Quotas, such as the voluntary export restraints
that were put in place in April 1981, can influence the magnitude of these effects: under binding restraints, where the level of imports reaches the level of the voluntary restraints, cost shocks (such as exchange rate fluctuations) do not affect prices.
The outcome depends on whether the country restricts its trade with tariffs, import quotas or voluntary export restraints
Price undertakings are preferred by exporters because they provide an element of built-in compensation in much the same way as voluntary export restraints
Trade imbalances influenced public policy as Japanese businesses operated under the trade regime governed by voluntary export restraints
(VER) and then the North American Free Trade Agreement (NAFTA).
2 of the Agreement on Agriculture and Article 11 of the Agreement on Safeguards, spice-producing countries will no longer be able to resort to minimum export prices and voluntary export restraints
or to form cartels and associations for the purpose of imposing such measures.
The authors argue that the three major trading powers must move away from protectionist expedients such as voluntary export restraints
and antidumping duties and instead develop new "trilateral understandings.
This occurred despite a continuing loss of market share in manufactured goods, arising from an appreciation of the yen, voluntary export restraints
and direct investment in production facilities abroad.
The drop in the December figure apparently reflects voluntary export restraints
by major steelmakers in the face of strong pressure by the U.
The broad definition of NTMs includes certain para-tariff measures, import deposits and surcharges, variable levies, anti-dumping/countervailing duty actions (including investigations, duties, and undertakings), quantitative restrictions (including quotas/prohibitions, restraints under the Multi-Fibre Arrangement (MFA), non-automatic licenses, voluntary export restraints
, state monopolies), import surveillance, automatic licenses, and certain price control measures.
Voluntary Export Restraints
In 1987 the EC and its member states accounted for 138 out of a total of 261 known voluntary export restraints
(VERs), mostly affecting textiles, steel, agricultural products, footwear, cars and electronic products.