1. General: exchange of equal or identical advantages or privileges, such as removal of traveling restriction between two countries. 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 developednations due to their roughly ... Read more
The country formally terminated its part in the reciprocity agreement as it found other countries were lax and neglectful in upholding their end of the deal.