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Abstract
Development may mean different things to different people. In strictly economic terms development has traditionally meant the capacity of national economy, who initial economic conditions has been more or less static for a long time to generate and sustain an increase in its Gross National Income at rates of 5% to 7% or more. The experience of 1950s and 1960s, when may developing nations did reach their economic growth targets but the levels of living of the masses of people remained for the most part unchanged signaled that something was very wrong with this narrow definitions of development. An increasing number of economists and policy makers clamoured for more direct attacks. on widespread absolute poverty, increasingly inequitable distribution and rising unemployment. In short, during the 1970s economic development came to be redefined in terms of reduction or elimination of poverty, inequality and unemployment within the context of growing economy. Trade between nations has increased considerably since 1980s. Since the late eighties, developing countries have progressively integrated global markets through unilateral broad structural economic reforms bilateral free-trade agreements, and multiparty trade negotiations.