‘Sanctions on Iran will not hurt Pakistan’

Many European countries expected to face heavy losses as European companies have invested heavily in Iran

ISLAMABAD: US sanctions on Iran will not hurt Pakistan substantially due to a small volume of bilateral trade, said Islamabad Chamber of Small Traders (ICST). However, it has raised questions about plans to import gas from Iran through a pipeline and boost bilateral trade to $5 billion by 2012. The decision was taken by Pakistani prime minister and Iranian president two years back to boost trade, establish more land routes, hold exhibitions, ensure economic cooperation etc. It will now be difficult to implement and of less benefit, said ICST Patron Shahid Rasheed Butt.

He said that the decision has already damaged Iranian currency and it is set to increase miseries of the people while reducing GDP of the neighbouring country to below 5%. Many European countries will face heavy losses as many companies have invested billions of dollars in Iran and these companies will be forced to sell their assets at throwaway prices to Chinese firms.  

Published in The Express Tribune, May 13^th, 2018.

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