A defence contract offset is, most often, a contract stipulation that insists on local content. The idea is to inject some of that money back into the local economy. Here is an update on offsets in Europe.
"While the European Defence Agency (EDA) has recognised the benefits of some offset agreements, it has also said that "offset should ideally be phased out eventually and that it is "generally difficult to justify any type of offset on the basis of Article 296 [of the Treaty on European Union]".
Source and more details: Janes
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