Voluntary Restraint Agreement. An arrangement by which an exporting country takes steps --usually by means of export quotas --to restrain exports that could cause economic dislocation in a key trading partner. VRAs are generally undertaken to forestall action by the importing country against imports that may injure or threaten the position of domestic firms. A VRA is less contractual in nature than an orderly marketing agreement, but with similar economic effects. Under a VRA the importing country does not apply restrictions to enforce the agreement (as under an OMA), nor is compensation involved as may be the case if the importer unilaterally raises tariffs. VRAs are not covered by GA n rules (see grey-area measures).