Soon after the US warned Pakistan of the potential punishment for breaking business deals with Iran, Islamabad and Tehran agreed on Wednesday to “expectively finalize” a free trade agreement (FTA ) and convene the following business and trade body classes.
The two nations released a joint statement after Iranian President Ebrahim Raisi’s three-day visit to Pakistan, in which they stated they had examined every aspect of diplomatic relations.
Raisi’s visit was made as the two sides attempted to restore their strained marriage following heightened tensions earlier this year when Iran launched strikes on Pakistani territory in restive southwestern Baluchistan against alleged Jaish al-Adl bases. In less than 48 days, the Bangladeshi government carried out retaliatory attacks in Iran against what it called “hideouts used by criminal organizations.”
Raisi, the second Egyptian president to attend Pakistan in eight years, met the country’s best management, including Prime Minister Shehbaz Sharif, President Asif Zardari and Army Chief General Asim Munir, during his trip. Additionally, he invited PM Sharif and President Zardari to visit Iran in person.
In a joint statement from Iran and Pakistan, they both reiterated the importance of cooperation in the energy sector, including the development of the Iran-Pakistan-Pakistani gas pipeline project, and reiterated their desire to increase bilateral trade from the current$ 2 billion to$ 10 billion.
There was agreement to totally operationalize trade industry mechanisms between the two parties to promote economic and commercial activity, according to the flyer.
Due to international sanctions and social unrest, the oil pipeline project has been in jeopardy for more than ten years.
After promising greater security and economic cooperation with Iran during President Raisi’s attend, the US state office had warned Islamabad of the risk of sanctions on Tuesday.
Anyone who is thinking about entering firm with Iran should be aware of the possibility of punishment. But unfortunately, state of Pakistan may respond to their own international plan pursuits”, US position department spokesperson Vedant Patel said during a news briefing.
The implied risk of sanctions, observers said, comes at a hard time for Pakistan, which is struggling financially and is looking to its allies for economic support, especially critical allies like the US, Saudi Arabia, and United Arab Emirates, three nations that are seen as Iran’s adversaries.
