Voluntary export restraint

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A voluntary export restraint (VER) or voluntary export restriction is a self-imposed, voluntary restriction implemented by an exporting country, on the volume of its exports to another country. This can be negotiated between governments, or with the competing industries.^[1]

By this definition, the term VER is a generic reference for all bilaterally agreed measures to restrain exports.^[1] They are sometimes referred to as 'Export Visas'.^[2] The restraint could be a preset limit, a reduction in the exported amount, or a complete restriction.^[3]

Typically, VERs arise when industries seek protection from competing imports from another country. Then, through negotiations, the exporting country may choose to implement VERs to appease the importing country, and deter it from imposing explicit (and less flexible) trade barriers, such as tariffs and import quotas.

The implementation of VERs was prohibited in 1994 under modifications to the General Agreement on Tariffs and Trade (Article 11), with member countries also agreeing to phase out existing VERs.^[4]