It is the exchange of capital, goods and services across international borders Has always been present. E.g.: Silk route With the advent of globalization and outsourcing, international trade has become all the more important
Usually takes up a significant share in a country’s GDP India’s total trade was 43% of GDP in `05-`06 compared to 16% in `90-`91
Commenced on January 1, 1995 replacing the GATT.It’s main aim is to:• Regulate trade between countries• Provide a framework for negotiating trade agreements• Dispute resolution
WTO mainly focuses on the issues derived from the previous trade negotiations, especially from the Uruguay Round (1986– 1994). It has 157 member states with an annual budget of $209 million
Formed on August 8, 1967 with Indonesia, Malaysia, Philippines, Singapore and Thailand being its founding members.It is a political and economic organization of 10 countries located in South-east AsiaIts aim is to accelerate economic growth and to provide a platform for settling regional differences.
ASEAN recognizes India as an important partner for trade and regional stability A free trade area came into effect on January 1, 2010 In 2008 the total volume of ASEAN-India trade was $47.5billion
CARICOM- CaribbeanAGOA- African growth and Community and Opportunity act Common marketCOMESA- Common market for Eastern and EU-25 – European union 25 Southern Africa FTAA- Free trade of theEU-27 - European union 27 Americas SAARC- South AsianOPEC- Organization of Association for Petroleum Exporting Countries Regional Corporation