‘Most Favoured Nation’ status withdrawn from Pakistan by India

‘Most Favoured Nation’ status withdrawn from Pakistan by India

Most favoured Nation Most favoured Nation

Guwahati, February 15, 2019:

The ‘Most Favoured Nation’ status given to Pakistan in trade services in 1996 has been withdrawn by India after the terrorist attack at Pulwama in Jammu and Kashmir where 42 jawans of the CRPF were martyred.

Union Finance Miniter, Arun Jaitley warned that the perpetrators will have to face the fury of India and will not be given the scope to escape. The statement was made after holding the Cabinet Committee on Security (CCS) headed by PM Narendra Modi today.

Being the part of the World Trade Organisation (WTO), India and Pakistan are signatories of the ‘Most Favoured Nation’ status accorded Under WTO’s General Agreement on Tariffs and Trade.

By removing the ‘Most Favoured Nation’ status belonging to under WTO memberships, a country can increase customs duties to any level on goods coming from its counterpart.

The Ministry of External Affairs has given a hint to launch an all out operation to ensure the complete isolation of Pakistan for handling the attack.