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Trade Reform and the Corn Market: Prospects for the World Trade Organization Negotiations on Agriculture

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  • Jeff King

Abstract

Government support and trade restrictions on agricultural commodities are among the most globally distorting protectionist policies. This is especially true with regards to corn. Vast production subsidies and import barriers, primarily within the European Union and China, have artificially inflated the global supply of this commodity, while restricting the available consumer markets. This impact is augmented by the preferential treatment granted in these countries to the production and importation of the best available substitute to corn, soybeans. Using an econometric model with commodity data over the past 20 years, this article predicts the likely impact of potential World Trade Organization (WTO) trade pacts on these corn trade distortions. Despite the WTO setbackin Seattle, the vast global benefits resulting from agricultural trade liberalization in corn alone validate a continued push towards freer trade.

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  • Jeff King, 2001. "Trade Reform and the Corn Market: Prospects for the World Trade Organization Negotiations on Agriculture," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 23(1), pages 47-67.
    • Handle: RePEc:oup:revage:v:23:y:2001:i:1:p:47-67.
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    File URL: http://hdl.handle.net/10.1111/1058-7195.00045
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    Cited by:

    1. Ariaster Baumgratz Chimeli & Francisco de Assis de Souza Filho, 2004. "Climate Forecasting And Emergency Policies Evidence Of Opportunities From Ceará, Brazil," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 118, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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