Glossary: most-favored-nation status
DEFINITION:
Under the provisions of the General Agreement on Tariffs and Trade (GATT), when one country accords another most-favored- nation status it agrees to extend to that country the same trade concessions, e.g., lower tariffs or reduced nontariff barriers, which it grants to any other recipients having most-favored- nation status. As of January 1992, Albania had not been a member of GATT and had not received most-favored-nation status from the United States.