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Explanation:

(b) is the correct answer choice: This answer emerges from para 2, second sentence: “... WTO was a product of a series of trade-offs between principal actors and groups.” The important players were essentially the United States; Europeans; countries like Canada and other middle and smaller trading partners; and the developing countries, which continued negotiations as part of the Uruguay Round till the 1990s. The Tokyo Round of the 1970s was an attempt at a ‘constitutional reform’ of the GATT, while what the important players eventually settled for in the WTO was the evolution of a rules–based system through multiple negotiations which obviously required time.

(a): Though it is mentioned in para 1 that ‘the US government wanted to put off the Tokyo Round of the 1970s to the future’, but it is clear from para 2 that other important players also first wanted to evolve a rules-based system through negotiations before agreeing to anything binding on them.
(c) is factually incorrect in light of para 3, and as such has no relevance to the non-formation of WTO in the 1970s. (d) is incomplete as ‘the Tokyo Round negotiation was an attempt at constitutional reform of GATT,’ and not related to formation of a new organization, WTO, as such.