Impact of Pakistan’s Seaborne Trade on Economy

Abstract

After the disintegration of former Soviet Union, the world started prioritizing geoeconomic considerations over geo-politics, which remained the epicenter of cold war, and gave birth to economic globalization. Today’s economic globalization is the outcome of integration of global financial systems and markets along with emerging new sophisticated technologies which facilitated states and its corporations to reach the global market deeper, cheaper and even faster in the free market economy on an enormous scale never experienced in the history of mankind. The economic globalization and its dividends have driven world states to bring about an ideological shift to increase global seaborne trade through economic integration rather than protecting domestic financial markets. This research paper ascertains a constructive and indispensable relationship between seaborne trade and economic development. The paper also attempts to establish that seaborne trade plays an effective role in the economic growth of Pakistan.