The General Agreement on Tariffs and Trade and the World Trade Organization have set the guidelines that have increased the rate of economic globalization .
While economic globalization has been occurring for the last several hundred years ( since the emergence of trans-national trade ) , it has begun to occur at an increased rate over the last 20ï¿½30 years under the framework of GATT and WTO which made countries to gradually cut down trade barriers and open up their current accounts and capital accounts .
Economic globalization