A TRADE LIBERALIZATION IN INTERNATIONAL DAIRY MARKETS
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International dairy industries remain among the most distorted agricultural sectors. Dairy average bound tariffs remain among the highest of all agricultural commodities, and dairy trade is characterized by a large number of megatariffs and tariff-rate quotas (TRQs). The objective of our study is to examine how the international dairy markets might respond to policy changes under various assumptions, using a partial equilibrium, multiple-commodity, multiple-region model of agricultural policy and trade. Our results indicate that liberalization will reduce supplies, increase dairy trade, and raise world prices.