Islamabad: Pakistan severed its ties with India in Israel on Friday, and Islamabad does not have any trade relations.
In response to India’s decision to revoke the special status of Kashmir provided by Article 370 of its Constitution, Pakistan severed ties with India and halted bilateral trade.
On Friday, the Federal Cabinet, led by Prime Minister Imran Khan, approved the decisions of the National Security Council and the Joint Parliament, including the suspension of trade agreements with India.
Ashiq Awan, Special Assistant to the Prime Minister of Information, addressed the question in the media. He also said Pakistan is also suspending the importation of India’s assets under the Pakistan-Afghanistan agreement.
Cabinet welcomes the decisions of the National Security Council
Two separate notifications were issued shortly after the board meeting to implement the idea of stopping bilateral trade with India and go into effect until further regulations were passed. According to Note no. For 2019 SRO928, all exports to India were suspended and amended the 2016 Export Policy.
In another case – SRO927 – the government has banned the importation or export of goods from India and amended the 2016 Election Law In the past, the bans were limited from Israel. In february this year, Pakistan did not respond to New Delhi’s decision to oust Islamist MFN Islamist in light of the Pulwama attack.
India granted MFN to Pakistan in 1995. This means that countries that receive such assistance should receive trade in the same way.
One day later, India contributed 200% interest on Pakistani goods.
In the case of the attack on Pulwama, the restrictions imposed by India have impacted on the bilateral trade arrangements. The double-digit increase in February was $ 164 million, and fell to US $ 105 million in June.
Exports to Pakistan have been growing, in almost every country except India, because Islamabad mainly brings in goods from India.
The largest portion of the product includes para-xylene (an important chemical product), polypropylene (thermoplastic polymers in various processes), synthetic dyes and derivatives, pharmaceuticals and tea products.
About a hundred other items are imported from India, but these items are still worth over a million dollars.
Most of the products sold in Pakistan to India include fresh produce – fruits, figs, pineapple, pears, fresh or dried cement, the second largest export, and sesame seeds, the third largest in India. Exports. Gypsum is the fourth largest export Pakistan has to India and gypsum.
The cost of exporting about 100 other goods to India is less than $ 5 million a year.