This paper deals with radical changes happening worldwide to bring
developments in international trade. Major eras of globalization led to the
generation of complex interdependence and integration of world economies.
The emergence of International Political Economy (IPE) as a major subfield of
study international trade relations. Major economies are classified as economic
or trade Blocs in order to bring up new reforms in the trade affairs. Regionalism
and Protectionism are tool drivers to boost up the developments in trade
associations. Every country has to develop its comparative advantage in its
products and trade them with other members. Trade unions and economic
blocs foresee strategic approach to the challenges and opportunities era of
globalization. Out of BRIC nations India & China are emerged as Economic
Giants and market leaders.

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