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Import restrictions, Quotas, VERS and Tarriffs

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Import Quotas and voluntary export agreements are often used instead of tariffs. What are the differences?
If any, between quotas, voluntary export restrictions (VERs), and tariffs?

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Solution Summary

This solutions contains an explanation on import restrictions such as Quotas, VERs, tariffs.

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All these are measures to regulate cross border transactions. These are the ways to promote or restrict the import or export from one country to other country or countries. Let us understand one by one.

Quota is a restriction by one country on the other countries of ...

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