Significance of Globalization

Globalization refers the process of integrating the economy of a country with that of the rest of the world. Judging from the number of countries that opted for membership in the WTO, most nations have understood the importance of globalization. Presently, 149 countries are members (as on December 11 2005) of the WTO. The WTO establishes the principles of trade between nations. These rules and principles are developed after consultation with and agreement between all member nations. According to these principles, all member countries have to extend unconditional most favored nation status to all member nations without discrimination. As a result, if a country reduces its duties or opens its market, these trading rules will be equally applicable to all members. There are few exceptions to these rules but they are also governed by strict conditions. Member countries agree not to raise import tariffs above a certain limit. The purpose of these principles is to promote free and fair trade among member countries. 

The three key aims of WTO are

1.  To increase awareness about the trade rules and regulations of different countries and ensure that these rules and regulations are not repealed or modified suddenly.

2. To provide a forum for discussion where member countries can come together to discuss trade related issues and concerns.

3. To act as a dispute settlement body for trade related disputes among member countries.

Under WTO agreement, by the year 2002, all member countries had to lift the quantitative restrictions they had imposed on companies of foreign origin. As a result, many global companies like Whirlpool, Motorola, Xerox, Honda, ABB and Philips entered the markets of developing countries. The products of local companies had to compete with the products of global players in terms of quality, price, and delivery schedules.

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