re‧ci‧pro‧ci‧ty /ˌresəˈprɒsəti, ˌresɪˈprɒsəti $ -ˈprɑː-/ noun [uncountable] formal
a situation in which two people, groups, or countries give each other similar kinds of help or special rights

[TahlilGaran] Dictionary of Contemporary English ▲

Reciprocity
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.

[TahlilGaran] Acronyms and Abbreviations Dictionary ▲