most-favored-nation status
mohst FAY-verd NAY-shun STAY-tus
moʊst ˈfeɪvərd ˈneɪʃən ˈsteɪtəsListen
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Dictionary meaning
a cornerstone principle of the multilateral trading system under which a country agrees to extend to all WTO member countries the most favourable tariff treatment it grants to any single trading partner; MFN status, enshrined in Article I of the GATT, is designed to prevent bilateral discrimination and ensure that trade liberalisation achieved in any bilateral negotiation is automatically multilateralised; exceptions to MFN include preferential trade agreements between regional partners and the Generalised System of Preferences under which developed countries may offer lower tariffs to developing countries without extending the same rates to all WTO members
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