Major WTO rules and their implications; WTO and LDC’s, Emerging issues; liberalization and efficiency improvement; Free trade and efficiency gains; Theory of economic integration; institution of economic integration; custom union, theory; empirical research on the trade and welfare effects of economic integration; theory of optimum currency areas and the mechanisms of the European monetary system and macroeconomic policy; NAFTA, ASEAN, APEC, SAARC and ECO; regional industrial and social policy; meaning of globalization; effects of globalization on developed and developing countries.