Ashu is right about one thing - more often than not, discussions/debates about WTO and globalization end up taking you on an ideological merry-go-round. Capitalism and globalization don't take you to the depths of hell, nor are they the cure for all ills. But you wouldn't know if you heard two people debating about it, would you? :) In Nepal's context, there probably won't be much change in the short term. You'll need to download the details of the agreement from WTO's website. Nepal will still be allowed to impose tariffs on a variety of goods. The market won't be immediately flooded by cheap foreign goods (through legal means anyway, the market is already saturated with cheap Chinese goods). I don't think any real homework was done before signing the SAFTA and WTO deals. Nepal simply hopped onto the bandwagon for fear of being left out. One thing is for sure - it won't make Nepal filthy rich nor will it take Nepal down the drain. We'll probably be left a little better off or a little worse off. PS. A favorite argument of the anti-WTO people is that smaller countries have little bargaining power at the WTO and it is ruled by the richer countries and so on. How much bargaining power did Nepal have before joining the WTO anyway? At least joining the WTO ensures a relatively fair mediation by a body that has shown recently that it can enforce trade rules.