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 ?
The statute gives the president flexibility to impose trade restrictions, which may take the form of tariffs, tariff-rate quotas, import fees and voluntary restraint agreements.
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.
In Saving Free Trade the argument was that the pragmatic free trader should support policies to control transition costs - namely, Trade Readjustment Assistance - and that the then operating voluntary restraint agreements would only burden the American consumer rather than help in any way to revitalize the sunset industries they were intended to help.
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.
Voluntary Restraint Agreements (VRAs) are another barrier to trade that the Japanese would like to eliminate.
The program of voluntary restraint agreements (VRAs) is due to expire September 30, unless it's renewed or modified.
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.
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.
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).

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