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voluntary restraint agreements (VRA’s)

Informal bilateral or multilateral arrangements through which exporters voluntarily restrain certain exports, usually through export quotas to avoid economic dislocation in an importing country and to avert the possible imposition of mandatory import restrictions.
These arrangements do not involve an obligation on the part of the importing country to provide “compensation” to the exporting country, as would be the case if the importing country unilaterally imposed equivalent restraints on imports. See voluntary export restriction; quota; visa.

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