Hafiz Saeed and Co must now be pulling their hair out after hearing this news! They probably are already planning the next attack to derail the very thought of friendship with their greatest enemy on Earth after the US of A - the Kafir Yindoo banayas!
But seriously, post-MFN, Pakistan's imports from India will certainly increase, though it is difficult to forecast by how much.
However the figures of exports from Pakistan will only grow if India actually reduces the Non-Tariff Barriers. The argument that these NTBs are not Pakistan-specific would not help Pakistan's exports or its industry. The cost of certain machinery or products will go down for Pakistan, benefiting certain industries, but at the same time there is a danger of some local industries being knocked out by Indian imports, and enhancing unemployment and resentment against the initiative.
The balance of trade in favor of India at present is about $ 1.4 billion. This needs to be corrected by reducing NTBs.
Most part of Pakistan's business community, led by traders, has been supporting granting MFN status to India. Their support is subject to the hope that they will be able to gain access to the much-larger Indian market next door. They, therefore, are looking to the Government to extract some kind of concessions from India to lower their bar of non-tariff-barriers.
Let's wait and see what happens.
Cheers!