What does MRA mean in International Business?

Mutual recognition agreement

A mutual recognition agreement (MRA) is an international agreement by which two or more countries agree to recognize one another's conformity assessments results (for example certifications or test results). A mutual recognition arrangement is an international arrangement based on such an agreement. Countries involved in the agreement can designate for the scope of the agreement Conformity Assessment Bodies (CAB), laboratories and inspection bodies. MRAs have become increasingly common since the formation of the World Trade Organization in 1995. They have been forged within and among various trade blocs, including APEC and the European Union. MRAs are most commonly applied to goods, such as various quality control MRAs. However, the term is sometimes applied to agreements on the recognition of professional qualifications as well. Accreditation Bodies, under the International Accreditation Forum use the term Multilateral Recognition Agreements in a similar sense.

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