Members of the World Trade Organization agree to give each other the most favourable treatment for imports and exports, which is known as ___.
A) international political kickbacks
B) most favoured nation status
C) global greasing
D) most favoured bribery status
E) the Import/Export Bank

Question

Quizplus · Accepted Answer

The term "most favoured nation status" (MFN) refers to a principle of non-discrimination in trade agreements, where each member of the WTO agrees to treat all other members equally when it comes to trade tariffs and other trade-related measures. This means that if one member country receives a favourable trade concession or benefit, all other member countries are entitled to the same treatment. This principle is intended to promote fairness and equality in global trade. None of the other answer choices are accurate descriptions of the principle of MFN.

Members of the World Trade Organization Agree to Give Each