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Over the last century the world economy has encountered deep and rapid changes. Over the years these changes have internationally regionally and locally been transforming our global economic and social systems. These changes are in political and economic spheres. Since the last few years of the previous century a new phenomenon in international economic relations has been on the rise which aims to increase free international trade and eliminate trade barriers and restrictions between countries. In addition, joint efforts are afoot to increase the economic cooperation among nations in all possible ways. Towards this end, since World War II several international organizations have been established, such as the International Monetary Fund, Arab Monetary Fund, Arab League and the Arab Organization of Investment Guarantee. These organizations are involved, directly or indirectly, to promote and grow international trade by a gradual decrease of trade barriers. They have achieved significant improvements in the field of international trade, investment and economic growth.
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Dr Mohamed Elafif is a libyan economist.He is a lecturer in University of Almergheb in Libya, he has taught several subjects in Economics and Finance in some Universities and Institutes including Almergheb University and University of Western Sydney in Australia. Dr Elafif published number of publications in different international journals.
