[Music] hi Johnny two please all right thank you all right for you it's 5:05 that's not fair that's discrimination just kidding let's go to a place where non-discrimination is the norm to a meeting room at the World Trade Organization discrimination makes people angry and when you discriminate between trading partners entire countries can become angry that's what the WTO's Most Favoured Nation principle is about it's a fancy way to say if you give a treat to one trading partner all at the WTO members get the same and if a WTO all of our members are deemed
most favored nation imagine your small or poor WTO member and you had to negotiate with each and every single trading partner with a most favored nation principle you're assured that whatever is offered to the big ones you get it - and without this principle the world of trade would be a chaotic mess with millions of new tariff lines encumbering trade everywhere but where there are rules there are also exceptions one exception concerns poorer countries WTO members allowed to grant them special access to their markets without granting the same access to other WTO members or another
exception countries can negotiate trade agreements in smaller groups bilaterally or regionally and the trade is freed up between those partners the most important aspect for me is trust Trust is everything in the world of trade and the most favored nation principle creates that trust so Keith another coffee sounds great this time I'm the most favorite customer [Music] you
