Globalization and Role of WTO in Promoting Free International Trade

Abstract

Since the nineties of the last century and with the end of the cold war, globalisation is the new catchphrase that has come to dictate the world. If we see to the march of development of from early 1700’s till date, globalization has almost become the part of international trade. The result is the emergence of the specialization in international trade in term of exchange of the goods, services and resources. Now with the passing of time, globalization has become a deeply rooted phenomenon, and the result is, a product that has been manufactured in the outmost part of the globe could easily find its way into the market at the other corner of the globe. This is globalization in true sense. As this trend become more and more wellestablished, intellectuals provided it with a theoretical backing for the harmonization of such trend, and the name of that backing was WTO. WTO is one of the most powerful international bodies. In total 134 nation states have acknowledged its vast power. This made WTO to play the role of global government. Its main aim is to promote commercial interests, and any obstacles in the path of development and expansion of global business should be treated secondary. The paper aims to examine the role of WTO in promotion of international trade in today’s global environment and the cost that we have to pay for the same...