Analysis of information sources in references of the Wikipedia article "Voluntary export restraint" in English language version.
The restraint could be a preset limit, a reduction in the exported amount, or a complete restriction.
US-based producers of textiles faced increasing competition from Southeast Asian countries in the 1950s and the 1960s. The US government requested VERs to be established by many of the Southeast Asian countries and was successful in doing so. Textile producers in Europe faced similarly stiff competition as their US counterparts, and as a result, negotiated voluntary export restraints as well. Eventually, an agreement was reached between the exporting and importing parties within the textile industry that led to the formation of the Multi-Fiber Agreement in the 1970s. The agreement was essentially an arrangement of multilateral voluntary export restraints. The agreement is no longer in effect and was terminated in 2005 after the expiry of a ten-year transition period since the 1994 GATT.
In May 1981, with the American auto industry mired in recession, Japanese car makers agreed to limit exports of passenger cars to the United States. This voluntary export restraint (VER) program, initially supported by the Reagan administration, allowed only 1.68 million Japanese cars into the U.S. each year. The cap was raised to 1.85 million cars in 1984, and to 2.30 million in 1985, before the program was terminated in 1994
