Pakistan formally lifted sanctions on Iran on Friday, a move which is expected to open a new era of cooperation between the two countries in the areas of banking, trade and energy. Foreign and Finance Ministries added the decision would revive economic and commercial ties between Pakistan and Iran, particularly in areas of trade, investment, technology, banking, finance and energy.
After successful agreement between Iran and G5+ last year over the issue of Iranian nuclear program UN Security Council (UNSC) Resolution of 2231 unanimously passed by the 15-member in July last year. International watchdog IAEA was convinced that Iran was fulfilling its commitments to curb its nuclear program which resulted in termination of seven UNSC resolutions against Iran in January 2016.
In result of lifting international sanctions billions of dollars worth of Iranian financial assets are now unfrozen. Many countries and multinational companies are looking forward to explore the business opportunities in the potential Iranian markets.
Pakistan enjoys brotherly relations with immediate neighbour Iran. Pakistan has advantage over other countries to maximize its interest with trade relations with Iran.
There is great potential to revive economic and commercial bilateral relations in various fields including trade, investment, technology, banking, finance and energy. Both the countries are eying to boost the bilateral trade to five billion in coming years. Before the full force of the sanctions set in, Pakistan’s exports to Iran in 2010 were worth $ 182 million before falling to around $ 42 million by 2014. We hope that sanity prevails and Pakistan and Iran are able to resume work in the mutually benefited gas pipeline.
With the lifting of sanctions, two countries should working on a strategy to increase bilateral trade.
