common agricultural policy meaning

[Economics]
= CAP

A policy set up by the European Economic Community to support free trade within the Common Market and to protect farmers in the member states. The European Commission fixes a threshold price, below which cereals may not be imported into the European Union (EU), and also buys surplus cereals at an agreed intervention price in order to help farmers achieve a reasonable average price, called the target price. Prices are also agreed for meats, poultry, eggs, fruit, and vegetables, with arrangements similar to those for cereals. The European Commission is also empowered by the CAP to subsidize the modernization of farms within the community. The common policy for exporting agricultural products to non-member countries is laid down by the CAP. In the UK, the Intervention Board for Agricultural Produce is responsible for the implementation of EU regulations regarding the CAP.

[Law]
The agricultural policy of the EU as set out in Articles 32-38 of the Treaty of Rome. The overall aims of the CAPare to increase agricultural productivity, ensure a fair standard of living for the agricultural community, stabilize markets, assure the availability of supplies, and ensure that supplies reach consumers at a reasonable price. The Treaty is supplemented by a wide range of ED directives in this field. See also INTERVENTION.

Examples

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1. common agricultural policy
2. i believe last year s reform of the eu s common agricultural policy is good news for all of us
3. Farmers are subsidised by the EU's Common Agricultural Policy.
4. He has also spoken in favour of the Common Agricultural Policy.
5. The worst protectionism came through the common agricultural policy ( CAP ).