An undertaking to give the rate of tariff concession offered to members of the GATT. More concessionary rates can exist.
A status granted to one country by another; the granting country then accords the recipient's imports and exports the most favorable treatment that it accords any country.
The principle, fundamental to the GATT, of treating imports from a country on the same basis as that given to the most favored other nation. That is, and with some exceptions, every country gets the lowest tariff that any country gets, and reductions in tariffs to one country are provided also to others.
Preferential treatment in trade between World Trade Organization (WTO) members.
A core principle of the WTO, most recently referred to as Normal Trade Relations (NTR).
In this principle of international trade, one trading partner extends to a second the same low tariff rates that it confers to some third country with which it has its most unimpeded commerce.
Trade status under GATT and now under the WTO where imports from a nation are granted the same tariff as those from the member states.
A non-discriminatory trade policy commitment on the part of one country to extend to another country the lowest tariff rate it applies to any other country.
An international trade term denoting a privilege granted to a country to have duties levied upon its merchandise at the lowest offered to any other country.
A trade policy commitment on the part of one nation to extend to another nation tariff rates as low as applies to any other "most favored nations," and to treat imports from that nation without discrimination.