India Revokes Pakistan’s ‘Most Favoured Nation’ Status | General Awareness for RRB JE, SSC CGL, CHSL

India Revokes Pakistan’s ‘Most Favoured Nation’ Status | General Awareness for RRB JE, SSC CGL, CHSL


Press the Bell Icon to never miss a video from Testbook.com. Hello Friends & Welcome to this video! Recently our Nation has undergone a devastating terror attack. Almost 40 CRPF troopers lost their lives in Pulwama Terror Attack. The Terrorist Organisation, Jaish-e-mohammad was responsible for this terror attack. This group was actively participating in several terrorist activities in Kashmir. After this horrendous event, India has withdrawn the MFN Status from Pakistan. And Union Finance Minister Arun Jaitley has stated that Government will take every diplomatic step to push Pakistan into complete isolation. Due to this reason, this move by India will be able to incur increased custom duties from Pakistan. India had granted the MFN Status to Pakistan a long time ago. But Pakistan never returned this status to India. Here’s a small question for you: Do you know when did India grant the MFN Status to Pakistan? If you know its answer, do let us know in the comment section below. You will get the answer to this question by the end of this video. Now let’s discuss about MFN Status. The Full Form of MFN is Most Favored Nation. According to International Politics & Economic Relations MFN Status is a level of treatment. and in international trade, MFN Status is granted by one member country to another. This means that MFN Recipients and member countries of WTO, will get equal trade advantages in terms of imposing custom duties on goods. Via this move, India can impose heavy custom duties on imports from Pakistan. According to facts, the trade between India and Pakistan has increased from 2.4$ million for the year 2017-18. The question is what will be the outcome of withdrawing MFN Status? After withdrawing MFN Status, India can increase custom duties to any level on the goods imported from Pakistan. Pakistan won’t be impacted much by this act by India because the trade between India & Pakistan is pretty low. According to the World Bank Report the current trade value of India and Pakistan is $2 billion. while its capacity is $34 billion. So we can say that this significant move by Indian Government is to protest against the Pulwama Terror Attack Here’s the answer to the question we have asked in the starting of this video: We asked you, when did India grant MFN Status to Pakistan? The correct answer is 1996. Hope all of your doubts regarding MFN got clarified in this video. We won’t be able to forget Pulwama Attack, neither will we be able to forget the sacrifices of our national heroes. Thank you for watching, Jai Hind!

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