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English definition of “voluntary export restraint”

voluntary export restraint

noun [C]
 
 
(abbreviation VER, also voluntary export restriction, voluntary restraint agreement) COMMERCE
an agreement between two countries that limits the number of goods of a particular type that one of the countries can sell to the other: Voluntary export restrictions remain on Japan's car exports to the European Union.
(Definition of voluntary export restraint from the Cambridge Business English Dictionary © Cambridge University Press)
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