International trade as an engine of economic growth has gained increasing significance particularly during the last few years. This has been most so in the case of developing countries that have now become more integrated into the world economy and emerged as important drivers of growth. The growing importance of the developing countries in global trade can be gauged from the fact that the share of south in global merchandise exports has increased from 20 percent during mid-1980s to 45 percent in 2007, an all time record level. Robust growth from developing countries which increased at an impressive annual average of around 19 percent as compared to 11.7 percent for industrial countries during the period 2001-2007, has underlined this trend. Developing countries in fact accounted for 52 percent of the rise in global merchandise. At the same time, the increasing share economyof the south in global GDP, which has increased from 21 percent in 2001 to 28 percent in 2007, is also testimony to the emergence of the developing south in the global arena.