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EU Seeks to Suspend Russia's Most Favoured Nation Status at the WTO

RUSSIA
  • *EU SEEKS TO SUSPEND RUSSIA'S MOST-FAVORED NATION STATUS AT WTO
  • Most-favoured-nation (MFN): treating other people equally Under the WTO agreements, countries cannot normally discriminate between their trading partners. Grant someone a special favour (such as a lower customs duty rate for one of their products) and you have to do the same for all other WTO members.
  • MFN status is critically important for smaller and developing countries for several reasons:
  • It gives them access to the larger market.
  • It lowers the cost of their exports since it lowers trade barriers as much as possible.
  • As a result, their products become more competitive and businesses have more opportunities for growth.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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