Consider the following statements regarding Most Favoured Nation (MFN) status:
1. Most Favoured Nation status is a WTO mechanism which gives special concessions, privileges or immunities in trade to nation it is conferred upon.
2. India and Pakistan have recently pulled back MFN status from each other.
3. India conferred MFN status to Pakistan in 1996, a year after formation of WTO.
Which of the statements given above is/are correct?1
1 and 2 only
2
1, 2 and 3
3
3 only
4
2 and 3 only