26 May 1999
Free trade is best, claim Australians

HALVING protection globally for agriculture, services and manufacturing would boost the world economy by more than US$400 billion (£250bn), claims a new study.

The study, carried out for the Australian government, says services would make the largest contribution at $250bn but agriculture savings were projected at $90bn.

The reports analysis of the agricultural sector finds that the biggest winner of a 50% cut in agricultural protection would be Japan.

Complete liberalisation of farm trade would stimulate an increase in global exports of $300bn, the report says.