Implications of WTO Regine on Pakistan Economy

Abstract

Economic "globalization" refers to the increasing integration of economies around the world, particularly through trade and financial flows. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. It refers to an extension beyond national borders from village markets, urban industries, or financial centers. Global markets offer greater opportunity to tap into more and larger markets around the world and have access to more capital flows, technology, cheaper imports, and larger export markets. However markets do not necessarily ensure that all shares the benefits of increased efficiency. In order to facilitate global trade and to provide level playing field to both developed and developing countries, World trade organization (WTO) has chalked down rules and regulation to conduct trade. The World Trade Organization was established, as the successor to the GATT, on 1st January 1995. It is the only international organization dealing with the global rules with the trade between nations