Voluntary Restraint Agreements (VRAs) 2
Voluntary Restraint Agreements (VRAs) 2 : Generally, a bilateral arrangement whereby an exporting country agrees to reduce or restrict exports without the importing country having to make use of quotas, tariffs or other import controls. These agreements are generally undertaken to avoid action by the importing country against imports that may major or in some way threaten the positions of domestic firms in the industry in question
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