international trade

General Agreement on Tariffs and Trade (GATT)

A comprehensive free-trade treaty signed by most developed nations. Among other things, member countries are required to treat all other member countries equally in the application of import and export tariffs, offer basic copyright protection to authors from member countries, consult with each other about trade matters, and attempt to resolve differences in a peaceful manner. GATT created an international regulatory body known as the World Trade Organization (WTO) to enforce compliance with the agreement.

Most Favored Nation

Definition

A clause frequently included in bilateral investment treaties ("BITs") which provides that a host state shall treat all of its trading partners equally. Under such a clause, if the host state lowers a tariff for one trading partner, it must lower it for all trading partners.

Accord

Definition

1)  A harmonious agreement, especially between countries. 

2)  An offer to substitute a different obligation for one that was previously owed, plus the acceptance of that offer.  Either of the parties involved can propose an accord.  If the newly substituted obligation is actually performed, the performance is called a satisfaction.  See Accord and satisfaction.

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