A variable duty is a duty
relating the customs duty collection to the price of the imported products.
For example, a variable duty could be the price difference between the
unit value of the imported product and the unit value of the equivalent
product produced domestically in the import market. If the price of the
imported goods is lower than the internal price, a variable duty is levied.
Variable duties were 'tariffied' during the Uruguay Round.
Bilateral arrangements whereby an exporting country (government or industry)
agrees to reduce or restrict exports without the importing country having
to make use of quotas, tariffs or other import controls.