Permanent normal trade relations
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Context: United States considering revoking Russia's "permanent normal trade relations" status to punish Moscow over its invasion of Ukraine.
About permanent normal trade relations (PNTR) status:
- It is a legal designation in the United States for free trade with a foreign nation.
- In the United States, the name was changed from most favored nation (MFN) to PNTR in 1998.
- MFN status means that the receiving nation will be granted all trade advantages, such as low tariffs, that any other nation also receives.
- Granting of permanent normal trade relations status is automatic, except where specifically denied by law.
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