Investors Handbook. A Legal Guide to Business in Georgia
customs tariffs. However, free trade agreements may include a list of goods that are not the sub-
ject to the free trade regime.
Most Favored Nation Regime
The most favored nation (MFN) system of trade relations is embodied in the World Trade Orga-
nization (WTO) agreement, which is observed by each member state of the WTO. MFN, which
represents one of the fundamental principles of the WTO, lays down the rules of reciprocity and
nondiscrimination in international trade relations. In effect, pursuant to the MFN principle, a
country that has been granted MFN status has access to a third country's markets under the same
treatment as any other country with MFN status.
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Generalized System of Preferences (GSP)
The main idea of the GSP is that the economically developed countries assist the states with rela-
tively weak economies to develop their export potential
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