Pakistan has formally suspended its trade relations with India after New Delhi revoked Jammu and Kashmir’s special status.
On Friday, the federal Cabinet headed by the Prime Minister, Mr. Imran Khan, endorsed the decisions taken by the National Security Committee and the joint session of Parliament, which included suspension of trade ties with India.
Trade relations between the two were already strained following the Pulwama terror attack as India imposed 200 per cent customs duty on all goods imported.
Imports from Pakistan declined by 92 per cent to 2.84 million dollars in March this year compared to 34.61 million in March 2018, according to the commerce ministry data. During January-March period of 2018-19 fiscal, imports from Pakistan declined by 47 per cent to 53.65 million dollars.
Two notifications were issued soon after the cabinet meeting to implement the decision to suspend bilateral trade with immediate effect and until further orders, the report said.