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.
U.S.X.'s refusal to join its rivals in lobbying for effective trade protection was also part of its strategy: the excess imports leaking through President Reagan's ineffective Voluntary Restraint Agreements threatened to drown the company's rivals.
* Continuation of the Voluntary Restraint Agreements beyond their scheduled September 1989 expiration (these Agreements limit foreign producers' sales in the United States).
"They have failed." That's how a White Paper characterizes the voluntary restraint agreements limiting the import of machine tools into the United States.

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