What is Most Favoured Nation status?
• According to the MFN principle of the WTO’s General Agreement on Tariffs and Trade (GATT) — to which India is a signatory/contracting party — each of the WTO member countries should “treat all the other members equally as ‘most-favoured’ trading partners.”
• The WTO says, "Grant someone a special favour (such as a lower customs duty rate) and you have to do the same for all other WTO members." Hence, though MFN sounds like special treatment, in effect it means non-discrimination. status?
• According to the MFN principle of the WTO’s General Agreement on Tariffs and Trade (GATT) — to which India is a signatory/contracting party — each of the WTO member countries should “treat all the other members equally as ‘most-favoured’ trading partners.”
• The WTO says, "Grant someone a special favour (such as a lower customs duty rate) and you have to do the same for all other WTO members." Hence, though MFN sounds like special treatment, in effect it means non-discrimination.
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