Arab Today, arab today islamabad moving to normalise trade with delhi
Last Updated : GMT 05:35:14
Arab Today, arab today
Arab Today, arab today

Islamabad moving to normalise trade with Delhi

Arab Today, arab today

Arab Today, arab today Islamabad moving to normalise trade with Delhi

Islamabad - Arabstoday

Pakistan is on its way to normalising trade with India. The recent visit of Indian commerce minister to Pakistan and New Delhi’s support to the European Union’s special trade package for Pakistan in the World Trade Organisation will strengthen these efforts. As part of the trade normalisation process, first the current Positive List for imports from India will be replaced with a Negative List. Subsequently, the Negative List will be phased out leading to grant of full Most Favoured Nation (MFN) status to India, a basic requirement of the multilateral trading regime. At the time of the birth of Pakistan, India was its largest trading partner. In 1948 when the General Agreement on Tariffs and Trade (GATT), the WTO’s predecessor, came into being, both Pakistan and India became its members and granted each other MFN status. However, the bilateral trade relations were disrupted by the 1965 war and remained suspended till 1973. When the trade was resumed, the MFN principle was disregarded by both countries and the trade was conducted on the basis of Positive List. The Positive List approach meant that only those items could be exported or imported which were on the respective lists. In 1995, the WTO was born and adopted the MFN as its constitutional principle. Accordingly, India restored Pakistan’s MFN status meaning that imports from Pakistan, like any other WTO member, were allowed without any discrimination. Pakistan, however, continued to maintain the Positive List approach thus restricting imports from India. The Positive List was gradually expanded and presently it consists of 1963 products or tariff lines as they are technically called. What is noticeable about the bilateral trade is that despite withholding MFN status, Pakistan continues to have trade deficit with India. In 2006-07, the volume of bilateral trade was $1.57 billion including $342.9 million exports from Pakistan and $1.23 billion exports from India with $893 million trade surplus for India. In 2010-11, the total trade had surpassed $2 billion. However, exports from Pakistan came down to $264.3 million, while Indian exports went up to $1.74 billion thus giving Pakistan a trade deficit of $1.47 billion.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today islamabad moving to normalise trade with delhi Arab Today, arab today islamabad moving to normalise trade with delhi

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today islamabad moving to normalise trade with delhi Arab Today, arab today islamabad moving to normalise trade with delhi

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday