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WTO
Short for World Trade Organization, an international body aimed at promoting and facilitating free trade by reducing tariffs and other trade barriers.
Tariff
A tax or duty to be paid on a particular class of imports or exports, used by governments to regulate trade.
Normal Trade Relations
A GATT principle of trade law which requires that WTO member states treat like goods coming from other member states on an equal basis.
GATT
General Agreement on Tariffs and Trade, a multilateral treaty aimed at reducing global barriers to trade and promoting international commerce.
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