clearing agreement
noun
: an agreement between nations as to the method of settlement of commercial accounts that is usually designed to avoid transfer of foreign exchange
specifically
: an agreement between two countries designed to force a balance of trade between them with exports being offset by imports and the use of cash remittances minimized
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“Clearing agreement.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/clearing%20agreement. Accessed 23 Nov. 2024.
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