Abstract
Globalization is an inevitable phenomenon which is advancing at a high place and affecting the economics of all countries. The process of Globalization sends the world economical, political, social, and cultural alterations. In a very simple language, Globalization of economy may be defined as the further integration of national economy into global economy in which attention is given to all aspects of the problems related to the economy. Further
integration has had many effects on the production structure of national economies, the role of multinational corporations, Foreign Direct Investment, Interdependence between all Nations of this world etc. Trade is an essential part of economic development. The establishment of WTO is an important milestone in the history of
international trade. India played an important role in establishment of GATT and then in establishment in WTO. India became the member of GATT in 1947 and started to play its part and now it‟s an active member of WTO, the replacement of GATT, which came into effect on 1st January 1995 in Uruguay Round. India is very favor of
governance of international trade which is based on international rules and regulations. It believes that trade will not only benefit its economy but will also benefit all 134 members. When developing countries were liberalizing and expanding their economies, they felt the need for better export opportunities. The W.T.O. provides
opportunities to the developing countries to grow and expand their business.
References
1. An Unequal Treaty the foundation of the World Trade Organization, 1997.
2. Barber, Benjamin (2000); Globalization Democracy; www.prespect.org.
3. Bhong, G. L. and Hedayat Hosseinzadeh (2009),‟Investigation of trade Effects of the WTO and Globalization on Indian Agricultural Exports and Imports‟, Proceedings of USC Sponsored International Symposium „Evolving
Development Perspectives in the context of Globalization‟, Mumbai, India.
4. Bijlani Hiru, Globalistion an overview, Singapore, Heinemann Asia, 1994.
5. Boyer, R., and Danied Drache, Ed. (1996). States Against Markets, London, Routledge.