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Pakistan Will Allow The Import Of Cotton And Sugar From India

Pakistan Will Allow The Import Of Cotton And Sugar From India:

Pakistan will allow the import of cotton and sugar from India, partially reversing a two-year-old decision to suspend all trade with India.

  • The decision to cancel trade was taken by the Pakistan government in August 2019, days after the Indian government amended Article 370 and reorganized Jammu and Kashmir.
  • Pakistan’s decision to suspend bilateral trade with India in August 2019 was a fallout of the constitutional changes in Jammu and Kashmir.
  • However, an underlying reason for suspending trade was the 200% tariff imposed by India on Pakistani imports earlier that year after India revoked Pakistan’s Most Favoured Nation (MFN) status in the aftermath of the Pulwama terrorist attack.
  • Trade between the two countries suffered greatly.
  • India’s exports to Pakistan dropped nearly 60% to USD 816.62 million, and its imports fell 97% to USD 13.97 million in 2019-20.
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