India set to review Pakistan's MFN status after 'fruitless' meeting on Indus Water Treaty

12:59 PM | 27 Sep, 2016
India set to review Pakistan's MFN status after 'fruitless' meeting on Indus Water Treaty
NEW DELHI - After an hours-long meeting to review Indus Water Treaty with Pakistan which apparently ended fruitless, Indian Prime Minister Narendra Modi has summoned a meeting to review the  Most Favoured Nation (MFN) status to Pakistan on Thursday.

According to the Indian media reports, the top officials of the Commerce Ministry and Ministry of External Affairs have been invited to meeting. They would brief the Indian premier on Pakistan's MFN status and any possible consequences if India withdraws it.

Related - Enough of the daydreaming Indians: Five reasons why India cannot scrap Indus Water Treaty

India had granted the  Most Favoured Nation status to Pakistan under its commitments with  the World Trade Organisation (WTO) in 1996, when the two countries were trying to improve their bilateral trade ties.

During the last two decades, despite suspension of trade between Pakistan and India for a number of times, the MFN status to Pakistan has stood intact.

Official figures suggest that India's move to withdraw the MFN status would not cast any drastic impact, rather it would only be a signal to the world.

India's trade with Pakistan makes only 0.41 percent of India's global commerce merchandise. In 2015-16, Pakistan accounted for only $2.67 billion out total $641 billion: $2.17 billion in terms of exports and less than $500 million for imports.

Related - “India patronising terrorism in Pakistan”

Pakistan and India are in the war of words following the September 18 attack on India military base in Uri, Occupied Kashmir which resulted in deaths of 18 Indian troops. New Delhi accused Pakistan for the attack while Islamabad categorically dismissed the claim, terming it India's attempt to divert world attention from military atrocities in held-Kashmir.

Ali Zain is a member of the staff at Daily Pakistan Global. He earned BS Communication Studies degree from University of the Punjab. His thesis titled "Cultural Continuity and Mass Media: An analysis of leading online newspapers of Pakistan" has been published as a book in Germany. He has also translated David Mathews' book "The Ecology of Democracy" into Urdu. He tweets at @alimaan.


Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94


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