Pakistan and Iran have agreed to establish a joint special economic zone in a bid to enhance economic ties between the two nations.
According to sources, the federal cabinet has approved the signing of a Memorandum of Understanding (MoU) with Iran during President Ebrahim Raisi’s upcoming visit to Pakistan, scheduled for April 22nd.
Sources indicate that the draft of the MoU has been finalized, with the special economic zone slated to be situated on the Ramdan-Gabad border. The establishment of the Joint Special Economic Zone will be conducted at the government-to-government level.
Foreign Minister Ishaq Dar confirmed President Raisi’s visit, stating it was arranged prior to the recent tensions between Iran and Israel. Dar emphasized that the visit aims to strengthen bilateral relations.
During his trip, President Raisi is expected to engage in meetings with President Asif Ali Zardari, Prime Minister Shehbaz Sharif, and Chief of Army Staff General Asim Munir. Discussions are anticipated to cover various topics including border security, the Iran-Pakistan gas pipeline, trade, economic cooperation, and shared areas of interest.
The relationship between Pakistan and Iran had strained in January following cross-border incidents. However, diplomatic ties were swiftly restored, with ambassadors from both countries resuming their duties.
The upcoming establishment of the joint economic zone signifies a significant step towards fostering economic collaboration and mutual prosperity between Pakistan and Iran.
