Pakistan has lifted sanctions on Iran, reviving economic relationship between the two neighboring countries in several areas of businesses and trade.
On January 17, world powers had lifted sanctions on the Islamic republic following a historic agreement between the two sides in Vienna on July 14 2015 came to effect.
Finance Minister Ishaq Dar announced to lift the sanctions at a meeting in Islamabad on Friday, saying modalities to this effect were decided in an inter-ministerial meeting.
The decision, Dar said, was taken pursuant to a resolution of the United Nations Security Council in connection with Iran’s nuclear programme.
According to the minister, a notification issued by the foreign affairs ministry will revive economic and commercial ties between the two countries.
Tehran will now be able to benefit from agreements with Islamabad in the areas of trade, investment, technology, banking, finance and energy, the finance minister added.
He hoped that the development will see a fresh boost in the bilateral economic and trade relations.
The agreement with the six world powers – China, France, Russia, United Kingdom, United States and Germany – last year required Iran to shrink its nuclear programme.
The Islamic republic was in turn allowed access to global oil market and trade agreements.
EU Foreign Policy Chief Federica Mogherini, representing the six powers, had announced lifting of “multilateral and national economic and financial sanctions related to Iran’s nuclear programme.”