The end of the second world wars has seen countries come together to find common problems facing the world. The advent of globalization has linked the world socially and economically in such a way that there is not single country that can live like an island. One of the negative sides of globalization is that a problem affecting one country is easily transferred to other countries as well. For example the effects of subprime mortgage crisis which led to the current credit crunch have affected non only united states alone but even the developing world.
This interconnectedness means that each and every country has an obligation to work together with other countries to solve a myriad of problems facing the world. One of the most important aspects of globalization has been close economic link between different countries in the world. The world economy is based on export and import trade and hence issues concerning rules and regulation governing world trade have become important.