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Exploring welfare maximizing SPS standards in a game-theoretic framework: a case of Indo-US trade in wheat and mango
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As the trade quotas have been eliminated under GATT and tariffs have been rationalized under WTO; the focal point of disputes and negotiations in international trade has shifted to non-tariff barriers, particularly Sanitary and Phytosanitary (SPS) standards. SPS standards are commodity specific standards, adopted by WTO members to protect domestic flora and fauna and environment from the impact of invasive foreign organisms. However, in the absence of any past experience and concrete scientific or empirical evidence, standards are usually kept at prohibitively high levels, thereby inducing sub-optimal outcomes. Therefore, it is imperative to assess the impact of SPS standards on various dimensions and base the decision making on expected net welfare gains to the nation as a whole.

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