Be that as it may, Dr Zarif must be praised for his vision for better ties between Pakistan and Iran that envisages realisation of long delayed Iran-Pakistan (IP) gas pipeline, establishment of banking ties, signing a Free Trade Agreement (FTA) and making Gwadar and Chabahar ports complementary. It is true that banking relations are considered crucial to expanding bilateral trade that is currently at $1.2 billion. The target is to increase it to $5 billion per annum over next few years. The absence of regular banking channels, however, adds to the profundity of challenge. Iran's banking authorities are therefore requested to take a sympathetic view of Pakistani banks' approach to this bilateral objective as Iran continues to face a slew of economic sanctions by the US. The situation therefore requires Pakistani banks to act cautiously and prudently in view of growing global financial oversights and regulations. Notwithstanding successive Pakistani governments' complacent approach to the IP project, these reasons do represent a formidable obstacle to the completion of this mega energy project as well. The PML-N government must respond to Iran's move in the most generous manner possible in view of the fact that not only are the two Islamic countries friends, they are also neighbours.
Be that as it may, Dr Zarif must be praised for his vision for better ties between Pakistan and Iran that envisages realisation of long delayed Iran-Pakistan (IP) gas pipeline, establishment of banking ties, signing a Free Trade Agreement (FTA) and making Gwadar and Chabahar ports complementary. It is true that banking relations are considered crucial to expanding bilateral trade that is currently at $1.2 billion. The target is to increase it to $5 billion per annum over next few years. The absence of regular banking channels, however, adds to the profundity of challenge. Iran's banking authorities are therefore requested to take a sympathetic view of Pakistani banks' approach to this bilateral objective as Iran continues to face a slew of economic sanctions by the US. The situation therefore requires Pakistani banks to act cautiously and prudently in view of growing global financial oversights and regulations. Notwithstanding successive Pakistani governments' complacent approach to the IP project, these reasons do represent a formidable obstacle to the completion of this mega energy project as well. The PML-N government must respond to Iran's move in the most generous manner possible in view of the fact that not only are the two Islamic countries friends, they are also neighbours.