Pulwama Attack: Custom duty raised to 200% on goods from Pakistan after India withdraws 'MFN' status
As Kashmir suffered it’s one of the deadliest attack in the past decade, Indian government revoked the ‘Most Favored Nation’ status granted to Pakistan and now, all the goods being imported will be charged with 200% custom duty.
The decision to withdraw the ‘Most Favored Nation’ status granted to Pakistan by India in 1996, just after the formation of the World Trade Organization, was taken soon after a convoy of the CRPF was attacked by a suicide bomber belonging to the Pakistan based Jaish-e-Mohammed (JeM), and resulted in killing of 40 soldiers.
Finance Minister Arun Jaitley tweeted, “India has withdrawn MFN status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200% with immediate effect.”
India has withdrawn MFN status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200% with immediate effect. #Pulwama
— Arun Jaitley (@arunjaitley) February 16, 2019
The MFN status is given to a nation to ensure that no discrimination takes place in trade between two countries. It is interesting to note that while India gave the ‘MFN’ status to Pakistan, the neighbor never reciprocated in the same manner while being a member of the WTO.
Laden under high debt, Pakistan is already under the ‘grey’ list of Financial Action Task Force (FATF), wherein this body is responsible to stop terror financing, although India has demanded that Islamabad to be completely blacklisted.
Even after China’s various attempts to block naming Masood Azhar as a “UN designated terrorist,” the US has clearly stated to Pakistan that “immediately end support and safe haven to all terrorist groups.” It would be interesting to see how the veto power plays out on JeM leader, next time the UN session happens.
First published: 17 February 2019, 10:00 IST
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