Abstract
Globally, any country in the world either exporting or importing country need to look at international market signals. Agriculture is one of the most contorted sectors in international trade. The study is basically based on estimation and identification of various international trading signals to advocate their usefulness in decision making to multi-stake holders. Study period is 1990-91 to 2015-16 and the study employed is the Foreign Trade Philosophy to analyze the international market signals, trends, growth rates, elasticity’s, instability index, AOI, meta-analysis and the vision. It was observed that the export and import price elasticity’s for all the crops shown are positive except the wheat export price elasticity (-0.3%) and import price elasticity of soybean (-0.45%). Among cereals, pulses, oilseeds and fiber crops, rice (1.24%), peas (2.36%), mustard (0.97%) and cotton (0.75%) have high export elasticity’s respectively. These trade price elasticity’s are the important signals for the policy makers to layout the future trade. Study observed that the domestic support offered in the agricultural sector in Russia, India, China and New Zealand is more compared to other WTO member countries. Technical Barriers to Trade, Sanitary and Phytosanitary and Anti-dumping were found to be the most prominent in world and the highest imposed in Asia, Europe and North America. Study concluded, India has a comparative advantage in pulses, oilseeds and wheat and terms of trade of India’s cereals (except rice, maize), pulses (except pigeon pea, peas), cotton and jute which were found to be increased. The poor treatment towards the agriculture sector by the governments and World Bank Funding was observed. India’s import basket majorly consists of oilseeds and rice is the major exported product. Present study adds to the research directed at the impacts of domestic support and measures policies for WTO negotiations.
Highlights
Imperialism and protectionism lead to two world wars
Any country in the world, either exporting or importing country, needs to look at the following international market price signals such as, world trading prices, trends, growth rates, elasticity’s, market destinations, demand and supply, tariffs, export-import duties, trade barriers, comparative advantage, competitive advantage, international government organizations priorities, and global policies changes and these signals usefulness in decision making to governments, exporters and importers, producers, consumers, researchers and WTO negotiations
Trade price elasticity’s are important signals for the policy makers to layout the future trade for exporters and importers, who based on these signals increase or decrease their trade
Summary
Imperialism and protectionism lead to two world wars. WTO Trade liberalization empowered USA and other influential countries. Countries trade policies are converging for development. The dynamics of world trade have been changing with the growing protectionism (Brexit and changing US policies). Any country policy makers; Ministry of Finance, Ministry of Commerce need to understand the intricacies involved in designing trade policy on global trade signals and operating systems, international political economy, rules and regulations imposed by inter-governmental and international organizations such as WTO, World Bank and IMF etc. Any decision making and policy framing requires understanding of the present and the past trends in the respective fields
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