The most favorable status of trade accorded is the "Most Favored Nation" designation, which since 1998 is known in the US as "Permanent Normal Trade Relations" (PNTR). This status guarantees that the nations involved will provide the same treatment to each other as they each do to other countries with the same status.
a treaty to create favorable trade terms between two nations
When an agreement is formed between two nations the mort popular term is Treaty.
a treaty is an agreement between two or more nations.
The Treaty of Paris is more favorable to the United States.
treaty
That is a treaty.
interstate compact a treaty is an agreement between two nations.
A formal agreement between two or more nations is called a treaty.
treaty of european union.
A formal agreement between two countries is called a treaty or a pact.
Hall Of Mirrors :)
Two notable nations did not join: the Soviet Union, who was forbidden from it, and the US because the Senate voted down the treaty that would create it.