CONFIDENTIAL
B.
Voluntary Export Restraint Arrangements
12. The Americans have shown interest in this possibility, to the
extent of collecting all the evidence they could of such existing
arrangements. Nevertheless, they have said that any such arrangements
resting only on a gentleman's understanding are of no value to them,
and they need to base anything of this kind on an official agreement
which would provide sanctions. We would ourselves regard with concern any voluntary restraint arrangement which had the effect of diverting
the pressure of exports to our own market; and of course any such
arrangement would provide our own industry with a precedent for
demanding similar protection for themselves.
CONFIDENTIAL