World agricultural trade and food security: Key role of the world trading system
This report uses an economic framework to examine the role of governments in enhancing world agricultural trade and food security.
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Summary
This report uses an economic framework to examine the role of governments in enhancing world agricultural trade and food security. The world trading system has facilitated strong growth in world agricultural trade and contributed to the elimination of serious famines in most countries, but key areas of concern relate to increasing food insecurity during supply disruptions and structural challenges associated with agricultural trade-distorting support and protection. Economic perspectives underpinning world agricultural trade and food security are considered in 3 key areas – the world trading system reduces serious food security risks, agricultural support policies should address market failures, and multiple pathways for agricultural trade negotiations. The WTO ‘rules of trade’ for agriculture have been widely utilised in preferential trade agreements (PTAs), both bilateral and regional, but it is still important to progress the agricultural reform agenda multilaterally through the WTO. Notably, without the world trading system, world food security would be substantially diminished including the potential for more serious and widespread famine events.