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The paper presents a model for the dynamic integration of global ontologies from peer ontologies in peer to peer data and knowledge sharing (P2P/DAKS) networks, and demonstrates its effectiveness. The peer ontologies from peer schemas (possibly heterogeneous) have to be created within some rules, as discussed. The integration is carried out with the help of a graph based inclusion algorithm to determine the semantic closeness of inter-ontology concepts. The effectiveness of the model is demonstrated by comparing its results with those of a WordNet-based approach.