• A Most-Favoured Nation Status extended to a country implies that it is granted the same concessions, privileges, or immunities as that is granted to all other World Trade Organization member countries. It denotes equal treatment of all countries and, thus, does not reflect the level of trade integration.

• Preferential Trade Agreement between 2 countries implies that a select group of products from one country enjoy a preferential treatment, i.e., reduced tariffs in the other compared to other, countries.

• Free Trade Agreement between 2 countries implies that most products, except a select few, from one country enjoy a preferential treatment, i.e., reduced tariffs in the other, compared to other countries.

• Members of a Customs Union trade at zero duty among themselves, maintaining a common customs duty against rest of the world.

• Members of a Monetary Union have a common currency making trade exchanges among them.