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Most Favoured Nation Principle Any advantage granted to the product of one country must be granted to he others. Decline of the mercantilist principle trade is a matter of one nation winning over the others replaced by principle that trade leads to comparative advantage which benefit nations. Advantages: 1. Efficient - Most efficient produces 2. world trading system more secure 3. simplifies protection 4. constitutional protection against special interest groups within country. 5. Access for new entrants. Disadvantages: Undermined by various exceptions, does not mean is useless simply less efficient. 1. Developing countries exception - GSP system (some systems of GSP are under challenge from India. 2. Free Trade exception Art. 24. 3. Art. 19 Agreement on safeguards, 4. art 6 Antidumping and subsidies. 5. Balance of payment Arts 12 ff. 6. Internal security art 21. 7. Retaliation (not on MFN basis) Includes Customs duties , rules, regulations, taxation, methods of valuation. All of these are subject to MFN. What is a "like product" in the context of Art....

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