Pakistan grants MFN status for India

Federal cabinet of Pakistan approved to grant the status of Most Favored Nation to India and agreed to boost the bilateral trade volume from 2.5 billion US dollars to five billion US dollars. The cabinet meeting was chaired by Prime Minister Yousuf Raza Gilani in capital city of Islamabad. The move would help to expand bilateral trade relations, the PTI reported. 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. Visa policies between the two countries would be made lenient and both sides would also remove non-tariff barriers and all other restrictive practices. 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.