The major contribution of this study is to quantify the economic impact of Kuwait's membership in the World Trade Organization (WTO) on supply, demand,welfare and terms of trade. A general equilibrium international trade model is used to obtain quantitative results. The model is theoretically static and based on the assumptions of perfect competition and constant returns to scale. However, it was estimated and simulated dynamically.The simulation exercises gave a number of results. First, the agreement on tariffreduction has a very small (positive) effect on Kuwait because tariff rates are...
The major contribution of this study is to quantify the economic impact of Kuwait's membership in the World Trade Organization (WTO) on supply, demand...