Task 0 Effects of Globalization on national economies by pestle approach 2

2.1 Role and Responsibilities of International Institutions

As international trade has grown, so has the evidence of its benefits to both states and enterprises, the most obvious of which is economic gain. The more universal the market, the more freely trade flows, generating more economic resources for market growth, infrastructure, research and development, jobs, market and labour specialization, global, economic, and social stature. Numerous guidelines, model laws, conventions, and treaties now exist to manage and govern international trade. Their goal is to open borders, modernize customary exchanges and reduce trade barriers around the world. In an effort to realize these goals, a number of international organizations (IOs) have been established (Castellani, 2008).