Pakistan has decided to lift sanctions against Iran and has devised a strategy to promote trade ties with the oil rich country, a ministerial meeting decided on Friday, IRNA reported.
According to a notification issued by the Ministry of Foreign Affairs, Islamabad will revive all economic and commercial relations with Tehran, including the areas of trade, investment, technology, banking, finance, energy, Pakistani media reported today.
All the previous notifications giving effect to sanctions imposed on Iran by UN Security Council stand repealed with the issuance of this new notification by the foreign ministry, in keeping with the Security Council resolution 2231.
The meeting chaired by Minister of Finance Ishaq Dar ruled that Pakistan had welcomed the Joint Comprehensive Plan of Action (JCPOA) agreed between Iran and world powers and it appreciates the steps taken by Iran for the implementation of the JCPOA.
With the lifting of restrictions, economic and trade relations between the two neighborly countries will receive a new boost.
It will enable the two countries to fully reinvigorate various bilateral and multilateral arrangements for promoting investments and cooperation in across all sectors including banking, finance, industry and energy.