Globalization & Trade in textile industry

This paper outlines the Globalization as the growth of economic activity or spanning politically of national and regional boundaries. It means the increased movement across those boundaries of goods and services, via trade and investment, and often of people, via immigration. It is driven by the actions of individual economic actors, such as firms, banks, people usually in the pursuit of profit, and often spurred by the pressures of competition. The WTO has played an important role in the growth and development of the textiles industry at global level. The development and progress in free economy due to globalization, with competitive environment left countries way behind in the quality and competitiveness of its goods and services. Control on production, licensing restrictions along with high protective walls had fostered monopolistic trends within textile industries, made it import intensive and inward looking. For liberals, globalization promotes the disappearance of trade barriers and state regulation. This paper deals with impact of Globalization on Trade in Textile Industry. It outlines the trends in Trade in Textile industry, clothing trade and issues facing textiles. This paper concludes with some policy measures to overcome the negative impact of trade in textile industry.