The nature of international trade in the last fifteen years has changed due to, globalization. Earlier bilateral agreements were made to conduct trade between two countries.

But through globalization, an effort has been made to integrate national economies with the world economy. Now producers from outside countries can sell their goods and services in other countries. Globalisation includes the movement of capital as well as workers from one country to another country. The restrictions on the import of goods have been removed.

Under World Trade

The organization, efforts are being made to have multi-lateral agreements for international trade. WTO is regulating the international trade of goods as well as services. Thus international trade has undergone a sea change. The export of agriculture and allied products, ores, minerals, gems, jewellary, chemicals and allied products, engineering goods, and petroleum products have increased. On the other hand import of petroleum and petroleum products, pearls and precious stones, inorganic chemicals, coal, coke have increased too.

The exchange of commodities and goods have been superseded by the exchange of information and knowledge. India has emerged as a software giant at the international level. It is earning large foreign exchange through the export of information technology because of its fast-growing Business Process Outsourcing (BPO) sector.