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- Prime Minister Narendra Modi will consult with officials of the External Affairs and Commerce ministries.
- India gave the “Most Favoured Nation” status to Pakistan unilaterally in 1996 but Islamabad has not reciprocated YET.
- Despite lengthy negotiations over two decades, Pakistan has not reciprocated on Most Favoured Nation status for India, apparently because of political compulsions and also the need to protect its industry since there is greater demand for Indian goods in Pakistan.
- India is also considering to massively restructure the 1960 Indus Waters Treaty on the sharing of the waters of six rivers with Pakistan. On Monday, PM Modi held a meeting to discuss the matter.
- Both India and Pakistan are signatories to the World Trade Organisation’s General Agreement on Tariffs and Trade (GATT), according to which all the member countries have to have to treat each other as favoured trading partners and can’t discriminate.
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