Agriculture Is The Foundation Of A Country s Economic...

Agriculture is the foundation of a country’s economic strength. Growth of the agricultural industry increases national income, sustains the livelihood of growing populations, maintains a trade balance for all goods and encourages further motivation for the economic development in a country. The agricultural industry represents 32.4 % of global income. In the U.S, agriculture contributes 3% to national income and in Japan, 6% contributes to national income. Increasing U.S. agricultural exports to other developed countries such as Japan, would provide beneficial opportunities for agricultural expansion for the U.S. and other countries. Furthermore, Japan is one of the world’s largest countries in terms of nominal GDP and purchasing†¦show more content†¦Following Japan’s unprecedented economic growth during the postwar period, Japan’s agricultural comparative advantage has significantly declined. In response, Japan, over the last two decades, impleme nted protectionist policies to soften the impact of declining comparative advantage. These policies included; border protection, support of agricultural product prices, subsidies on agricultural inputs and quantitative restrictions on imports of certain agricultural commodities. However, the majority of quantitative restrictions were lifted after the GATT multinational panel declared it illegal in 1988. The implementation of protections is attributed to Japan’s rapid industrial growth in the 1980’s, which further deteriorated comparative advantage. Although Japan’s economy has slowed in the recent years, the agricultural sector still has not caught up with the population boom. Furthermore, the inability to reallocate resources resulted in the strengthening of protectionist policies and widened the gap of international agricultural trade. 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