Pakistan rules out possibility of giving India ‘MFN’ status: report

Pakistan has ruled out all possibilities of India receiving the status of ‘Most Favoured Nation’ in the near future, Times of India reported.

During a meeting organised by Federation of Indian Chamber of Commerce and Industry (FICCI), Pakistan High Commissioner Abdul Basit said that even though Pakistan had been given the status of MFN by India in 1996, it was not very helpful for the country as the balance of trade remained greatly inclined in favour of India.

“Giving India the MFN status would have further sharpened the imbalance in favour of India,” Basit said.

Further, as Basit stated, bilateral trade between India and Pakistan is worth $2.5 billion only, which in his opinion is minute compared to the trade with China.

“The only way for Pakistan to increase its imports to India is that it removes some of the non-tariff barriers for Pakistan,” Basit said.

Even after 67 years of partition, Basit said the two neighbours have failed to improve relations. “We have been moving one step forward and two steps backward.”

Speaking about the Pakistan-China Economic Corridor, Basit said it will not only benefit Pakistan but the whole of south and central Asia.

During President Xi Jinping’s visit, Pakistan and China signed agreements, including a $46 billion economic corridor which involves major construction in some highly unstable areas.

Pakistani and Chinese officials signed a series of more than 50 accords to inaugurate the China-Pakistan Economic Corridor, which will create a network of roads, railways and pipelines linking China’s restive west to the Arabian Sea through Pakistan.