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Business Reading Room
Glossary and Acronyms - from Q to
R
A An
B C Con D E F G H I J K L M N O P Q R S Sp T U VWXYZ
Quadrilateral Meetings
These are meetings involving trade ministers from the U.S., the
European Community, Canada, and Japan to discuss trade policy matters.
Quantitative Restrictions
Explicit limits, usually by volume, on the amount of a specified
commodity that may be imported into a country, sometimes also indicating the amounts that
may be imported from each supplying country. Compared to tariffs, the protection afforded
by QR's tends to be more predictable, being less affected by changes in competitive
factors. Quotas have been used at times to favor preferred sources of supply. The GATT
generally prohibits the use of quantitative restrictions, except in special cases, such as
those cited in Articles XX (which permits exceptions to protect public health, national
gold stocks, goods of archeological or historic interest, and a few other special
categories of goods), or Article XXI (which permits exceptions in the interest of
"national security"), or for safeguard purposes, when the appropriate procedures
in Article XIX have been followed.
Quotas and Quota System
Absolute quotas permit a limited number of units of specified merchandise to be
entered or withdrawn for consumption during specified periods. Tariff-rate quotas permit a
specified quantity of merchandise to be entered or withdrawn at a reduced rate during a
specified period. Quotas are established by Presidential Proclamations, Executive Orders,
or other legislation.
The Quota System, a part of Customs' Automated Commercial System, controls quota
levels (quantities authorized) and quantities entered against those levels. Visas control
exports from the country of origin. Visa authorizations are received from other countries
and quantities entered against those visas are transmitted back to them. Control of visas
and quotas simplify reconciliation of other countries' exports and U.S. imports.
Quotation.
An offer to sell goods at a stated price and under specified
conditions.
a authorizations are received from other countries and quantities entered
against those visas are transmitted back to them. Control of visas and quotas simplify
reconciliation of other countries' exports and U.S. imports.
See: International Monetary Fund.
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