Percent Change in Average Global Market Prices by Commodity in Two Agricultural Trade–Reform Scenarios
| Commodity | Percent change in TFA scenario | Percent change in tariff–removal scenario |
|---|---|---|
| Coarse grains (excluding rice, wheat, and maize) | −1.35 | +0.81 |
| Milk products | −1.48 | −0.30 |
| Oilseeds | −1.67 | +1.26 |
| Sugar | −0.74 | +0.37 |
Ratified in 2017 by two-thirds of World Trade Organization member nations, the Trade Facilitation Agreement (TFA) is a trade-reform measure that aims to reduce redundant customs procedures and other costly aspects of international trade. In a 2021 report, economist Jayson Beckman modeled global market prices of several agricultural commodities under both the TFA and an alternative trade-reform scenario: removal of agricultural tariffs (taxes on imports that generally increase prices on imported goods). After reviewing data from the report, a student concluded that overall, consumers of the commodities listed in the table would likely benefit more from the TFA than they would from tariff removal.