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One of the most debatable issues surrounding globalisation is the concern that trade hurts the environment, both locally and globally. Economists argue that expanding trade from domestic market to international market not only increases market share of each country but also rising competition among the nations and improve efficiency of utilising scarce resources because each country produces those goods in which she has comparative advantages. But on the other hand, environmental economists have opposed global trade and argue that the costs of spreading trade to international markets are depleting natural resources and rising pollution emissions that ultimately deteriorates environmental quality. [Copeland and Taylor (2001), Antweiler, Copeland and Taylor (2001), Chaudhuri and Pfaff (2002), Schmalensee, Stoker and Judson (1996).] There is a conflict among economists as environmental economists argue that pollution control and natural resource management issues are neglected in trade policy. Further, new scenario of economics raises competition among the nations and they encourage export led growth, privatisation, deregulation and free trade. All these factors have severe effect on social structure. It has led to the collapse of social systems; increased social inequities resulting in conflicts; displaced populations; and increased migration. It has shaped a development model of production and consumption with far reaching impacts on the physical environment worldwide [Bhagwati (1999)]. On the other hand, some economists claim that trade is beneficial for environment because trade raises competition by reducing trade barriers, improved quality of product and implementation of environmental regulations. Further, trade led growth improves standard of living of the developing countries as well as environmental quality. [Runge (1994); Helpman (1998); Daniel and Giradina (1998)]. One of the well-known environmental arguments against foreign trade is that it allows dirty industries1 to be shifted from developed nations to developing nations. There are three reasons for such an action. First, firms that face regulations at home will use the threat of relocation to successfully lobby for special relieves from regulations at home. Second it is inappropriate to export our dirty industries to developing countries, and finally there is concern about pollution produced in less developed countries which carries back to developed nations.

Is Trade Good for Environment? A Unit Root Cointegration Analysis