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Agreement on Agriculture
In the context of international trade, this term refers to an agreement made in 1994 whereby countries, firstly, restricted the amount of support that they granted to their farmers and, secondly, opened up their countries to more agricultural trade.This agreement was made between the countries that took part in the Uruguay Round of trade negotiations. This was the eighth round of multilateral trade negotiations conducted within the framework of the General Agreement on Tariffs and Trade. The round concluded in 1994 with the signature of the Final Act of the Uruguay Round. The Final Act comprised a number of Agreements and Decisions, including the Agreement on Agriculture. It also included the provisions that set up the World Trade Organisation.The Agreement on Agriculture brought agricultural trade and, for the first time, domestic agricultural policy, more fully under international rules and obligations. Specifically the agreement provided for reductions in tariffs, export subsidies and trade-distorting domestic support to farmers, while having regard to non-trade concerns and the situation of developing countries.
- Part of Speech: proper noun
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- Industry/Domain: Agriculture
- Category: EU agricultural policy
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