COMMONWEALTH PREFERENCE Meaning and
Definition
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Commonwealth preference refers to a policy that grants favorable treatment or preferential benefits to nations that are members of the Commonwealth of Nations. The Commonwealth is an intergovernmental organization consisting of 54 independent member countries, most of which were formerly territories of the British Empire.
The concept of Commonwealth preference emerged during the early 20th century, with the aim of fostering economic collaboration, trade, and cultural ties between member nations. Under this policy, member countries are encouraged to trade with each other through the provision of beneficial conditions and reduced trade barriers. Commonwealth preference is typically implemented through various trade agreements, customs unions, or preferential trade arrangements.
The principle behind Commonwealth preference is to prioritize economic relationships and exchanges between member countries, promoting economic development and mutual cooperation. It encourages member states to engage in intra-Commonwealth trade and reduce dependence on external markets. The preferential benefits often include lower tariffs on imports, reduced trade restrictions, simplified customs procedures, and increased market access.
Commonwealth preference aims to foster economic integration, create a level playing field, and support the economic development of member nations by facilitating trade among them. It fosters solidarity and cooperation among countries with historical ties and shared values. However, the extent and nature of Commonwealth preference can vary depending on the specific trade agreements or arrangements established between member countries.
Common Misspellings for COMMONWEALTH PREFERENCE
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Etymology of COMMONWEALTH PREFERENCE
The term "Commonwealth Preference" is a phrase primarily associated with the economic policies of certain countries within the British Commonwealth. It refers to a preferential trade arrangement allowing for reduced tariffs or other trade advantages between member countries.
The etymology of the term can be broken down as follows:
1. Commonwealth: The word "Commonwealth" derives from the Old English word "cymenrīce", which means "public body" or "state". In its current usage, it refers to a political organization composed of sovereign states, usually former territories of the British Empire. The term originated in the mid-15th century.
2. Preference: The word "Preference" has its roots in the Latin word "praeferre", which means "to carry in front" or "to put before". It entered the English language in the late 14th century and implies a special or favored status given to someone or something.
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