Pakistan cancels import tariff restrictions on 12 Indian commodities

Pakistan plans to normalize its trade relations with India. Therefore, Pakistan announced that it will remove import restrictions on 12 Indian products, including raw materials, machinery, leather and textiles, and will take effect immediately.

Pakistani Finance Minister Abdul Hafeez Shaikh announced at the Cabinet Economic Coordinating Committee meeting that he presided over that it allowed the import of these goods from India at one time.

An official said today that the meeting also approved that it is necessary to adjust the order to change the country's import and export policies (2009-12 Strategic Trade Policy Framework).

Indian Prime Minister Manmohan Singh and Youssef Razagilani made a statement at the Maldives’ SAARC summit that the two countries have embarked on the road to free trade and Pakistan’s finance minister has announced the decision.

Pakistan’s decision was also due to media reports that some Pakistani textile mills planned to relocate to Bangladesh to obtain a friendly environment for local investors.

Pakistan has announced that it has decided to normalize its trade relations with India and ultimately grant India its "Most Favored Nation" status. When the Ministers of Commerce of the two countries meet in New Delhi from November 14th to 15th, they are expected to make a major decision.

Although India had granted MFN status to Pakistan as early as 1996, the Ministry of Commerce of Pakistan recently sought the approval of the Economic Coordinating Committee (ECC) to increase the types of goods that can be imported from India.