International Organizations

Step 1: Understanding the Concept:
The question asks to identify the modern organization that succeeded the General Agreement on Tariffs and Trade (GATT). The passage mentions the WTO as a basis of the world's economic organization in modern times.

Step 3: Detailed Explanation:
The General Agreement on Tariffs and Trade (GATT) was a legal agreement signed in 1947 to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas. After several rounds of negotiations over the decades, the Uruguay Round (1986-1994) led to the creation of the World Trade Organization (WTO) in 1995. The WTO replaced GATT as the primary international body dealing with the rules of trade between nations.

Step 4: Final Answer:
The World Trade Organization (WTO) was formerly the framework known as the General Agreement for Tariffs and Trade (GATT).