What is quantitative restrictions?

Quantitative Restrictions (QRs) are the limits imposed on the quantity of goods that are imported or exported. It includes import quotas and Voluntary Export Restraints (VERs which are signed by the exporters of foreign countries). Quantitative restrictions are imposed to discourage imports and thus, protect domestic industries from competition from cheaper and technologically-advanced goods manufactured by other nations. Quantitative restrictions have been abolished by WTO in a phased manner to facilitate world trade.