Economic Globalisation involves greater economic flow among different countries of the world. While some of these are voluntary, others are forced by international organisations and powerful countries.
Four advantages of economic Globalisation are:
a. Greater trade among the countries benefits their economy.
b. It creates greater economic growth for larger section of the population when there is de-regulation.
c. Economic globalisation put forth challenges which when are faced wisely, improves the quality of trade and benefits economy.
d. greater trade among the countries allows the countries to do what they do the best.
Common but differentiated responsibilities means – while each and every country of the world is responsible for maintaining the environment, but responsibilities vary from country to country as per their economy and contribution to the world and environment.
For example – North America is a developed area which wants each and every country to accept responsibilities towards environment equally while South America feels that the developed countries are more responsible for economic degradation and should take more responsibility towards environmental conservation.
India and China were exempted from Kyoto Protocol because the emission of greenhouse gases from these developing countries was not in significant amount during that time.
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