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Definition of most favoured nation noun from the Oxford Advanced Learner's Dictionary

most favoured nation

noun
 
/ˌməʊst feɪvəd ˈneɪʃn/
 
/ˌməʊst feɪvərd ˈneɪʃn/
(US English most favored nation)
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  1. a country to which another country allows the most advantages in trade, because they have a good relationship
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adjective
 
 
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