Pakistan on Wednesday granted the Most Favoured Nation (MFN) status to India in a significant step in improving bilateral ties and boosting two-way trade currently standing at USD 2.6 billion.
“After a lengthy discussion and a briefing by the Commerce Secretary, the Cabinet unanimously approved the Commerce Ministry’s summary to grant Most Favoured Nation status to India,” Information Minister Firdous Ashiq Awan told a news conference.
The MFN status, which means that Pakistan will give trade treatment to India at par with its other partners, is likely to boost the bilateral economic ties.
India had granted the MFN status to Pakistan way back in 1996.
In 2010-11, India- Pakistan trade stood at USD 2.6 billion.
Pakistan’s move to grant MFN status to India comes ahead of the November 10-11 SAARC Summit in Maldives, where the Prime Ministers of the two countries are expected to meet.
All stakeholders in Pakistan, including the military, were “on board” for the decision to grant MFN status to India, Awan said.