Voluntary Restraint Agreement


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Voluntary Restraint Agreement

An agreement between two or more countries in which each limits exports to the other. While this reduces trade between the counties involved, it can help domestic industries and, in any event, can reduce tensions because fewer workers in the involved countries may be worried about outsourcing.
References in periodicals archive ?
At home the Voluntary Restraint Agreements with Japan and Taiwan (signed in December 1986) have helped improve the company's share of the domestic machine-tool market.
Continuation of the Voluntary Restraint Agreements beyond their scheduled September 1989 expiration (these Agreements limit foreign producers' sales in the United States).
In the United States, sourcing of critical components, which was severely disrupted in 1993 by the unanticipated extension of the Voluntary Restraint Agreements ("VRAs"), continued to limit production of products -- such as Knee Mills (the Company's basic milling machines) -- for which sales are dependent on availability of machines for immediate shipment.
That's how a White Paper characterizes the voluntary restraint agreements limiting the import of machine tools into the United States.
The astonishing speed and intensity of import growth since expiration of the Voluntary Restraint Agreements (VRAs) on March 31, 1992, strengthens our belief that foreign producers with governmental support have targeted our wide-open domestic markets and are imperiling American jobs.
Its predictions are based on an increase in domestic demand, and the establishment of Voluntary Restraint Agreements to limit imports.
EC and other steel suppliers entered into global voluntary restraint agreements (VRAs).

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