MFN Status
To help international business the Most Favoured Nation principal was established.
As per this principal any preferential treatment granted to one country must be extended to all countries.
For example, If a country provide tariff reductions to import from a country ,it must give the same treatment to all the members.
As per MFN pact , a WTO member country is bound to treat the other trading Nation in a non-profit discriminatory manner,in terms of custom duty.
India has given this MFN status to Pakistan in1996,but against the pact Pakistan did not MFN status to India.
Finally India has taken back this MFN status from Pakistan in protest of Pulwama terror attack,in which 40 CRPF soldiers died.
As per this principal any preferential treatment granted to one country must be extended to all countries.
For example, If a country provide tariff reductions to import from a country ,it must give the same treatment to all the members.
As per MFN pact , a WTO member country is bound to treat the other trading Nation in a non-profit discriminatory manner,in terms of custom duty.
India has given this MFN status to Pakistan in1996,but against the pact Pakistan did not MFN status to India.
Finally India has taken back this MFN status from Pakistan in protest of Pulwama terror attack,in which 40 CRPF soldiers died.
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