GLOBALISATION AND THE INDIAN ECONOMY................Part III

Q11.What are the functions of WTO?

1. World Trade Organisation's aim is to liberalise international trade .
2. WTO was started at the initiative of the developed countries. 
3. WTO establishes rules regarding international trade,and sees that these rules are obeyed.
4. 149 countries of the world are currently members of the WTO
   (2006).
5. WTO promotes free trade by abolishing trade barriers.
6. It seeks to resolve the trade disputes.
7. It enhances trade competition between the countries.

GLOBALISATION AND THE INDIAN ECONOMY................Part II

Q7. What is Globalisation?

1. Globalisation is the process of rapid integration or interconnection between countries.
2. More and more goods and services, investments and technology are moving between countries. 
3. Most regions of the world are in closer contact with each other than a few decades back.
4. Besides the movements of goods, services, investments and technology, the countries are also  connected through the movement of people between countries. 
5. Peopl move from one country to another in search of better income, better jobs or better education.
6. The Globalisation is the result of greater foreign investment and greater foreign trade
7. It has resulted in the  greater integration of production and markets across countries.