In international trade, the granting of mutual concessions on tariffs, quotas, or other commercial restrictions. Reciprocity implies that these concessions are neither intended nor expected to be generalized to other countries with which the contracting parties have commercial treaties. Reciprocity agreements may be made between individual countries or groups of countries. Membership in the World Trade Organization to some extent precludes the signing of reciprocity treaties because WTO nations are obliged to grant most-favored-nation treatment to all other members.

This entry comes from Encyclopædia Britannica Concise.
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