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Voluntary Export Restraint

   Also found in: Acronyms, Encyclopedia, Wikipedia 0.01 sec.
Voluntary Export Restraint
A situation in which one country agrees to restrict the export of one or more goods to another country. The voluntary export restraint allows a country to protect its internal market for the designated goods without erecting tariff or other trade barriers. A voluntary export restraint may be informal or it may be codified in a voluntary restraint agreement. It may or may not be reciprocal.


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The primary aim of Uruguay Round was finalizing ways to reduce tariff barriers in developed countries as well as reduce non tariff barriers like elimination of safeguarding, antidumping restrictions and voluntary export restraint (Meredith & Dyster, 1999:291).
But the inconsistency between rhetoric and reality is long-standing: protectionism expanded under Reagan, including through the imposition of so-called voluntary export restraints on Japanese cars.
Secondly, the EC automotive industry sector, as a result, sought the application of an EC-wide Voluntary Export Restraint (VER) on Japanese cars until the Japanese market share obtained by EC car companies approached that held by Japanese companies.
 
 
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