Special Edition-07.pdf - Lahore School of Economics

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152 M. Ashraf Janjua Bilateral Actual and Equilibrium RER vis a vis Yen Actual BRER EBRER 110.0 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Misalignment (in percent) 40.0 30.0 20.0 Depreciation 10.0 0.0 -10.0 -20.0 -30.0 Appreciation 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
The Lahore Journal of Economics Special Edition (September 2007) Doha Round Baggage: Implications for Economic Reforms in Pakistan and other Southern Countries Naheed Zia Khan * Abstract This study is based on the premise that agriculture remains the key issue in all reform efforts of Pakistan and the Doha Round of trade talks has strategic significance for the second round of the country’s farm sector reforms. It is argued that although there are differences among the individual developing countries, the majority have a comparative advantage in agricultural production and removing farm sector export subsidies and tradedistorting, domestic subsidies is their common concern. Evidence is provided to support the view that the Uruguay Round negotiations on agricultural subsidies are not a done deal, because although signed by the members, the Agreement on Agriculture is not ‘ratified’ by the recent farm bills of the developed countries which continue to defy economic logic and the WTO (World Trade Organization). On the other hand, the evidence provided from Pakistan shows that the governments of developing countries are not fighting the farmers’ cause since they are poorly managing agricultural policy and have been overly compliant with respect to the Uruguay Round ruling on reducing farm subsidies and increasing trade liberalization. The analysis shows that although the developed countries stand to gain far more from the liberalization of trade in agricultural commodities than the developing countries, the handful of farmers in developed countries are the stumbling block to the regeneration of world trade. It is argued that to alleviate world poverty, the developed countries need to demonstrate their willingness to gradually remove both the absolute value of subsidies provided to their farmers and the tariff and non-tariff barriers that protect agriculture. Finally, the author maintains that at world trade forums, the developing countries have exhibited poor representation due to lack of leadership. Introduction The external sector is a fundamental policy concern of both the first and second generation economic reforms in Pakistan. In an economic * Professor of Economics, Fatima Jinnah Women University, Rawalpindi.
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11. All references used in the text
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