Voluntary export restraints (VERs) are trade agreements between exporting and importing countries where the exporter agrees to limit the quantity of goods exported to the importing country. These arrangements are often implemented to avoid more severe trade restrictions, such as tariffs or quotas, and can help protect domestic industries in the importing nation by reducing foreign competition. Although voluntary in nature, VERs can have significant impacts on global trade dynamics and market prices.
congrats on reading the definition of Voluntary Export Restraints. now let's actually learn it.