

However, over time, there was a need for a more comprehensive and effective international trade organization to address the evolving challenges of global trade. As a result, the World Trade Organization (WTO) was established in 1995 to replace GATT.

The WTO is a global international organization that deals with the rules of trade between nations. It has a wider scope and covers not only trade in goods but also trade in services and intellectual property rights. The WTO has a more robust dispute settlement mechanism and a stronger institutional framework compared to GATT.

The decision to replace GATT with the WTO was made through the Uruguay Round of negotiations, which lasted from 1986 to 1994. The Uruguay Round resulted in the creation of the WTO and the signing of the Marrakesh Agreement, which established the legal framework for the WTO.

In conclusion, the General Agreement on Trade and Tariffs (GATT) was replaced by the World Trade Organization (WTO) in 1995. The WTO provides a more comprehensive and effective framework for international trade, with a broader scope and stronger institutional mechanisms compared to GATT.