World Agricultural Trade Reform: Implications for Australia
Mark Horridge (),
David Pearce and
The Economic Record, 1990, vol. 66, issue 194, 235-48
In this paper we assess the implications of agricultural trade reform by GATT member countries. To do this, we link two general equilibrium models, a world food trade model and the ORANI model of the Australian economy. By treating the ORANI models as an integral part of the world model, we are able to focus on the implications for Australia of old agricultural trade reform. The findings suggest that, if price distorting agricultural policies were removed by GATT member countries, world food commodity prices would rise, some by up to 30 percent, and world food trade expand by about a third. Australia would be a major beneficiary of these international developments, the value of its agricultural exports rising by close to 15 percent. In 1986, this would have meant for Australia additional export earnings of around $US750 million, as well as more rapid economic growth. Copyright 1990 by The Economic Society of Australia.
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