Which nations India has given MFN status?

India has accorded ‘Most Favoured Nation’ status to all WTO members, including Pakistan, in accordance with provisions of Article 1 of General Agreement on Tariffs and Trade, 1994 in 1996.

What does Pakistan trade with India?

India’s major imports from Pakistan in 2018-19 were mineral fuels and oils ($131.29 million), edible fruits and nuts ($103.27 million), salt, sulphur, stone and plastering materials ($92.84 million), ores, slag and ash ($17.18 million) and raw hides and leather ($16.27 million).

What are the advantages of most-favored-nation status?

The most-favored-nation clause increases trade creation and decreases trade diversion, essentially encouraging more free trade between countries. It allows more efficient outcomes since the lowest cost producers can export goods to areas with the highest demand without government intervention.

What is the most favored clause?

A most-favored-nation (MFN) clause requires a country to provide any concessions, privileges, or immunities granted to one nation in a trade agreement to all other World Trade Organization member countries. Although its name implies favoritism toward another nation, it denotes the equal treatment of all countries.

Is Pakistan still MFN for India?

India had granted MFN status, which provides non-discriminatory access to its market, to Pakistan in 1996. Under WTO norms, member countries are mandated to give this status to each other on a reciprocal basis. However, Pakistan has not accorded MFN to India and hence can’t dispute the move, according to officials.

Which country is the most-favored-nation?

The United States has reciprocal most-favored-nation status with all WTO members. The General Agreement on Trade and Tariffs was the first multilateral trade agreement to bestow most-favored-nation status.

What is the most-favored-nation rule?

Why Pakistan did not give MFN status to India?

New Delhi: India revoked Pakistan’s most-favoured nation (MFN) status following the Pulwama terrorist attack that killed over 40 CRPF personnel and is exploring the possibility of further economic measures to tighten the screws on its neighbour.