This paper tries to assess the impact of Sanitary and Phytosanitary measures in the context of agricultural imports. The WTO induced Sanitary and Phytosanitary (SPS) policy is restrictive and it is affecting severely the exports from developing nations. This paper tries to explore whether there can be conditions under which certain restrictions can be mutually beneficial both for the exporter and the importer. A game theoretic model has been proposed to determine whether the policy in its current form generates mutually beneficial payoffs.