Most Favored Nation

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Most Favored Nation

A privilege granted by one country to another whereby the products of the privileged country pay the lowest delivered duty paid charged by the granting country.

Most Favored Nation

A status in which a country assesses the lowest possible tariffs that it can assess on another country. For example, if a country's lowest tariff is a certain percentage of the value of a good, it charges this percentage on an import from a country with most favored nation status. Members of the World Trade Organization are required to extend Most Favored Nation status to other members, though exceptions exist. In the United States, most favored nation status is formally called permanent normal trade relations.
References in periodicals archive ?
Pakistan has "unfortunately" failed to give MFN status to India, Minister of State for Commerce and Industry Nirmala Sitharaman said.
India had granted the MFN status to Pakistan in 1996 to lure Pakistan into reciprocating, so that with improved trade ties it could also ask Pakistan to allow using land route to export to Afghanistan and Central Asian republics.
According to Dawn, while India granted Pakistan "Most Favoured Nation (MFN)" status in 1999, Pakistan had pledged to grant India MFN status by the end of 2012, meaning Indian exports would be treated the same as those from other nations, but has so far not done so.
The government is taking considerations like Kashmir before making a decision on the MFN status.
According to reports, the Obama Administration has been raising the issue with the new government to grant MFN status to India as soon as possible.
There is no immediate consideration to grant India MFN status," Dar told Hamid Mir on Geo News program ' Capital Talk'.
While India has long ago granted Pakistan the MFN status but Pakistan has only recently expressed willingness to follow suit.
MFN status means that two countries apply the lowest import-duty and quota restrictions to each other that they apply to similar imports from any other country.
It is in Pakistan's interest to grant MFN status to India," said WB's leading economist Garry Pursell while talking with a group of reporters soon after attending a workshop "Global economic prospects and trade policies of South Asian countries" jointly organised by ministry of Commerce and WB here.
Last year, Congress granted Beijing permanent MFN status contingent upon its entry into the World Trade Organization (WTO), the global body charged with making the "rules" alluded to by the president.
Many Democratic lawmakers, especially those backed by labor unions, are concerned that granting China permanent MFN status unconditionally would hurt the rights of U.
House of Representatives member Sander Levin and other congressmen are working on ways to monitor labor abuse and other human rights violations in China after China is granted MFN status on a permanent basis.