Meaning of “voluntary export restraint” in the English Dictionary

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"voluntary export restraint" in Business English

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voluntary export restraintnoun [ C ]

uk us 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)