The following are the major trade agreements which play an increasingly important role in Australian broadacre agriculture.
EUROPEAN COMMUNITY (EC) REFORMS
In May 1992 the European Community announced changes to its Common Agricultural Policy (CAP). However, it is expected that these changes will have a marginal impact on the market for Australian agriculture.
The changes are worth about $180-400 m a year to Australia's grain exporters after the full production and export responses have been taken into account. This is an increase of 7-16% relative to recent levels.
AGREEMENT ON TARIFF AND TRADE (GATT) URUGUAY ROUND