Pak agrees to grant ‘most favoured nation’ status to India
Pakistan has finally agreed to grant the Most Favoured Nation (MFN) status to India, something which it had been demanding for many years.
Islamabad: Pakistan has finally agreed to grant the Most Favoured Nation (MFN) status to India, something which it had been demanding for many years.
A senior Trade Ministry official disclosed on the condition of anonymity that the MFN status would be granted during the current year.
It has been learnt that in return, Islamabad has asked India for immediate lifting of non-tariff restrictions on commodities coming from Pakistan, The Nation reports.
Sources said that Trade and Commerce Minister Makhdoom Amin Fahim would announce basic changes in Pakistan’s trade policy.
One of the amendments will be a draft to review the list of trade items between the two countries.
At the 5th round of Indo-Pak talks on Commercial and Economic Co-operation held on April 27-28 in Islamabad, both sides had agreed that increase in trade and economic engagement would help not only in the mutual quest for national development, but also contribute to building trust between the two countries.
During the talks, Pakistan had recognized that grant of MFN status to India would help in expanding the bilateral trade relations.