India with immediate effect has boosted the Customs Duty on all the goods imported from Pakistan to 200% followed by the day after India repealed Most Favoured Nation (MFN) status from Pakistan. This punitory move followed by the Pulwana Terrorist attack that led to the death of 42 CRPF (Central Reserve Police Force).
This step is likely to strike Pakistan’s exports to India which were $381 million in the April-Nov period and for overall FY18, it was $489 million. This 200% tariff rate is higher than the average bound rate of 113.5% for agriculture products and 34.6% for non-agriculture products. The MFN applied rates are 32.8% and 10.7%, respectively for farm and non-farm products.
Source: Indian Express
Static/Current Takeaways Important for NIACL AO Mains Exam:
- Pakistan Capital: Islamabad, PM: Imran Khan, President: Arif Alvi.