Hard-core waiver
Hard-core waiver: a decision taken in the GATT in 1955 to allow members in certain cases to retain quantitative restrictions that had been maintained over several years because of persistent balance-of-payments difficulties. The waiver was subject to some conditions. For example, members had to demonstrate that a sudden removal of a quantitative restriction would result in serious injury to a domestic industry, and they had to carry out a policy of progressive liberalization. See also residual quantitative restrictions.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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