Pak's stand on Most Favoured Nation 'momentous': Indian Inc
Pakistan's decision to grant the much sought-after MFN status to India can lead to multi-fold increase in the bilateral trade of USD 2.6 billion, industry said today.
November 03, 2011 / 11:52 IST
Pakistan's decision to grant the much sought-after MFN status to India can lead to multi-fold increase in the bilateral trade of USD 2.6 billion, industry
said today.
Describing the decision by the Pakistan Cabinet as "momentous", the Indian industry said the move also "augurs well for discussions" at the forthcoming SAARC Summit at Maldives, beginning November 10.The Most Favoured Nation (MFN) status would mean that Pakistan will give trade treatment to India at par with its other economic partners. It would also give a boost to the bilateral trade which can go up to USD 8 billion in the next five years, industry body CII said.According to Assocham, the bilateral trade could go up to USD 6 billion by 2014. "The move could also lead to negotiations on opening of the mutual investment," Assocham Secretary General D S Rawat said.The Chamber is sending a high level delegation, comprising well-known industry leaders like K P Singh of DLF and Sajjan Jindal of JSW to Pakistan later this month. Ficci Secretary General Rajiv Kumar said "the stage is
now set for direct exports to Pakistan. Earlier, India used to export to Pakistan via Dubai (third country exports)." Kumar said with the grant of MFN status to India by Pakistan, the reciprocal trade barriers will disappear.India had granted Pakistan the MFN status way back in 1996 without getting a reciprocal response. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
