Wednesday, July 28, 2021

India-Pakistan Trade Grows Despite 200% Hike in Import Duties: Reports

India and Pakistan trade volume registered a rise of approximately five per cent despite existing India and Pakistan conflicts, says a reports. Soon after Pakistan’s withdrawal from MFN status, India imposed 200 per cent import duty on Pakistani goods.

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After the deadly Pulwama terror attack,  India withdrew the Most Favoured Nations (MFN) status from Pakistan. The MFN status granted to Pakistan in 1995 says that a country will treat all World Trade Organisations member states uniformly in matters of tariffs on imports. Soon after Pakistan’s withdrawal from MFN, India also slapped 200 per cent import duty on Pakistani goods.

On February 14, attack by Pakistan-based Jaish-e-Mohammad terror group left 40 CRPF personnel dead. “However, the Indian government’s decision to impose 200 percent additional duty will bring them no solid results as Pakistan’ annual exports to the country are worth few million dollars”, said the Pakistani media reports.

Showing a complete picture that India will feel the pressure of the current stand-off, Trade statistics highlights saying, “The total aggregate volume of bilateral trade between July-January 2018-19 has reached to USD 1.122 billion, up by 4.96pc from USD 1.069 billion over the corresponding period of last year, it said. The first seven-month data of this fiscal year shows that Indian exports to Pakistan constitute 79.33 per cent of the total bilateral trade volume”.

“Between July-Jan 2018-19, Pakistan imports from India have reached to USD 890.05 million from USD 871.71 million over the corresponding period of last year. It clearly shows an increase of 2.11 per cent. Pakistan’s imports have already entered negative growth with almost all countries except India”, the report said.

“In the year 2017-18, Indian exports to Pakistan have reached USD 1.84 billion as against USD 1.64 billion over the previous year, showing an increase of 12.2 per cent”, the report said.

Responding to India’s move to revoke Pakistan’s MFN status, Secretary Commerce Younus Dagha informed the Pakistani media that Commerce Division has already worked out different options. Although, he did not disclose the details. ‘No plan yet to announce it anytime soon. But we will give a measured response whenever the government also decides” said, Dagha.

More News at EurAsian Times

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