This paper is on world trade with dependency among nations. Since 1954, the volume of world merchandise trade has increased 6 percent annually with its total worth standing at over $5 trillion. More than 35,000 transnational corporations, controlling 150 million jobs and circulating almost $1.5 trillion of electronic currency every day, form the backbone of the global trading system and operate under the direction of the World Trade Organization (WTO), an organization formed in 1995 as a result of a negotiated treaty among 126 governments. The WTO is expected to provide the principal contractual obligations determining how governments frame and implement domestic trade legislation and regulations by providing predictable and growing access to markets, promoting fair competition, and encouraging development and economic reform. More importantly, it is expected to steer world trade in a manner conducive to the economic growth of both developed and developing countries.
