Blair House Accord
Blair House Accord: an agreement reached on 20 November 1992 between the United States and the European Community on three changes to the draft Uruguay Round outcome on agriculture. First, there would be a reduction in the cutback of the volume of subsidized exports from 24% to 21%. Second, some domestic subsidies paid directly by governments to producers would be exempt from the reduction commitment (see also blue box). Third, the peace clause giving immunity against complaints on subsidies being reduced was extended. These changes left intact the principles to govern trade in agriculture following the conclusion of the Round, but they gave participants greater flexibility in implementing them. The Blair House Accord enabled a restart of the multilateral negotiations, but its initial favourable reception faded away once it became clear that it had not resolved the fundamental differences on market access between the two parties. The Accord was revised in December 1993, and this removed the final difficulty standing in the way of the Uruguay Round outcome on agriculture. See also Agreement on Agriculture, agriculture and the multilateral trading system and market access for agriculture.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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