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Benefits and costs of agricultural liberalisation in Korea

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  • Benefits and costs of agricultural liberalisation in Korea
  • David P.Vincent; Lee,Honggue
  • Korea Institute for International Economic policy
Contents

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Title Benefits and costs of agricultural liberalisation in Korea
Similar Titles
Material Type Reports
Author(Korean)

David P.Vincent; Lee,Honggue

Publisher

[Sejong, South Korea] : Korea Institute for International Economic policy

Date 1997
Series Title; No Seminar Paper Series / 97-10
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Trade
Industry and Technology < Agriculture
Holding Korea Institute for International Economic policy
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Abstract

Despite agricultural policy reforms in recent years, agricultural producers in Korea continue to receive considerable assistance-through government policies which restrict imports of agricultural products and though domestic subsidies and other budget measures. Examples are beef import quotas and the import licensing arrangements for most grains other than wheat. Agricultural assistance in Korea is widespread. About 80 per cent of agricultural production is subject to government price and income policies. About 17 per cent of total Korean household expenditure is on agricultural products which receive government assistance. An important consequence of agricultural assistance policies is that Korean consumers pay inflated prices for agricultural products. Domestic prices for imported agricultural products are, on average, three times world prices – an average nominal tariff equivalent of 200 per cent. Largest tariff equivalents are on rice, barley and milk products. Halving of this protection would result in an average 94 per cents reduction in the domestic prices of imported agricultural products while complete removal of agricultural protection would bring about a 67 per cent reduction.