It was said at many times that the Ex- colonial countries couldn’t come out of their bondness with their past masters. Since many of them have been caught up with several internal problems along with their growth prospects, they are unable to concerntrate on competitive methods towards their rivals. Particularly the Asian countries freed during the first half of the 20th century are fastly improving socio-economic clout among many industrialized economies. Africans have not achieved much socio-economic importance. Latin American countries which are substantially achieved more progress having some clout with U.S. and other European powers. Some of them are members of many international bodies such as OPEC. European countries have stronger relationship with these countries. During the neo-colonial period these countries faced with political turmoil and social problems. Many dictators emerged and did undemocratic rule in which millions of political activists were assassinated. Colonial countries who were considering about economic advantages distanced themselves over these criminal acts. Even to say many of them encouraged undemocratic rule in these countries. A good example still in picture is Pinochet of Chile who faced criminal human right violation charges passed away without being punished. Despite many hurdles in the progress these third world countries have achieved considerably. Most of the progress came through strong nationalist fervour which they inheritated during centuries together. Many of them progressed with substantial industrialization. Their exports grew faster. Hence, the trade balances. Industrialized economies trading with these countries suddenly felt that their position is under graded. During 1970’s there was oil shock which caused erosion with BOP position of these countries. Later it was found out that the oil prices were raised at the instance of one of the super power, U.S. Since then there are many stumbling blocks faced by these countries towards their progress. The recent developments of W.T.O and globalization give them ample opportunities for better performance. Because many traditional industries which were done by them regained status. It is felt particularly in the case of India. Recently the news about abolition of quota system after W.T.O made enthusiastic mood among textile industry in India. Not only that many of branches of economy felt similar feelings by the bright future they expect. The Indian case is a unique thing in the context. India had trade balance even during the British period. The colonial masters promulgated many laws to curb that. Colonial exploitation aggrieved after it entered with urban sphere. Particularly, textile industry faced dual oppression. Now the globalization and W.T.O provide an opportunity to regain the lost pride. The renowned economist Dr. Meghnad Desai has mentioned that it is a great chance for these countries to utilize the latest changes happened. Historically speaking, the developing nations had rich tradition of foreign trade. Many archeological sites have been unearthed proves the affluence of such trade and its dimensions. After the 16th century European traders started to travel all parts of the earth and later started to conquer the nations in which they were doing trade. On course of time they dominated the trade and surplus position. As like in the case of India they started to interfere in the internal affairs of such nations and later to rule the respective countries. During the eighteenth century changes occurred in the European nation/states it reflected in the colonial countries which they rule. But the economic exploitation and political dominance continued for nearly another hundred years. Even after the freedom they achieved the global political scenario and economic backwardness of them pushed and pulled these countries to concede with their old masters and their friends to hold an upper hand in their relationship with them. It created a continued crisis at internal level. Many prominent economists rightly predict that India and other old colonial nations/states have the threatening capacity. Dr.Meghnad Desai has said that Asia is the real threat to U.S. and Europe in terms of economic and international trade. In one way they improve internal and regional positions secondly, with other developing nations located in African and South American region. Since that the super powers are making hard rules for import of goods and services from them. Their export of newly created IT/ITES jobs is also efficiently done with less cost. Hence they may lose economic clout which they had even two decades before. The basic infrastructure for stronger growth of education, health and other physical infrastructures such as roads, electricity, are fastly improving with or without the aid of developed countries. This condition will not be a continuing one for a longer time. Within the next 20 years the requirements may be filled up and stronger economic system may come into operation. In that situation finding for new markets will be a difficult thing. They may face the competition from the countries which they help now for faster growth. It is the reason behind the analysis of many economists regarding the opinions about threat of Asia in respect with the U.S. and Europe. The concept of Reorientalism slowly emerging in practice. India which has second largest population and 7th largest growing economy. Hence it has a role to play before the world in respect of future bargaining power to be rested in the hands today’s poorer and developing nations. Now India claiming a permanent membership in the U.N. Security Council. If that becomes true in near future it may certainly increase the chances for faster prominence of India in the forthcoming future new world order.