(trade.ec.europa.eu) The highest expectations are expected from the world’s largest economies, the governments of America and Europe. In addition, deeply help conviction in many parts of the world must be recognized. Like in Brazil, the agricultural trade in the developed world has been considerably sheltered in the past, and today, has a need to reach the liberal rules that are applied in other areas. (trade.ec.europa.eu) Even though the GATT was built on the expectation on leadership from the United States and the countries of Europe, rights and responsibilities will be shared in new ways in the new global economy. The WTO system and international institutions that make these changes in the global economy happenable, is creating openness.
By working together in regional groups, states can help to protect markets and industries in their region, increase their competitiveness in the global economy and strengthen their hand in global economic forms such as the World trade Organisation (WTO). This translates into “economic security”. The obvious trend towards the intensification of cooperation on intra-regional levels is gaining momentum. After the establishment of the North American Free Trade Agreement (NAFTA) by the USA, Canada and Mexico, the exploration of possibilities for cooperation and interaction between NAFTA and the EU in the form of a Transatlantic Free Trade Area (TAFTA) has intensified. TAFTA supporters point out that the combined US-EU GDP represents 57 per cent of the total world GDP (Barfield, 1998).
And "globalization" is often linked to or interchanged with "global," "internationalization," "Americanization," or "global capitalism”.And these words are often used to explain the tight interconnectedness of the international political situation or the influence of certain superpowers. In addition, when there is a discussion about intercultural relations or communication, “Americanization”, “western domination” are two crucial points that many scholars are argue about. To be sure, we are faced with a world situation that the society is constantly changing and there is new continuous stimulation, debates, and reform of education in countries around the world. (Huilan, 2007) And the superpower of some western countries do have some influence on the intercultural relations, and those superpowers may have more chances to speak in some international affairs. However it does not mean they control everything since that all countries have a say in the affairs of their states.
The enabling clause allows developed countries to accord preferential tariff treatment for different categories of trading partners which would otherwise violate Article 1 of the GATT which stipulates that no GATT contracting party must be treated worse than any other. On the other hand, the nature of Free Trade Agreements (FTAs) is inconsistent with the obligations because they grant countries who are party to the agreement more favourable trade benefits than the others. To make sure, these arrangements are trade-enhancing, one such exception under GATT is Article XXIV focusing on special exceptions for FTAs. An FTA is one of the several options available to WTO members wishing to pursue integration beyond that which is possible in a multilateral trade
As a result, the literature in the field shifts its focus from trying to differentiate to emphasizing on the interconnectivity and the simultaneous relevance of both theories (Schout and Wolff, 2010). The EU political order was viewed as a hybrid of two models of governance – intergovernmental and supranational (Bromley, 2001). According to the former (Caramani, 2011) the EU´s political responsibilities include: regulatory policies (regarding the common market), redistributive policies (CAP), Macroeconomic stabilization policies (ECB, EMU), Citizen Policies and Global Policies (CFSP). Thus, the Member States transfer to EU institutions competences and powers, which were previously essential only for the statehood. The Supranational Governance (Bromley, 2001) regards the theory of ¨widening and deepening¨ of the EU project, implying that further economic, political and social integration facilitates greater Europeanization
He says the free trade is a process that helps countries trade goods between each other at no taxes, in which it will help consumers buy products at lower costs. Burande also believes that “Global Connectivity” is the third good reason for a person to make them stand with globalization. He adds up, the world now seems to be a smaller place as a result of the internet that is connecting the whole globe. It is also helping individuals, companies, and many other groups of people, sharing ideas and benefitting from them. “New Markets” is the fourth good reason that made him stand with globalization, he says that due to globalization, markets are being invested in different countries in the world, and attracting customers to their good products and reasonable prices.
In order to benefit from the regional integration of a group of countries, such as smaller trade restrictions, many companies invest in a certain country to be able to sell their products and services in other member countries of the same regional economic bloc. For instance, many multinational companies have invested in certain EU member countries, such as the Czech Republic and Poland, with a sole purpose to benefit from their membership of the European Union (Frynas & Mellahi,
As already mentioned, due to the increasing economisation of the international system, Investments have been gaining importance not just from an economic point of view, but also from a global governance perception. Investors are global influencers and therefore shall be included in global governance and attributed a share of responsibility in global issues. As already claimed in the introduction to this essay global “governance is thought to be an international process of consensus-forming which generates guidelines and agreements that affect national governments and international corporations…” (WHO, 2015). Following this, we may consider that investor-State disputes effects relate to both governments and investors, but also to the global
PREDICTION The sphere of influence of Big Bazaar would be bigger as they are likely to have more variety of products and better quality of services as Big Bazaar is comparatively a bigger brand with greater resources and has influenced the market for a longer period of time. Big Bazaar can also offer more schemes to its customers and carry out huge marketing campaigns to attract customers of all age groups. Big Bazaar has chain of outlets at numerous locations. Sabka Bazaar, on the other hand, is a smaller shop with a limited range of products. They have lesser resources in comparison to the Big Bazaar.
The advantages and disadvantages of free market are necessarily preconditions or effect on each other. It can be argued that free market economy facilitated by globalization in not a perfect concept neither are completely regulated economies, governments should try to strike a balance between free market and the amount of government regulation needed to protect the people and the environment. If the government can strike this balance, the public will be protected and businesses will also