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January 31, 2005

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r4 carte

In the European Union, all movement of people, goods, services, and capital are free. That is to say there are no tariffs among those nations, yet they can and to set tariffs on other countries. However the WTO Most Favored Nation rule requires that a WTO member must apply the same conditions on all trade with other WTO members, i.e. a WTO member has to grant the most favorable conditions under which it allows trade in a certain product type to all other WTO members. How is this not a contradiction?

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