International trade Importance trends and Approaches

Abstract

Though international trade has history from time immemorial, China and India were the torch bearers of international trade. Briton played a crucial role in promoting international trade after industrial revolution with its strong economy. The colonial policy of Briton further promoted global trade. After World War-II, the aggressive economic measures required for recovery of many economies further encouraged trade among nations. In the process of emerging global trade, different growth poles emerged as potential forces. Belatedly, the developing economies emerged as vital growth pole with higher economic growth rate. It is anticipated that the emerging economies are going to play a more important role in the international trade compared to other economic blocks by 2025. Conversion of GATT into WTo and emergence of other world bodies like World Bank and IMF with more effective policies and programmes provided an effective platform for international trade among nations. It helped to reduce the protectionist policies and trade barriers and encouraged more and more free trade across borders. The increasing global trade is the emerging trend in world economy.