If I'm reading various articles correctly there already is a supposed minimum percentage of GDP that must go to defence spending and it's 2 %, e.g.
http://www.defenceiq.com/defence-tec...rtfall-intern/
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The agreed rate set between NATO allies is a relatively meagre 2% of GDP
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In 2013 the only members that met this target were Estonia, Greece, the United Kingdom, and the United States of America. The only others that have come close since 2009 are Turkey and France.
As a side note, Greece and Turkey (two of the bigger spenders) still have conscription, as do Norway and Denmark (although period of service in Denmark is only four months), but the rest of NATO has abolished mandatory military service (although some countries, e.g. Germany and Sweden) have retained the legislation to reinstate it should the need arise. In most cases conscription was abolished over the last decade or so, so it's possible that as time goes by and new conscripts are not recruited some countries may see a reduction in the size of their reserve forces.