What does ‘most-favoured nation’ (MFN) mean?

This is a principle of the World Trade Organisation (WTO). It means that WTO members cannot discriminate between their trading partners and must, with a few exceptions, offer access to their market on the same terms for all WTO members. It means that a favour offered to one country must be offered to all. However, members can go further and offer better trading terms to some countries if, for example, they agree a free trade agreement or they give developing countries better terms.

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