2-Nov-11 2:00 PM EST
WSJ, 11/02 "Pakistan Agrees to Normalize Trade With India"
NEW DELHI—Pakistan agreed to normalize trading relations with India, a move that may help give a boost to moribund talks aimed at improving relations between the hostile South Asian neighbors.
Information Minister Firdous Ashiq Awan told a news conference on Wednesday that Pakistan's cabinet decided to grant India "Most Favored Nation" status, a decision that will likely boost bilateral trade.
"This was a decision taken in the national interest and all stakeholders, including our military and defense institutions, were on board," Ms. Awan said.
Under World Trade Organization agreements, the MFN principle is supposed to ensure that WTO members do not discriminate against one another, allowing all countries in the organization to benefit equally from the lowest possible tariffs.
India granted Pakistan MFN status in the mid-1990s, but Pakistan declined to reciprocate despite its WTO obligations. Both countries are members of the WTO.
Instead, Pakistan has limited imports from India to fewer than 2,000 items. Under the new arrangement, Pakistan will move to a "negative list" of goods—items of strategic importance such as defense equipment—which it will continue to ban, while allowing trade in a wider range of products.
The move is a rare goodwill gesture by Pakistan to India, with which it has fought three wars since 1947, and may help kick-start peace talks that have made little headway in recent years.
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Source: http://online.wsj.com/article/SB10001424052970203804204577013641982204650.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsThird
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James Lim Mr. Lim is an Associate at Coalition of Services Industry (CSI). |
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