Ministry of Commerce and Textile on Friday suspended bilateral trade with India with immediate effect and until further orders after obtaining formal approval of the federal cabinet. The Ministry's Director General (Trade Policy) Muhammad Ashraf has issued a notification which has been shared with Chairman Federal Board of Revenue (FBR) stating that the federal government has decided to suspend bilateral trade with India with immediate effect and until further orders. In this regard Statutory Regulatory Orders amending the Import Policy Order (IPO) and Export Policy Order (EPO), 2016 have also been shared with the FBR, aimed at sending the directives to the Customs officers at the ports and Wagha border.
Insiders claim that the decision to suspend bilateral trade with India by the National Security Committee (NSC) was taken without taking Commerce Advisor Abdul Razak Dawood on board. A couple of days ago, Dawood stated that he would respond after considering all aspects. Insiders claim that many hawks in the government wanted to retaliate against India by imposing 200 per cent Regulatory Duty but he resisted the move, arguing that business should be treated like business.
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