Voluntary export restraint (VER),
Definition of Voluntary export restraint (VER):
A self imposed limitation on the amount of a product that one country is permitted to export to another. Imposing a voluntary export restraint (VER) will often be a nations official response to a request made by the country being exported to for protection for its domestic businesses against such foreign competition. This is typically done to prevent the imposition of trade tariffs. Also called export restraint agreement.
Meaning of Voluntary export restraint (VER) & Voluntary export restraint (VER) Definition