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Reciprocity
 

 

The practice, sometimes called a 'fair trade' or 'beggar-my­neighbour' policy, by which governments extend to each other similar concessions or restrictions in trade. It is reflected in U.S. trade policy in the Reciprocal Trade Agreements Acts of 1934, the Trade Expansion Act of 1962, which made the Kennedy Round of Trade Negotiations under the General Agreement on Tariffs and Trade possible, and, more recently, in the Trade Act of 1974.

Reference: The Penguin Dictionary of Economics, 3rd edt.