Term:
Blair House Agreement
Definition:
A Memorandum of Understanding on Oilseeds (often referred to as the 'Blair House Agreement') was negotiated with the US during the GATT Uruguay Round negotiations in 1992. Furthermore, it paved the way for the Uruguay Round Agreement. While allowing European Community support for the production of certain oilseeds to continue, it established a number of restrictions on this support. In particular, it placed a limitation on the supported area, which should not exceed 5.482 million hectares3.
Domain:
International Trade
Source:
OECD