Pakistan lifting sanctions against Iran could pave the way for mutually beneficial long-term relationship between the neighbors.
Islamabad has finally decided to lift sanctions against Iran to further strategy promoting trade and economic ties with the neighbor. A ministerial meeting on Friday decided that sanctions against Iran would be lifted which should help with the oil imports as well, seeing how Iran is rich in such resources. A notification was issued by the Ministry of Foreign Affairs stated that Islamabad will resume all ties with Tehran including economic and commercial thereby increasing cooperation in sectors such as trade, investment, banking, energy, technology and finance. The meeting was chaired by Minster of Finance Pakistan, Ishaq Dar.
With the lifting of sanctions against Iran, the two countries will receive a significant boost when it comes to trade ties. This step should potentially bring Iran to invest into China-Pak Economic Corridor (CPEC). Previously, a free-zone setup for Iran was discussed near the border for which significant steps were taken. Given how warm relations between the two countries are on the rise, Iran may actually consider investing in Pakistan and in the future may even be willing to use Gwadar as their primary port of trade.
After Iran’s successful nuclear deal, it was expected that Pakistan and Iran’s relationship will see a viable boost for the long-term and it seems to be taking shape already. As it were, Iran is under no imminent threat from the Western power as it were before. Pakistan and Iran are set to resume defense ties as well, which may or may not involve transfer of technology however, reports on that are mum. Pakistan has taken the first step towards a mutually beneficial relationship by lifting sanctions on Iran.You can follow us on Facebook, Twitter, or Google+ for more updates. Otherwise fill in the subscription box above, or subscribe to our RSS Feed.