ICST believes US sanctions on Iran not to hurt Pakistan

Islamabad: the Islamabad Chamber of Small Traders (ICST) on Saturday said US sanctions on Iran will not hurt Pakistan substantially due to a small volume of bilateral trade.

However, it has raised questions about plans to import gas from Iran through a pipeline and boost bilateral trade to five billion dollars by 2012, it said.

The decision was taken by Pakistani PM and Iranian President two years back to boost trade, establish more land routes, hold exhibitions, ensure economic cooperation etc. will now be difficult to implement and of less benefit, said Patron Islamabad Chamber of Small Traders 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 five percent.

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.

Shahid Rasheed Butt said that Europe is fed up of American role of economic policeman, therefore, it can defy the sanctions which will be a major development on the global economic horizon. Counter measures by many European countries to keep trading with Iran are in sight challenging the role of US which will benefit the whole world.