International Economics: Role of WTO and Trading Blocs

About Course

Trading blocs are usually groups of countries in specific regions that manage and promote trade activities. Trading blocs lead to trade liberalization (the freeing of trade from protectionist measures) and trade creation between members, since they are treated favorably in comparison to non-members. WTO's aim is to liberalize international trade. It establishes rules regarding international trade and sees that these rules are obeyed. ... It is seen that the developed countries have unfairly retained trade barriers. On the other hand, WTO rules have forced member countries to remove trade barriers. In this short course role of WTO and Trading blocs is discussed and explained in shaping the international economics.


International economics is a field of study which assesses the implications of international trade in goods and services and international investment. There are two broad sub-fields within international economics: international trade and international finance. Both international trade and international finance are highly influenced by the role and policies adopted in WTO and various Regional Economic Cooperation (REC) agreements which forms several types of Trading Blocs in this world. This course is designed to explain this role and impact of WTO and Trading Blocs on the international economics and way businesses are affected. At the end India’s status in the WTO and RECs is discussed.

Topics covered

  1. Basis of International Economics
  2. Most popular economic theories explaining the foreign trade
  3. Porter’s / Rugman’s double diamond model
  4. Most important trading blocs in the world today
  5. Several stages of regional economic cooperation (RECs)
  6. Free trade agreements: Pros and Cons
  7. World Trade Organization
  8. World Trade Vs GDP (Production) growth under WTO
  9. Economic impact of WTO explained
  10. Impact of global trade and investments
  11. Trading Blocs trends
  12. The present state of EU trade
  13. Factors affecting regional economic cooperation (RECs)
  14. How does WTO operate and function?
  15. Objectives of WTO
  16. Popular case studies related to WTO
  17. India and International Economics
  18. Future projections of world economy in the midst of COVID 19

Name of the instructor: Dr. Vijesh Jain, IIFT alumnus, Professor

  • Highlights of the program
  • Self paced online course
  • Anytime anywhere pedagogy
  • Comes with eBizee quality seal
  • Verified digital certificate along with grade sheet
  • Highly researched original concepts
  • eBizee alumnus community membership (coming soon)

What Will I Learn?

  • Comprehensive understanding of International Economics
  • Holistic understanding of Role of WTO and Trading Blocs
  • Future emerging business environment
  • Institutional framework for international trade
  • Understanding of the emerging globalization shape

Topics for this course

21 Lessons10h

Basis of International Economics?

This topic is related to the very basis of International economics. It refers to the various trade theories that explain the international trade and investment and shape the international economics
Basis of International Economics
Video about the basis of international economics2:44
Quiz 1

Most popular economic theories explaining the foreign trade?

This topic discusses the most popular trade theory which explains the reasons and rationale for the international trade and investment.

Different trading blocks in the world?

This topic discusses the most important trading blocks in the world and how these shape the international economy

WTO and its performance till date?

This topic discusses the role and performance of WTO with respect to its founding objectives. The rationale of WTO is discussed here.

Trends of RECs and FTAs?

This topic discusses the changing trends in the number of FTA being signed and RECs being formed post establishment of WTO

WTO operating model and objectives?

In this topic WTO operating model and objectives are described to understand how it impacts the international economics

WTO related case studies?

In this section a very important part of understanding the process of disputes resolutions done in WTO is its comprehensive list of cases available on its official website. Popular cases are discussed and mentioned.

India and RECs?

India's role in international free trade agreements and forming associations with several RECs/Trading Blocks is discussed here. India's policy towards these FTAs is discussed.

Future projections?

Future projections of international economy in the midst of COVID 19 and post COVID 19 is discussed here. How India may emerge as an economic power during and after the current crisis is also discussed.

Questions and Answers?

In this topic Dr. Vijesh Jain discusses some of the important and frequently asked questions on the subject.

Additional Reading?

Some of the important web links for the additional reading on the subject are given in this section

About the instructor

5.00 (2 ratings)

11 Courses

121 students


Material Includes

  • Assignments and quizzes
  • Videos of each topic
  • Additional reading links
  • Verified certificate and grade sheet after successful completion


  • Basic understanding of economics
  • Basic understanding of international trade
  • Student should study the additional resources recommended
  • All assignments to be completed and attempted
  • Passing Marks: 60% for each quiz and assignments
  • 2 Attempts would be allowed for quizzes only

Target Audience

  • Student of Business management
  • Working professionals in business
  • Managers of global business at all levels
  • Entrepreneurs of all levels
  • Economists
  • Researchers