Agriculture And Its Impact On Economic Development Essay

1. Introduction Agriculture is one of the vital sectors in terms of economic development and it is globally one of the most sensitive sectors, since the productivity is comparatively dependence on environment and weather, thereby agricultural product prices are often volatilised; many countries and regions have historically protected this vulnerable sector by variety supports (Tagermann, 2011: 30; Trumbell, 2007). Indeed, albeit agricultural export is recognised as the ‘economic driving force’ for almost 50 developing countries, liberalisation in agriculture has been slow; this sector had been an exemption in multilateral trade negotiations until Uruguay Round (Apolte and Mà ¶ller, 2010: 13; Daugbjerg, 2014; European Commission, 2014: 7; Marković and Marković, 2014: 435). There were issues caused by overproduction and dumping in developing countries in the 1980s (Baldwin and Wyplosz, 2015: 225). This ‘supply problem’ was a trigger to argue agricultural protection a nd some countries which has liberalised agriculture, namely Australia, criticised it (Murray and Zolin, 2012: 190). In spite of the fact that General Agreement on Tariffs and Trade (GATT) administered the framework for agricultural trade, there were loopholes such as non-tariff barriers (NTBs) encroaching on trade distortion at international level (Swinner et al, 2012: 1099; WTO, 2015). Compared to the past, agricultural sector has been gradually liberalised through international trade to some extent with decliningShow MoreRelatedEmployment Is The Key Factor For The Development Of Developing Countries Like Bangladesh Essay906 Words   |  4 Pagesoverall development of the country. However, the national economic planning and development discourse of our country put much more emphasis on economic growth than the employment of workers. 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