Under the impetus of the General Agreement on Tariffs and Trade (GATT) accord, the Indian government is likely to extend the ongoing trade liberalization process to the agricultural sectors. This paper provides a fresh quantitative assessment of such a policy of agricultural trade reform, using a dynamic nine-sector, seven-income-classes computable general equilibrium model, developed for India's Seventh Plan period 1985-90. The simulation outcomes suggest that the gains from agricultural trade liberalization may not be as large or as unambiguous as is often suggested. The results also high-light the possible conflict between successful agricultural trade liberalization and the requirement to reduce agricultural subsidies under GATT.