Pakistan lifts sanctions against Iran
Economic and trade relations between the two countries will witness a new boost
ISLAMABAD (Web Desk) - A month after the world powers including the United States removed a wide range of curbs against Iran, Pakistan on Friday also lifted sanctions on the neighbouring country pursuant to UN Security Council Resolution 2231.
The modalities for lifting the sanctions were finalized in an Inter-Ministerial meeting chaired by Finance Minister Ishaq Dar in Islamabad.
The formal notification issued by the Ministry of Foreign Affairs will revive economic and commercial relationship between Pakistan and Iran, including trade, investment, technology, banking, finance and energy.
With the lifting of restrictions, economic and trade relations between the two neighbourly countries will witness a new boost.
There has been a series of sanctions on Iran since 1979, including asset freezes, banking sanctions and trading sanctions throughout the 2000s after Iran refused to halt its uranium enrichment programme. A breakthrough deal was forged last year between Iran, the five Permanent Members of the Security Council and Germany.
In January, the International Atomic Energy Agency reported that Iran had taken the measures agreed to under that deal, opening the way for the lifting of most sanctions.
Islamabad and Tehran are also working on a gas pipeline project connecting Iran to energy-starved Pakistan.
Launched in 2010, the project envisages the creation of an 1,800 kilometre (1,100 mile) pipeline from Iran to Pakistan, which has for years been blighted by an energy crisis that has stunted its economic growth.
Iran completed its part of the project in 2013, but Pakistan put construction on hold citing US and European sanctions on Tehran linked to its nuclear programme.
