Tuesday 28 June 2022
- Advertisement -

Pulwama attack: MFN status to Pakistan revoked

India had granted the MFN status to Pakistan way back in in 1996, but the neighbouring country never reciprocated

New Delhi: Following the Pulwama terror attack, India on Friday withdrew the ‘most-favoured nation’ status to Pakistan, a move which would enable India to increase customs duty on goods coming from the neighbouring country.

In a media briefing after the meeting of the Committee on Security (CCS), Finance Minister Arun Jaitley said the most-favoured-nation (MFN) status to Pakistan stands revoked.

India had granted the MFN status to Pakistan way back in in 1996, but the neighbouring country never reciprocated.

The MFN status was accorded under WTO’s General Agreement on Tariffs and Trade (GATT). Both India and Pakistan are signatories to this; and are members of the World Trade Organisation (WTO), which means they have to treat each other and the other WTO member countries as favoured trading partners in terms of imposing customs duties on goods.

What removal of Pakistan’s MFN status means

Removal of this status means India can now enhance customs duties to any level on goods coming from Pakistan, a trade expert said.

Total India-Pakistan trade has increased marginally to USD 2.41 billion in 2017-18 as against USD 2.27 billion in 2016-17. India imported goods worth USD 488.5 million in 2017-18 and exported goods worth USD 1.92 billion in that fiscal.

Under MFN pact, a WTO member country is obliged to treat the other trading nation in a non-discriminatory manner, especially with regard to customs duty and other levies.

India mainly exports cotton, dyes, chemicals, vegetables and iron and steel; while it imports fruits, cement, leather, chemicals and spices.

The CCS meeting was chaired by Prime Minister Narendra Modi to discuss the security scenario in Jammu and Kashmir in the wake of the Pulwama terror attack.

At least 37 CRPF personnel were killed and five injured on Thursday in one of the deadliest terror attacks in Jammu and Kashmir when a Jaish suicide bomber rammed a vehicle carrying over 100 kg of explosives into their bus in Pulwama district.

Contribute to our cause

Contribute to the nation's cause

Sirf News needs to recruit journalists in large numbers to increase the volume of its reports and articles to at least 100 a day, which will make us mainstream, which is necessary to challenge the anti-India discourse by established media houses. Besides there are monthly liabilities like the subscription fees of news agencies, the cost of a dedicated server, office maintenance, marketing expenses, etc. Donation is our only source of income. Please serve the cause of the nation by donating generously.

Join Sirf News on

and/or

Latest video

Share via

Similar Articles

Comments

Scan to donate

Swadharma QR Code
Advertisment
Sirf News Facebook Page QR Code
Facebook page of Sirf News: Scan to like and follow

Most Popular

[prisna-google-website-translator]
%d bloggers like this: