Globalisation has long been a debated issue in the political debate and in academia. nevertheless, there is advantages and disadvantages globalisation has led to. Thus, the motive behind this study will examine global collaborations, particularly the Trade Agreement and its global organisations and who is responsible for its regulation. The survey will find answers to the questions posed, which are following: How can geo-economic / political tools affect international trading systems particularly Washington-Consensus and Bretton-Wood’s system? What are the challenges to maintaining an open globalised world?  The research design for this study was based on an explanatory qualitative theory-as case study of the UN Trade Agreements with member countries of the IMF, WTO, and WB. The Theoretical referendums applied are based on liberalism and Steger's dimensions of globalisation, including political, economic and cultural dimensions. The results showed a significant correlation how political strategies can affect the economic and other dimensions of globalisation. The study has observed economic models, where it was found that self-regulatory economic systems is not sufficient to generate wealth in the world. Hence, many cases it may be necessary to supplement the financial management to achieve the Millennium Development Goals. The results showed that challenges from globalisation are highly tough and to some extent even necessary for the existence of humanity. furthermore, the study emphasises the importance of a globally functioning system, to save the planet, humans and create sustainable stable globalisation that generates everyone's prosperity without injustice.

This bachelor thesis examines if a Free Trade Agreement (FTA hereafter) has a positive effect or not on trade flows. There are many FTAs in the world beside World Trade Organization (WTO hereafter) membership. Many empirical studies have been performed by different methods and most of them show a significant influence on trade flows. In this thesis the impact on the FTA between the European Union (EU hereafter) and South Korea is studied by using the Gravity Model in period between 2007 and 2016. Dummy variables which capture the impact on the implementation of the FTA since 2011 are constructed into the standard trade Gravity equation. In addition, several dummy variables, such as the distance between countries and culture characteristic variables are utilized. The results of two different regression models show that both a positive and a negative impact on the EU’s import from South Korea and a negative impact on South Korea’s import from the EU. Overall, all estimated coefficients used in the models show a significant effect on import trade flows between countries.