Lessons from water markets around the world

This chapter provides a summary of the application of the WMRA conceptual framework to case studies in this book that span six continents (Africa, Asia, Europe, South America, North America and Oceania), across 28 regions and 20 countries. As well as providing a summary of the case studies, it also provides an overview of the benefits associated with water markets, equity issues, and the areas where water markets fail. The application of the WMRA framework to the case studies in this book highlighted the importance of the correct sequencing of water reforms before formal water trade can occur. The majority of countries were only at Stage One (beginning) of the WMRA framework, and hence need significant water reforms before trade can occur to ensure trade does not lead to significant negative outcomes. Some of the key lessons for reform in countries included: a) establishing sustainable (and adaptable) water extraction caps; b) water accounting: c) measuring, monitoring and enforcing extractions; and d) recognising cultural values.