Explanation: MFN status is an economic position in which a country enjoys the best trade terms given by its trading partner.

• It receives the lowest tariffs, the fewest trade barriers, and the highest import quotas (or none).
• The World Trade Organization’s 164 members have the principle of nondiscrimination and offers most favored nation (MFN) treatment.
• Under this principle, the WTO members commit to treating other members equally so they can all benefit from each other’s lowest tariffs, highest import quotas and fewest trade barriers for goods and services.
• The only exceptions are developing countries, regional trade areas, and customs unions.

Source: FORUMIAS