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 ?
had to resort to a complicated trigger price mechanism to fend off foreign competition and in the 1980s to negotiating voluntary restraint agreements with our trading partners to avoid pursuing antidumping cases against them.
The two popular ways to act out in the 1980s in the face of protectionist pressures were to enter into voluntary restraint agreements or quota agreements with exporting countries and to launch these Section 301 cases, where we threaten to impose unilateral sanctions [against] countries that don't go our way.
steelmakers' market share, union and management linked arms to pursue a protectionist strategy, persuading government to adopt Voluntary Restraint Agreements and other measures designed to limit steel imports.
Because he wants readers to make their own informed decisions, they and Ed must grapple with sunk costs, opportunity costs, present value, factor mobility, dumping, tariffs, quotas, voluntary restraint agreements, the infant industry argument, the national security argument, industrial policy, the rise of the service sector, income inequality, the causes of the Japanese catch-up, how to correctly compare incomes across countries, and many other issues and concepts.
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.
Voluntary Restraint Agreements (VRAs) are another barrier to trade that the Japanese would like to eliminate.
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.
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.
That's how a White Paper characterizes the voluntary restraint agreements limiting the import of machine tools into the United States.
Continuation of the Voluntary Restraint Agreements beyond their scheduled September 1989 expiration (these Agreements limit foreign producers' sales in the United States).
EC and other steel suppliers entered into global voluntary restraint agreements (VRAs).
Its predictions are based on an increase in domestic demand, and the establishment of Voluntary Restraint Agreements to limit imports.

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