verb
cede
SEED/siːd/
Formally give up possession or control of something to another.
The older sailor cedes control of the helm to the younger sailor.

Etymology
Latin cedere moved from the idea of going away or withdrawing to giving ground. Ceding territory or rights extends that image to formally surrendering them to someone else.
In context
it is completely wrong to place any pressure on this country to cede any rights in the area of taxation rights
More examples
- She agrees to cede control of the company.
- The departing director cedes authority to his successor.
- They refuse to cede their fishing rights.
Forms
cede · cedes · ceded · ceding
Similar words
- surrender
- Can emphasize defeat or compulsion rather than formal transfer.
- relinquish
- Gives something up without necessarily transferring it to a named recipient.