The Uruguay Round of the GATT began a process of phasing out the use of voluntary export

Question:

The Uruguay Round of the GATT began a process of phasing out the use of voluntary export restraints. Why did they come into widespread use in the 1980s? For example, given that VERs are a form of quotas, and that they create quota rents and a larger reduction in national welfare than tariffs, why did nations use them instead of tariffs?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: