What are mutual recognition agreements (MRAs)? How do they facilitate trade?

As the name implies, MRAs are agreements between two or more parties to recognize the competence of each other to provide certain specified services. In the context of this question, agreements can exist between governments, between accreditation bodies or even between conformity assessment bodies. They can be bilateral (limited to two parties) or multilateral (any number of parties).

Sustainable Development Goals:

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions