Connect with us

Featured

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

Published

on

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.

Pakistan Ready To Negotiate Kartarpur Corridor With India

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

Advertisement
Advertisement

Facebook

FEATURED

SU-30 SU-30
Featured4 hours ago

Rafale vs Su-30SM: Despite Rafale Jets, Why Su-30s Will Remain The Most Powerful Fighters In The Whole Of Asia?

Russia has won many hearts in India and China with its Sukhoi Su-30SM fighter jets, however, owing to the massive...

INDIA-CHINA INDIA-CHINA
Featured6 hours ago

Can PM Modi Correct The ‘Balochistan’ Mistake That India Committed In 1947?

As history suggests, India lost out when the Sultan of Oman offered Gwadar as a gift to India but the...

eurasian-times eurasian-times
Featured6 hours ago

After SU-30 Jet, Now MiG-21 Fighter Jet Crashes In Western District

A Serbian military aircraft crashed Friday in western Serbia, the Defense Ministry confirmed. The ministry said that the MiG-21 military aircraft...

putin-russia putin-russia
EurAsian Region6 hours ago

Watch How Russian BM-30 Smerch Rockets Use GLONASS Navigation System To Hit Its Target

Russia has reportedly made another major breakthrough in boosting its missile launching capabilities with modernised BM-30 Smerch or 9A53-S Tornado...

ARMY-INDIA ARMY-INDIA
Featured13 hours ago

Clear Message To China: India Army Will Fire If PLA Soldiers Come Forward

As India-China border tensions are yet to be completely diffused, according to a report by The Hindu, New Delhi has given...

s400-russia s400-russia
Featured23 hours ago

Third Batch Of Lethal S-400 Triumf Missile Defence Systems Delivered To Russia

Almaz-Antey Air and Space Defense Corporation JSC delivered the third batch S-400 Triumf missile defence system to the Russian Ministry...

Cold-War Cold-War
Americas23 hours ago

Who Is Winning The Race Between US, Russia & China To Develop World’s First Sixth-Gen Fighter Jet?

So far, the US is the only country to develop, operate and sell its fifth-generation fighter jets, while China and...

sukhoi-su-35 sukhoi-su-35
Featured1 day ago

Setback For Su-30 As Russian Su-35 Jet Shoots It Down After An Intense Dogfight

In a bizarre incident that happened over the Russian skies on Tuesday, a Russian Su-35S fighter jet reportedly shot-down Su-30SM...

Gangayaan-ISRO Gangayaan-ISRO
Featured1 day ago

ISRO’ Satellite Communications Attacked By Chinese Hackers – CASI Report

While concerns over China’s increasing space warfare capabilities have been highlighted in a recent Pentagon report, another U.S. think-tank has...

DRDO-INDIA DRDO-INDIA
Featured1 day ago

India Tests Powerful Short Range Prithvi-II Missile Amid Soaring Tensions With China, Pakistan

The Defence Research and Development Organisation (DRDO) of India has successfully test-fired the indigenous Prithvi – II missile, the third...

Advertisement