ARE INTERNATIONAL TRADE FLOWS A VECTOR OF GLOBALIZATION?

International commerce and regional integration have long been considered key determinants of national development. The purpose of the present paper is to answer the question whether international trade flows are a vector of globalization and economic growth. In order to achieve this, we have conducted panel data analysis on a sample consisting of members from regional economic structures, such as the E.U., NAFTA, MERCOSUR and ASEAN, and covering a time span of 24 years, from 1990 to 2013. The results of the study underline the fact that, on average and taking into account the heterogeneity of the sample, international commerce counts from around 50 % of the annual economic growth. The future research direction will aim to conduct a more thorough analysis, by focusing more on the regional perspective.