Ad

PM “Modi” Postponed Review on MFN But Concentrates On LOC Situation

Sep. 29 Defence, Economy Comments

[New Delhi] Prime Minister Modi Postponed Review on MFN But Concentrates On LOC Situation.Presently Prime Minister Of India Narendra Modi chairs CCS meeting on situation along LoC.
The meeting called by Prime Minister Narendra Modi to review the Most Favoured Nation (MFN) status granted to Pakistan has been postponed till next week.
The decision to review the MFN was taken in the wake of the Uri attack over which India is weighing options to respond.
The MFN status was accorded in 1996 under WTO’s General Agreement on Tariffs and Trade (GATT). Both India and Pakistan are signatories to this which means they have to treat each other and rest of WTO member countries as favoured trading partners.
According to Assocham, out of India’s total merchandise trade of USD 641 billion in 2015-16, Pakistan accounted for a meagre USD 2.67 billion.
India’s exports to the neighbouring country worked out to USD 2.17 billion, or 0.83 per cent, of the total Indian outward shipments while imports were less than USD 500 million, or 0.13 per cent, of the total inward shipments
Photo Caption
The Prime Minister, Shri Narendra Modi chairing the CCS meeting on the situation on LoC, in New Delhi on September 29, 2016.

Tags: , ,