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Trade Liberalisation Scenarios for Wool Under an Australia-China Free Trade Agreement

Author

Listed:
  • Yinhua Mai
  • Philip Adams

Abstract

This study analyses the effects of removing Tariff Rate Quota (TRQ) and other barriers on wool imports into China using the Monash Multi-Country (MMC) model, a dynamic Computable General Equilibrium Model of Australia, China and the Rest of the World. The study suggests that TRQ on greasy wool represents the most restrictive barriers to wool imports into China, if the current level of quota holds. The elimination of TRQ on greasy wool is found to boost Chinese imports of wool from Australia and Chinese exports of textiles and clothing products to the Rest of the World significantly. The Australian wool and Chinese textiles and clothing industries stand to gain from the elimination of TRQ on greasy wool. Both countries also gain in terms of a slightly higher growth in real GDP and real GNP due to the elimination of TRQ on wool imports into China.

Suggested Citation

  • Yinhua Mai & Philip Adams, 2005. "Trade Liberalisation Scenarios for Wool Under an Australia-China Free Trade Agreement," Centre of Policy Studies/IMPACT Centre Working Papers g-156, Victoria University, Centre of Policy Studies/IMPACT Centre.
    • Handle: RePEc:cop:wpaper:g-156
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    References listed on IDEAS

    as
    1. Yinhua Mai & Philip Adams & Mingtai Fan & Ronglin Li & Zhaoyang Zheng, 2005. "Modelling the Potential Benefits of an Australia-China free Trade Agreement," Centre of Policy Studies/IMPACT Centre Working Papers g-153, Victoria University, Centre of Policy Studies/IMPACT Centre.
    2. Hertel, Thomas, 1997. "Global Trade Analysis: Modeling and applications," GTAP Books, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University, number 7685, December.
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    Keywords

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    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • F15 - International Economics - - Trade - - - Economic Integration
    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

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