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Voluntary Export Restraints
Terms in this set (3)
A case where an importing nation induces the exporting nation to reduce its exports 'voluntarily,' under the threat of higher all-round trade restrictions, when these exports threaten an entire domestic industry.
VERs have been phased out under the Uruguay Round.
When successful, they have all the economic effects of an equivalent import quota, except that they are administered by the exporting nation, and so the revenue effect is captured by the foreign exporters.
THIS SET IS OFTEN IN FOLDERS WITH...
Trade-Creating Customs Union
Trade-Diverting customs union
The Basic Principles of the World Trade Organisati…
OTHER SETS BY THIS CREATOR
Regional Aproach to Trade Liberalisation
Effects of FDI on the Host and Source Country
Motives of FDI
Arguments for Protection