A Cabinet meeting chaired by Pakistan Prime Minister Yousuf Raza Gilani has approved granting the Most Favoured Nation (MFN) status to India.
The move is likely to give a boost to the trade between the two countries and double the volume from the present US$ 2.5 billion to US$ 5 billion.
The unanimous decision of the Pakistani Cabinet would result in lifting of restrictions on imports from India. Currently, only 1,946 items are allowed to be imported into Pakistan directly from India.
On the other hand, India had granted MFN status to Pakistan in 1996 and it has put restrictions on trade of 850 items with Pakistan.
The latest decision by Pakistan is mainly related to trade and would pave way for removal of non-tariff barriers and all other trade restrictions. The visa policies between the two countries are also expected to be made lenient.
Fibre2fashion News Desk - India
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