Definition: Most Favored Nation status is when a country enjoys all the lowered tariffs and reductions of trade barriers that all other members of the World Trade Organization (WTO) receive. All members of the WTO have Most Favored Nation status, and all receive the same trade benefits as all other members.
Also Known As: MFN
Alternate Spellings: Most Favoured Nation
Examples:
If you grant a special customs rate for one Most Favored Nation, you have to do it for all of them.
