voluntary export restraint

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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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voluntary export restraint

see EXPORT RESTRAINT AGREEMENT.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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