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WTO and World Trade in Agricultural Commodities: Hopes and Realities
Abstract
In the study, we review the WTO’s agreement on agriculture (AoA) provisions and assess the impact of AoA on the world farm trade at aggregate level and on the relative performance of the developed, developing and least developed countries using the exponential growth model. It is found that under the WTO regime compound annual growth rate of the world agricultural exports has worst. As a result, share of agricultural commodities in the world’s total merchandise trade has deteriorated. An enormous percentage of farm trade continues to take place among developed countries. The share of LDCs in the world's total agricultural trade has increased. But in sharp contrast to developed countries, this increase has been dominated by the increase in agricultural imports rather than agricultural exports. The policy implication is are clear that developing and least developed countries should opt a bold and aggressive negotiating gesture during the WTO meetings for complete elimination of tariff peaks, domestic support and export subsidies provided by developed countries to their rich farmers, in order to safeguard and enhance food production capacity and protect low-income and resource-poor farmers from an onslaught of cheap imports.
Dairy has an important role in the livelihood of many countries. Dairy is the single major sector which contributes the maximum to global agricultural gross domestic product (GDP). High perishable nature of dairy products creates different challenges in the marketing value chain. The world dairy sector is highly competitive and also highly distorted due to high government interventions in the sector. The cost of cultivation of milk and processing cost of dairy products are the deciding factor of the competitiveness in the global market. The new product development and value chain improvements are essential in the changing food habit scenario. The developing and developed world has a structural difference in dairying pointing out the inappropriateness of one common policy for the whole world.
The present study investigates the impact of renewable and non-renewable energy use on economic growth in India within the energy consumption–growth framework over the period 1971-2012 using a multivariate model wherein trade openness and financial development are included as additional variables. Empirical evidence confirms the existence of a long run equilibrium relationship among the competing variables. The results indicate that non-renewable energy consumption has a long run significant positive effect on India's economic growth. In addition, it is shown that a bidirectional causality exists between non-renewable energy use and economic growth in both the long run and short run. Based on the findings, it is suggested that a non-renewable energy conservation policy may retard economic growth in India if initiated without due regard to renewable energy sources.
Why are major raw milk producers not major exporters of dairy products? How do globalization, trade liberalization and the World Trade Organization (WTO) regime affect the pattern and trends in the world dairy production and trade? Which countries supply the most exports of dairy products? Which countries are buying their exports? What is the value of these exports and which countries are the largest buyers? With the globalization of dairy market, stakeholders can no longer be contented with a local view. These are some of the questions answered in this book. The book “Globalization and Dairy Industry” provides an authoritative analysis of the impact of the WTO on the growth of the world dairy production and trade, and helps the reader approach a conclusion on the likely direction of these effects. In order to draw the policy lessons from the growth experiences of the world's largest dairy processor: USA, net exporter: New Zealand and forerunner in milk production: China, the basic characteristics of their dairy industry are studied. An especial emphasis is placed on the investigation of the performance and prospects of dairy industry of the world's largest milk producer: India. To this end, the extent and factors affecting productivity, efficiency and competitiveness of Indian dairy industry are thoroughly analyzed. Subsequently, it evaluates the government policies and programmes launched in India for the development of dairy industry.
Finally, the present work also illustrates how globalization, if not accompanied with suitable reforms in the domestic market, can turn opportunities into threats. The book is of paramount importance for all those interested in various contemporary issues in dairy.
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