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The Impact of Potential Korea-U.S. Free Trade Agreement Renegotiation on the Korean Rice Market and Trade

Author

Listed:
  • Soon, Byung Min
  • Westhoff, Patrick
  • Thompson, Wyatt

Abstract

Korea replaced its rice import quota with a tariff rate quota (TRQ) in 2015. A structural model representing the Korean rice market is developed to evaluate this new trade policy and examine the possibility of Korean rice imports under uncertainty. Results indicate that rice imports in excess of the current TRQ quantity are unlikely for a range of market conditions. Two scenarios, which are the over-quota tariff rate reduction and the TRQ quantity expansion, show how the market responds to policy changes. In addition, Korean rice imports are sensitive to consumer preferences for different rice types.

Suggested Citation

  • Soon, Byung Min & Westhoff, Patrick & Thompson, Wyatt, . "The Impact of Potential Korea-U.S. Free Trade Agreement Renegotiation on the Korean Rice Market and Trade," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 51(3).
    • Handle: RePEc:ags:joaaec:356533
    DOI: 10.22004/ag.econ.356533
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    References listed on IDEAS

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    1. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, December.
    2. Wailes, Eric J. & Chavez, Eddie, 2016. "International Rice Outlook-International Rice Baseline Projections, 2015-2025," Staff Papers 235158, University of Arkansas, Department of Agricultural Economics and Agribusiness.
    3. Wailes, Eric J. & Chavez, Eddie C. & Durand-Morat, Alvaro, 2018. "AGREP Arkansas Global Rice Economics Program; International Rice Outlook; International Rice Baseline Projections, 2017-2027," Staff Papers 273139, University of Arkansas, Department of Agricultural Economics and Agribusiness.
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