Usually means: Equal trade terms for all.
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We found 20 dictionaries that define the word most favored nation:

General (14 matching dictionaries)
  1. most favored nation: Longman Dictionary of Contemporary English
  2. most-favored-nation: Merriam-Webster
  3. most favored nation: Oxford Learner's Dictionaries
  4. most-favored-nation: American Heritage Dictionary of the English Language
  5. most-favored-nation: Vocabulary.com
  6. most favored nation: Wiktionary
  7. most-favored-nation: Infoplease Dictionary
  8. most-favored-nation, most favored nation: Dictionary.com
  9. Most Favored Nation, Most favored nation: Wikipedia, the Free Encyclopedia
  10. most-favored-nation: Rhymezone
  11. most-favored-nation: FreeDictionary.org
  12. most-favored-nation: Mnemonic Dictionary
  13. most-favored-nation: TheFreeDictionary.com

Business (5 matching dictionaries)
  1. MoneyGlossary.com (No longer online)
  2. Most Favored Nation: Bloomberg Financial Glossary
  3. Most Favored Nation: Deardorff's Glossary of International Economics
  4. Most Favored Nation: Financial dictionary
  5. BusinessDictionary.com (No longer online)

Tech (1 matching dictionary)
  1. Glossary of Agricultural Terms, Programs and Laws (No longer online)

Definitions from Wiktionary (most favored nation)

noun:  (trade, diplomacy) A nation accorded a certain level of treatment in international trade. When a nation A is a most favored nation of another nation, B, then B undertakes not to treat A any less favorably (in terms of taxes, exports, etc.) than any of B's other most favored nations.

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