WTO Glossary

See the excellent Deardorff’s Glossary of International Economics.

GATT General Agreement on Trade and Tariffs (GATT)
MAI Multilateral Agreement on Investments
MFN(T) Most Favoured Nation (Treatment). Used to refer to trading relationships where country A grants country B special status. Many WTO agreements (e.g. GATS article II) explicitly prohibit this behaviour mandating that every country A must grant treatment to a foreign country no less favourable than it grants to any other.
NTB Non-Tariff-Barrier (to trade). For example regulations or laws that discriminate against foreign trade.
Pareto Efficiency Means the same as Pareto Optimal=A situation in which no Pareto-improving change is possible (pareto-improving=Making no one worse off and making at least one person better off). (Taken from Deardorff’s glossary - see link at top of page).

Last Updated: 2003-Jan-31
Created: 2002-Jan-20
IP Policy