ISLAMABAD – The Pakistan Economy Watch (PEW) on Sunday said fresh US sanctions on Iran can hit Pakistan’s plan to import gas from Iran.
The Trump administration hit Iran with new sanctions following the test-firing of a medium-range ballistic missile, an action the White House says is in defiance of a UN resolution.
The American move can also hit trade deals between Pakistan and Iran and have a negative impact on the overall situation in the region, it said.
Pakistan should abandon plans to import gas from Iran and seek other sources to cull energy shortages, said Dr Murtaza Mughal, President PEW.
In a statement issued here on Sunday, he said that hopes that Pakistan and Iran can become important trading partners have faded.
Gas import deal which was to bring a revolution in the Pakistan’s energy market was still under sanctions and now a new sanction have been imposed which means that Pakistan must explore new avenues, he added.
Dr Murtaza Mughal said that bilateral trade which was once one billion dollars has come down substantially despite the fact that both countries have agreed to boost trade to five billion dollars.
He said that government, as well as private sector, had initiated efforts to boost trade but now the situation has taken a negative turn which requires caution.-Online