Voluntary export restraint

Overview
A voluntary export restraint (VER) or voluntary export restriction is a government-imposed limit on the quantity of goods that can be exported out of a country during a specified period of time.

Typically VERs arise when the import-competing industries seek protection from a surge of imports from particular exporting countries. VERs are then offered by the exporter to appease the importing country and to deter the other party from imposing even more explicit (and less flexible) trade barriers.