Islamabad: Two months after the proposal was cleared, Pakistan is yet to accord Most Favoured Nation (MFN) status to India, a minister has said.
Commerce Minister Amin Fahim said on Tuesday that Pakistan is in the process of normalizing trade relations with India which will culminate in the grant of MFN status.
When MFN status is granted, Pakistan will get market access to some 300 to 500 million consumers in India, the minister added.
The Pakistani cabinet, at a meeting chaired by Prime Minister Yousuf Raza Gilani on Nov 2, 2011, decided to grant India MFN status. The cabinet also agreed to double bilateral trade from $2.5 billion to around $5 billion.
India had granted Pakistan MFN status in 1996 but Islamabad did not reciprocate. Ties between the two countries deteriorated after the 26/11 Mumbai terror attack that India blamed on Pakistan.
According to Associated Press of Pakistan, the import of 1,958 items is allowed from India. The commerce ministry is talking to various stakeholders to identify for inclusion in the negative list the products whose import will not be allowed. This process is likely to be completed by mid-February.
Commerce Minister Amin Fahim said on Tuesday that Pakistan is in the process of normalizing trade relations with India which will culminate in the grant of MFN status.
When MFN status is granted, Pakistan will get market access to some 300 to 500 million consumers in India, the minister added.
India had granted Pakistan MFN status in 1996 but Islamabad did not reciprocate. Ties between the two countries deteriorated after the 26/11 Mumbai terror attack that India blamed on Pakistan.
Advertisement
Advertisement
COMMENTS
Advertisement
How Extreme Weather Is Leading To Rise In Child Marriages In Pakistan "Who Gives These Rankings?": Ex-Pakistan Star Slams ICC, Questions Babar Azam's Spot At Top Bangladesh's Spinners Are A Vital Cog In Their Line-Up, Says Mushtaq Ahmed Who Is Jasveen Sangha, "Ketamine Queen" Charged With Matthew Perry's Death "Don't Expect Anything From Me": Kolkata Hospital's New Principal Loses Cool Nurse Raped, Killed On Way Home, Body Found 9 Days Later In UP ISRO's Developmental Flight Carrying Earth Observation Satellite Lifts Off "Rs 700 For 1.8km": Delhi Man's Post On Uber's Surge Pricing Starts Debate How Extreme Weather Is Leading To Rise In Child Marriages In Pakistan Track Latest News Live on NDTV.com and get news updates from India and around the world.