CURRENT AFFAIRS

Detailed explanation-1: -After becoming a part of WTO, India granted MFN status to Pakistan in 1996, but it was not reciprocated by the latter. After more than a decade, Pakistan offered to extend MFN status to India in 2012 but did not follow through.

Detailed explanation-2: -Within the South Asian Association for Regional Cooperation (SAARC), Bangladesh, Maldives, Nepal, Pakistan and Sri Lanka are members of the WTO and all excepting Pakistan have extended MFN status to India, which had extended MFN status to all SAARC countries.

Detailed explanation-3: -Most favored nation status (MFN) is given by members of the World Trade Organization (WTO) to other members. This status confers trade benefits to member nations that are not given to others by treating each country as an equal trade partner.

Detailed explanation-4: -Revoking Russia’s PNTR status will allow the United States to increase and impose new tariffs on all Russian imports. In the US, the “most favoured nation” status is also known as permanent normal trade relations (PNTR). Only North Korea and Cuba do not enjoy the “most favoured nation” status from the US.