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Top What is Most Favored Nation? India withdraw Most Favored Nation (MFN) from Pakistan 2023 Updated
What is the Most Favored Nation?
Based on the World Trade Organization and International Trade rules, the status of the most preferred country (MFN) is given. Under MFN, there is assurance that he will not be harmed in the business. Under MFN, there is a special discount for import-export. This registered country business is at the lowest import duty.
Based on the World Trade Organization and International Trade rules, the status of the most preferred country (MFN) is given. On granting MFN status, the country is confident that it will not harm the business. India gave Pakistan the status of MFN in 1996. When Pakistan gets this status, along with giving more import quota to Pakistan, more products are allowed to be sold on lower trade tariffs. Please state that this status given to Pakistan by India is one-sided. Pakistan has not given India such a status. Pakistan has declared India the status of MFN (Special Migration) status in the year 2012, but has not yet fulfilled the promise.
A meeting of the Cabinet Committee on Security (CCS) was held in the morning to discuss the terrorist attacks in Jammu and Kashmir’s Pulwama district. Several decisions were taken about the isolation of Pakistan in the meeting. Including MFN status. Finance Minister Arun Jaitley said that the status of the Most Favored Nation (MFN) from Pakistan has been withdrawn. After a year of becoming WTO, India gave Pakistan the status of MFN in 1996. But Pakistan never gave India the status of MFN.
After the CCS meeting, Jaitley said that the Foreign Ministry will take diplomatic steps to completely isolate Pakistan on the international stage. He said that the government will call an all-party meeting on Saturday. Jaitley said that those who carried out this cruel incident and those who supported it would have to pay a heavy price.
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What will be the effect
The withdrawal of MFN status is not so easy as the effect of trade between India and Pakistan can also be affected in other countries of South Asia. If India withdraws the status of MFN from Pakistan, then the import of duty-free cement coming from Pakistan can also have an impact.
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What does India do to Pakistan, and what does the export
India-Pakistan exports mainly 14 items including sugar, tea, oil cake, petroleum oil, cotton, tire, rubber etc. At the same time India imports a total of 19 major products from Pakistan. These products include products such as guava, mangoes, pineapple, fiberic cotton, cyclic hydrocarbon, petroleum gas, portland cement, copper waste and scrap, cotton yarn.