Formally agree to make reductions (8)
I believe the answer is:
contract
This could be a double definition.
'formally agree' is the first definition.
'contract' can be an answer for 'agree' (thesaurus). I am not certain of the 'formally' bit.
'make reductions' is the second definition.
'contract' can be an answer for 'make' (thesaurus). I am not certain of the 'reductions' bit.
'to' is the link.
Can you help me to learn more?
(Other definitions for contract that I've seen before include "Agreement - lessen" , "settlement" , "Shrink from the business agreement" , "bargain" , "Binding agreement between two or more" .)