Home Economy and Finance After withdrawal of MFN status, basic customs duty on goods exported to India from Pakistan raised to 200%

After withdrawal of MFN status, basic customs duty on goods exported to India from Pakistan raised to 200%

Some of the products that are exported from Pakistan and are bound to take a hit for the enemy nation are cotton, oilseeds, some fruits, polymers, wool, fabric, leather, cement etc. 

The dastardly Pulwama attack sponsored by Pakistan and carried out by JeM terrorists that left 40 CRPF soldiers dead, has resulted in widespread anger across the Nation. Following the attack, India moved quickly to mount a diplomatic offensive by speaking to representatives of 25 countries, the ambassadors of Arab nations and withdrawing the Most Preferred Nation (MFN) status from Pakistan. After the withdrawal of MFN from Pakistan, basic customs duty on all goods exported from Pakistan to India has been increased to 200% with immediate effect, tweeted Finance Minister Arun Jaitley.

This would very well result in a massive economic and trade shock to the already nearing bankrupt state of Pakistan. The import from Pakistan to India amounted to upwards of $2 Billion. With the customs duty hiked, as a response to the Pulwama attack, the financial state of Pakistan would take a hit.

The top 10 goods imported by India from Pakistan is as follows:

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Top 10 items imported from Pakistan to India

Some of the products that are exported from Pakistan and are bound to take a hit for the enemy nation are cotton, oilseeds, some fruits, polymers, wool, fabric, leather, cement etc.

Currently, the customs duty on some of the items are as follows:

Cotton: 14%, Fruits: 74%, leather: 0%, Mineral oil etc: 20%, Ores: 26%, Glass: 26%. Now, the customs duty would be increased by 200% on all goods.

While the customs duty on imports from Pakistan has been hiked to 200%, there is a strong sense that India is gearing up to respond to Pakistan in the same coin for the dastardly attack that left 40 soldiers dead.

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