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Definition Of:

Reciprocity

Transportation Dictionary2K Group Shipping Dictionary
The reduction of a country's import duties or other trade restraints in
return for comparable trade concessions from another country.

Reciprocity includes the lowering of customs duties on imports in return
for tariff concessions from other countries; the negotiated reduction of a
country's import duties or other trade restraints in return for similar
concessions from another country. Reciprocity is a traditional principle
of GATT trade negotiations that implies an approximate equality of
concessions accorded and benefits received among or between participants in
a negotiation. In practice this principle applies only in negotiations
between developed countries. Because of the frequently wide disparity in
their economic capacities and potential, the relationship between developed
and developing countries is generally not one of equivalence. The concept
of "relative reciprocity" has emerged to characterize the practice by
developed countries to seek less than full reciprocity from developing
countries in trade negotiations.

See also: RD , RDRAM , OCR , Yard Mule , EC TSG

 

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