Voluntary export restraint (VER)
An agreement by a country’s exporters or government to limit their exports to some other country. The limit set may be in terms of quantity, value, or market share. VERs may be ‘voluntary’ only in the sense of being accepted under duress, to avoid the threat of tariffs or other trade barriers. They may, however, be genuinely voluntary if exporting firms expect to make more profits from fewer export sales at higher prices. VERs were widespread in the 1970s and 1980s, but are being phased out following an international agreement achieved in 1992.
Reference: Oxford Press Dictonary of Economics, 5th edt.