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Agricultural Trade Liberalization 1 (November 2006)

handle is hein.congrec/cbo8065 and id is 1 raw text is: Agricultural Trade Liberalization Summary S inIc he ed of Word Wr IT, the Uited States and otherCI coutiesIII' have\/ benitedL from11 agreementsIL re-CIC ing tariffs an1d subs'iies that dIstr interntionkal trade inl11,1 manfactured' good. Si I liberalization foragi culturl products would, provideI a -)VJ dditiol,1 benefits to' U.S. onIsuImers andJ produLcers andJ to) taxpayers byl1 redu~cling federal spenlding.l UjS. pol)icies, thalt distort agriCLturl tradeJ areC modestC byinternationa11,1 standards-J: tar1iffs andJ export- sidyII ratesc, arc qLut low\\ onI average,,, wilel rates of rade- ThoseC facts suggst tt IU.S.Cagriclure haTs more' to gain fromIl liberalizationl inl termsl of increased ex\ports than11 it h1as to) lose, inl termsl o)f l~.incsdiprs According to studiesI surveyeN'd byN the Cogesna Budgetl Office, theC Unlited States andJ, to a lesserl ex- tentU, its agrCIculral sctor)I wou(ldI benefit economia~lly,1N fromIl recJtions1' inl agriCl1tralI tariffs andJ siL*dies, worldwide ManyCI ohrcounieIIs, Hicluding all Over the past 50 years, the United States and many other countries have concluded a series of multilateral trade agreements that have improved the economic well-being of their residents. For the most part, the agreements have reduced tariffs and other policies that distort trade in manufactured products. Although removing the remain- ing barriers to such trade has the potential to produce ad- ditional benefits, trade barriers in agricultural products are higher than those for manufactured goods and present a greater opportunity for future gains. That opportunity motivated member countries of the World Trade Organi- zation (WTO) to initiate the Doha Round of multilateral trade negotiations, and although those talks have been suspended, liberalizing trade in agricultural products is likely to be a priority in the future. A series of issue summaries from the Congressional Budget Office NOVEMBER 20, 2006 The Congressional Budget Office (CBO) has published several papers assessing current policies that distort world agricultural trade and surveying studies that examine the effects of reducing or eliminating such policies.1 This is- sue brief summarizes the conclusions of those papers. 1. See Congressional Budget Office, The Effects of iberalizing World Agricultural Trade: A Review ofModeling Studies (June 2006); The Effects of Liberalizing World Agricultural Trade: A Survey (Decem- ber 2005); and Policies That Distort World/Agricultural Trade: Prey- alence and Magn itude (August 2005). major01 develo(ped countieCs andJ mos(t deveCloping counl- If,1 allCC policie worldwide tha dstrtagIulral tradeJ werel~ phasedC outL inl thi1s dcade, theC likely tota annu 11Ial conmMic benefit to) theC worldI by205woldb roughly)I $50 bilont 185 billionl, whic iCIs abou)Lt 3 pecentCI t o 13 -CII percen of t theC value adedbywrl ar- cuIlure.' Those estimates aCCOUnlt forl olyk the efficieIny gin an1ncese6nesmntrsutn fromIl liberal- it(in. Inl stuies that1 also) IincorporateI effcts onI pro(- duIctivity grlowthI ratesC, theC benitsII are 5u pecentII to) moreI~ thanl 10per-cnt Ilrger. Ruhy80) pecentII to) 90( pecen~t ofI theICI bnfit from and imia impor)t reCstrictins. Howvevr, eveni rela- tively, modest exceptio)ns for seclected tariffs coldI subI- stantially' receLC theC beeitsICI that1 would otherwAise be realized.

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