reciprocity

Definition 1

General: Exchange of equal or identical advantages or privileges, such as removal of traveling restriction between two countries.

Definition 2

International trade: Lowering of import duties and other trade barriers in return for similar concessions from another country. Reciprocity is a traditional principle of GATT/WTO, but is practicable only between developed nations due to their roughly matching economies. For trade between them and developing nations, the concept of relative reciprocity is applied whereby the developed nations accept less than full reciprocity from their developing trading partners.