Pakistan ready to normalize trade with India (AP)

ISLAMABAD ? Pakistan says it has decided to normalize trade relations with its giant rival and neighbor India.

Information Minister Firdous Ashiq Awan says the Cabinet on Wednesday approved a decision to give India the status of the "Most Favored Nation."

The move is hailed as a positive first step in normalizing diplomatic and other links with India.

The two nuclear-armed countries have fought three wars since they were created in 1947.

Granting the most-favored status means the two countries can now trade on equal terms, typically giving each other low tariffs and high import quotas.

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/ap/20111102/ap_on_re_as/as_pakistan_india

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