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TeachMeFinance.com - explain Import quota Import quota The term 'Import quota ' as it applies to the area of agriculture can be defined as ' A trade barrier that sets the maximum quantity (quantitative restriction) or value of a commodity allowed to enter a country during a specified time period. The Uruguay Round Agreement on Agriculture requires the conversion of import quotas and other quantitative restrictions to tariff-rate quotas and/or bound tariff rates'. Previous 5 Terms: implicit formula Implicit price deflator Import Import fee Import license Next 5 Terms: Imported crude oil burned as fuel Imported Refiners' Acquisition Cost (IRAC) Imports Impoundment imprimis About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.