plurilateral trade agreement The term covered plurilateral trade agreement means a sector-specific agreement within the framework of the World Trade Organization involving foreign countries or foreign territories that form a subset of the members of the World Trade Organization that does not extend benefits on a most favored nation basis. (2) Most favored nation The term most favored nation , with respect to requirements relating to a trade agreement, means requirements under the World Trade Organization for nondiscriminatory trade treatment among all parties to the agreement.