Why did India not sign the world largest RCEP trade deal?

On November 15, 2020, China and other fourteen Asian countries signed the world largest trade pact under the RCEP of ASEAN grouping. The agreement left the doors open for India. However, in 2019, India walked out of the agreement. Why did India not sign the agreement? According to India, the deal does not address its ..

Month: Current Affairs - November, 2020

Category: Economy & Banking Current Affairs • International Current Affairs

Topics: ASEAN • FTA • India RCEP • Most favoured nation • RCEP • Trade Deficit

Imports from Pakistan to India decline by 92% in March 2019

Imports from Pakistan to India have declined by 92% amounting to USD 2.84 Million in March 2019 after imposition of 200% customs duties on all products. The strong economic action against Pakistan was taken following Pulwama terror attack. Key Highlights Background: On February 2019, in aftermath of Pulwama terror attack for which Pakistan based JeM ..

Month: Current Affairs - June, 2019

Topics: Advance Authorisation Scheme • Customs duties • Import/Export • India- Pakistan • MFN Status • Most favoured nation • Pulwama Terror Attack • World Trade Organisation • WTO

India Withdraws MFN Status of Pakistan

One day after the Pulwama terror attack on 14th February, 2019, India has taken a stern step of withdrawing the Most Favoured Nation or MFN Status of Pakistan. This move would enable India to increase customs duty on goods coming from Pakistan. The decision was taken in the meeting of the Cabinet Committee on Security ..

Month: Current Affairs - February, 2019

Topics: India- Pakistan • Jammu & Kashmir • MFN Status • Most favoured nation • Terrorism • WTO

Pakistan has no plans to grant MFN status to India

Pakistan Government has no immediate plans to grant Most Favoured Nation (MFN) status to India. However, it is working out free trade agreements (FTAs) with different countries, especially China and hopes to complete second FTA with China by June 2019. Pakistan has not reciprocated MFN status to India, reportedly citing “non-tariff barriers” erected by India ..

Month: Current Affairs - November, 2018

Topics: India- Pakistan • International • Most favoured nation • Pakistan • Trade • WTO

Pak to turn from +ve to -ve list for trade with India

As the Pakistan’s Cabinet gave its approval for 1,209 strong –ve list of items in which bilateral trade is barred, Pakistan to turn to –ve list for trade with India. This will subsequently open up Business opportunities in around 6,850 commodities. As of now 1,900-odd items are traded with Pakistan. This will also make the ..

Month: Current Affairs - March, 2012

Topics: Countries • International Organizations • International trade law • MFN • Most favoured nation • Pakistan • World • World Trade Organization