Pakistan defers MFN status to India
Karachi: Pakistan Tuesday deferred its decision to finalize a list of goods it does not want to import from India, an important step towards granting it the most favoured nation (MFN) status.
Once the MFN status is granted, Pakistan will have to treat India on par with its other favoured trading partners.
India unilaterally gave MFN status to Pakistan in 1996.
Business leaders who are accompanying Commerce and Industry Minister Anand Sharma on a visit to Pakistan expressed disappointment over the decision.
"This is of course disappointing," Federation of Indian Chambers of Commerce and Industry (FICCI) president R.V. Kanoria said.
Before the visit, Indian authorities and industry chambers had expressed hope that Pakistan would implement its promise of granting MFN status to India during the trip.
The Pakistani cabinet, at a meeting chaired by Prime Minister Yousuf Raza Gilani Nov 2, had decided in principle to grant MFN status to India.
The main hurdle in implementation of the decision is the finalization of negative list of goods.
Pakistan`s commerce ministry has proposed an India-specific negative list of 636 items. Pakistani Commerce Minister Makhdoom Mohammad Amin Fahim has approved the list. However, the cabinet has deferred its decision.
Confederation of Indian Industry (CII) president B. Muthuraman said the business community of both countries was disappointed over the decision.
However, Muthuraman expressed the hope that the reciprocal visits of the trade ministers and business leaders would help strengthen trade and investment relations between the neighbours.
"The decision on negative list is disappointing. However, this is just one part, the more important thing is to have a change in mindset, which is happening," Muthuraman said.
FICCI president said industry lobbies of both countries were pressing the government to implement MFN status in letter and spirit.
"Once the MFN principle is implemented, I am sure we may then find considerable reduction of informal trade which continues to exceed the formal trade figures in a big way," said Kanoria.
More from India
More from World
More from Sports
More from Entertaiment
- Rajasthan: Gujjars revive reservation agitation, block rail track
- J Jayalalithaa sworn-in as Chief Minister of Tamil Nadu
- Dr Subhash Chandra Show: Aspiring for more than what you have!
- ISIS to buy first nuclear weapon from Pak?
- Mumbai: CCTV captures assailant with gun at Film City
- Mathura SSP receives death threat letter, message for PM Modi
- BJP now central pole of Indian politics: Arun Jaitley
- Maharashtra FDA sends Maggi noodles for lab testing
- Watch: Fast N Facts @ 7:30pm
- Haridwar: Hotel Radisson Blu sealed for polluting Ganga
- Delhi: Two killed in road accident in New Ashok Nagar
- Reservation issue: Police register case against Bainsla, 20 others
- Girl in Punjab's Pathankot quit studies for fear of eve-teasing
- Zee Media exclusive chat with 'Welcome to Karachi' cast
- Special: Furious over rising water crisis, people take to the streets
- Goa Board SSC Exam Results 2015 announced
- ISIS close to buying nuclear weapon from Pakistan?
- Manohar Parrikar visits forward areas along LoC, reviews security situation
- Credibility of Prime Minister's Office restored by BJP, says Arun Jaitley
- There will be no delay in appointing CIC, CVC: Jitendra Singh
- ISIS justifies raping slave girls, says Michelle Obama is 'worth $40'
- IPL 2015 Final: Mumbai Indians vs Chennai Super Kings - Preview
- 'Unhappy' Celina Jaitley asks Sunny Leone to move out?
- Arvind Kejriwal to highlight AAP govt's 100 days work on Monday
- BJP's plan for one-year celebration: 200 big rallies, 5,000 public meetings
- CBSE Results 2015: 10th board exam results to be declared on May 27
- Heatwave leaves 153 dead in Telangana, Andhra Pradesh
- IPL 8 Final: We need to be at our best against Mumbai, says Michael Hussey
- Jayalalithaa returns as Tamil Nadu CM: As it happened