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| MFN status may hike cross-LOC trade in J&K | | | EARLY TIMES REPORT
Jammu, Nov 12: The cross-LOC trade between Jammu and Kashmir and Pakistan occupied Kashmir is expected to register unprecedented increase once Pakistan granted Most Favoured Nation (MFN) status to India.
Leaders of trade, industry and commerce in Jammu and Kashmir said that during the last five years it is restricted trade activities between the two sides. Explaining it they said that under an agreement reached between the two sides when the two trade routes, Srinagar-Muzaffarabad and Poonch-Rawalakot, that were opened for trade "we can import a limited number of items from across the LOC and we are supposed to export only those items that have been cleared by the Government."
They said that though the cross-LOC trade in Jammu and Kashmir was not directly governed by the MFN status but once India was granted this status it would be liberal trade not only between Pakistan and India but between Jammu and Kashmir and occupied Kashmir too.
In reply to a question prominent traders and manufacturers said that if trade restrictions were lifted after receiving the MFN status "we can import more than 100 items and export over 200 items including spices, pulses and medicines besides cricket bats, fresh and dry fruit."
They said that India had granted MFN status to Pakistan in 1996 but Islamabad did not reciprocate and this decision was based on political considerations. However, in the process Pakistan has been a big loser losing about two billion dollar a year because of the delay in granting MFN status to India.
The leading traders and industrialists in Jammu and Kashmir said that if India received MFN status from Pakistan, chances for which have become bright, the two sides will have banking facilities. They said when the banking facilities were introduced "we will not be forced to bank on barter system."
Experts say that unrestricted trade and travel could help the two sides to shed trust deficit. "Greater people to people contact may led to better understanding,” traders said.
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