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Pakistan and Iran to Establish Joint Special Economic Zone to Boost Economic Ties

ISLAMABAD: Pakistan and Iran have reached an agreement to establish a joint special economic zone aimed at enhancing economic ties between the two nations.

According to the 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 22 (Monday).

The sources indicated that the two countries have finalized the draft of the MoU, with the special economic zone slated to be established on the Ramdan-Gabad border. This Joint Special Economic Zone will be established at the government-to-government level, the sources added.

Foreign Minister Ishaq Dar confirmed President Raisi’s visit, stating that it was planned before the recent tensions between Tehran and Tel Aviv. Dar emphasized that Raisi’s visit is unrelated to the escalating tensions.

During President Raisi’s visit, meetings are expected to be held with President Asif Ali Zardari, Prime Minister Shehbaz Sharif, and Chief of Army Staff General Asim Munir. Discussions are anticipated to encompass border security, the Iran-Pakistan gas pipeline, trade, economic cooperation, and other mutual areas of interest.

In January, relations between Pakistan and Iran had deteriorated following cross-border strikes by Tehran, prompting Pakistan to conduct precision strikes targeting terrorists within Iranian territory. This led to Pakistan withdrawing its ambassador from Iran and halting the Iranian envoy’s return to his home country.

However, diplomatic ties were subsequently restored, with the ambassadors of both countries resuming their respective posts. This development underscores the significance of diplomatic dialogue in managing and resolving bilateral tensions.

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