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A voluntary export restraint (VER) or voluntary export restriction is a measure by which the government or an industry in the importing country arranges with the government or the competing industry in the exporting country for a restriction on the volume of the latter's exports of one or more products. [1]
Export restrictions, or a restriction on exportation, are limitations on the quantity of goods exported to a specific country or countries by a Government. Export restrictions could be aimed at achieving diverse policy objectives such as environmental protection, economic welfare, social wellbeing, conversion of natural resources, and controlling inflationary pressures.
Thus, the agreement on "voluntary" export restraints is imposed by the exporter under the threat of sanctions to limit the export of certain goods to the importing country. Similarly, the establishment of minimum import prices should be strictly observed by the exporting firms in contracts with the importers of the country that has set such prices.
A Free trade agreement (FTA) is an international deal between cooperating states to form a free-trade area. There are two types: bilateral agreements involve two countries easing trade restrictions for business expansion, while multilateral agreements involve three or more countries, and are more challenging to negotiate. [ 16 ]
An orderly marketing arrangement is a non-legal treaty agreed upon by the national government stating that a sovereign state must refrain from exporting goods to a targeted negotiating sovereign state. These agreements relate directly to voluntary export restraints, safeguard and escape clause policies. Orderly marketing arrangements are ...
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Free trade – Absence of government restriction on international trade Free-trade area – a region encompassing a trade bloc whose member countries have signed a free trade agreement . Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and ...