Commerce Minister Humayun Akhtar has said that status of 'Most Favoured Nation' (MFN) to India can only be given after ensuring level playing field for Pakistan's industry.
He said this while talking to newsmen after an Iftar reception hosted by him for people of his constituency here on Saturday evening. Humayun said that Indian Commerce Secretary, during his visit to Pakistan in August last, had requested for granting MFN status to India.
However, Pakistan Government had asked India to give details about its trade regime, tariff and non-tariff barriers, so as a level playing field could be ensured for Pakistan's industry before granting MFN status. He said that both countries are desirous that tariff should not be high on their export goods.
He said that no bilateral meeting has been scheduled as yet on this issue but Commerce Ministers of Saarc nations would be meeting in Islamabad soon to discuss Safta and ways and means to improve regional trade.
Regarding Free Trade Agreement (FTA) with different countries, he said that negotiations with Sri Lanka were under way. He expressed hope that during the visit of Prime Minister Shaukat Aziz to Sri Lanka on his second leg of visits to Saarc countries, there would be some headway on the issue. Similarly, he hoped that recent talks with the US on trade would also yield good results.
About hike in oil prices, he said that oil prices increase and import of wheat would definitely leave an impact on trade balance. However, he said that import of non-oil and non-food sector shows import of machinery and raw material, which is healthy impact as it would increase production. Secondly, he said that if trade balance, was adjusted with current account balance including foreign remittances and grant, it would not be disturbing.
About Afghan Transit Trade (ATT), he said that Pakistan had prepared a negative list after 1996, which reached up to 24 items and now it has again been curtailed to 6 items. However, he said that curtailing of ATT list would not encourage smuggling as now duties in Pakistan were low and incentive of smuggling had also reduced.
Earlier addressing the participants of Iftar reception, Humayun said that present government was striving hard to create job opportunities for common man and improving living standard.
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