The status of permanent normal trade relations (PNTR) is a legal designation in the United States for free trade with a foreign nation. In the U.S. the name was changed from most favored nation (MFN) to PNTR in 1998.
In international trade, MFN status (or treatment) is awarded by one nation to another. It means that the receiving nation will be granted all trade advantages, such as low tariffs, that any other nation also receives. Thus, a nation with MFN status will not be discriminated against and will not be treated worse than any other nation with MFN status.
Read more about Permanent Normal Trade Relations: Applicability, History, U.S. and China
Famous quotes containing the words permanent, normal, trade and/or relations:
“It’s the oldest established permanent floating crap game in New York.”
—Frank Loesser (1910–1969)
“A normal adolescent is so restless and twitchy and awkward that he can mange to injure his knee—not playing soccer, not playing football—but by falling off his chair in the middle of French class.”
—Judith Viorst (20th century)
“If the world would only build temples to Machinery in the abstract then everything would be perfect. The painter and sculptor would have plenty to do, and could, in complete peace and suitably honoured, pursue their trade without further trouble.”
—Wyndham Lewis (1882–1957)
“Consciousness, we shall find, is reducible to relations between objects, and objects we shall find to be reducible to relations between different states of consciousness; and neither point of view is more nearly ultimate than the other.”
—T.S. (Thomas Stearns)