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.

voluntary export restraint

see EXPORT RESTRAINT AGREEMENT.
References in periodicals archive ?
The resulting estimates of the impact of exchange rates on prices of domestically produced automobiles are an indirect test of whether the voluntary export restraints were binding.
Beginning in 1981, the Japanese agreed to voluntary export restraints on their automobile imports to the U.
Lastly, immiserizing growth never arises in the presence of voluntary export restraints if there is a decrease in import demand after growth.
The Non-equivalence of Tariffs, Import Quotas and Voluntary Export Restraints," Journal of International Economics, Vol.
Resort to grey-area measures such as voluntary export restraints (VERs) has in the past provided a way out but these transfer large quota rents to exporters and have therefore come to be regarded as costly to the importing country.
government introduced voluntary export restraints (VER) in 1981.
Administration persuaded MITI to ask the Japanese automobile industry to adopt a series of voluntary export restraints.
Non-automatic licenses, quotas/prohibitions, restraints under the MFA, voluntary export restraints, and single channel (state monopoly) for imports are included in this NTM category.
Japan cannot accept voluntary export restraints as the practice is prohibited under rules set by the World Trade Organization, he said.
The major channels of process protection include: Section 201 and Section 301 of the Trade Act of 1974, antidumping and countervailing duty laws, voluntary export restraints (VERs), and Super 301 provisions in the Trade Act of 1988.
Nontariff barriers like voluntary export restraints increased, as did the number of "harassment grievances" filed under the GATT.
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