Open AccessThe Economic Implications of a Complete Free Trade and an Alternative Form of Free Trade in Sugar Through 1980
Author(s) -
M. Raquibuzzaman
Publication year - 1970
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v10i3pp.334-358
Subject(s) - commodity , sugar , investment (military) , economics , production (economics) , developing country , international trade , sugar production , free trade , international economics , world economy , world trade , free market , agricultural economics , business , economic growth , market economy , macroeconomics , political science , politics , law , biochemistry , chemistry
In recent years, it has been emphasized by many economiststhat the less developed countries cannot achieve self-sustainingeconomic growth unless they are given fair opportunities to sell theirexportables in the world market. It is argued that the less developedcountries are losing potential investment resources as a result of traderestrictions imposed by the developed countries on primary commodities.Sugar provides an example of a commodity whose free entry into worldtrade has been restricted by the United States and most of the developedcountries of Europe. Sugar is the principle earner of foreign exchangefor many developing countries. A decrease in the quantity of exports ora fall in the price has an important impact on the overall developmentof their economies. In recent years, the world production of centrifugalsugar has ranged between 64 and 66 million metric tons of raw sugar. Ofthis total production, Europe's share ranged from 23 to 24 million tons,or approximately 36 per cent. The United States, including Hawaii,produced approximately 5 million tons. Thus, nearly 50 per cent of worldsugar production comes from the developed countries.