ISLAMABAD (Pakistan Point News / NNI - 17th February, 2019) Islamabad Chamber of Small Traders (ICST) on Sunday said Indian decision to withdraw the 'most-favoured nation' status to Pakistan is a symbolic move which will not hurt our economy as trade between the two countries remained insignificant.India has also hiked the basic customs duty on all goods imported from Pakistan to 200 percent which means banning almost all imports from Pakistan.
Pakistan maintains a negative list comprising 1,209 items that cannot be imported from India which should be expanded immediately, it said.Pakistan enjoyed the MFN status for nearly 23 years but its exports remain dismally low due to different tariff and non-tariff barriers while trade remained heavily tilted in favour of India, said Patron ICST Shahid Rasheed Butt.He said that despite trade potential of 37 billion Dollars as identified by the World Bank, Pakistan�s exports to India 2017-18 remained less than 500 million dollars while imports from India were over 2.
5 billion dollars.Shahid Rasheed Butt said that Pakistan mainly exports fruits, cement, leather, chemicals and spices to India while it imports cotton, dyes, chemicals, vegetables, iron, and steel.The tensions followed by Pulwama attack will hit Pakistani cement sector to some extent while the textile sector may face some increase in the cost of doing business.Pakistan is in the 'grey list' of the Financial Action Task Force while India wants Pakistan to be completely blacklisted and become internationally isolated for which it is trying hard but her efforts will get nowhere, he said. NNI
