AGB 3202 International Trade

The course covers important topics in international trade. It includes the meaning and basis for international trade in agriculture, advantages and disadvantages of international trade, theories of international trade (comparative and absolute advantage), agricultural trade models, patterns of trade in agricultural products, international commodity agreements, concepts of free trade, trade policies and practices of export and import nations, balance of payments, measures of protection and intervention, trade barriers and restrictions, farm and food commodity price ceilings, foreign exchange, devaluation, depreciation/appreciation, trade negotiations strategy, policies of common market area and economic integration, the role of international institutions – World Bank/IMF, GATT/WTO, UNCTAD, and gender analysis of international trade policies.

Course objectives

• To introduce students to the concept of international trade and its overall importance. 
• To enable students to understand and explain international trade theories and policies and the impact of these on the economic welfare of countries and agribusiness development.
• To enable students, improve their ability to evaluate economy wide problems concerning free trade, protectionism, competitiveness, benefits from trade, and other issues on global trade and cooperation.

Learning outcomes
At the end of this course the student should be able to:

• Explain what international trade is and why countries need to trade among themselves
• Understand the advantages of international trade with particular reference to agribusiness
• To explain the various instruments of trade protection and their effects on agribusiness
• Apply analytical skills to analyze the economic and welfare effects of trade policies.