Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said effects of sanction in Iran has diluted due to its increased cooperation with China.

Lifting sanctions on Iran can consider freezing its nuclear programme and help reduce oil prices in the international market which will provide relief to billions of people, he said.

Mian Zahid Hussain said that Iran has surplus oil, gas and many other minerals which could be of great benefit to Pakistan if sanctions are lifted.

Talking to the business community, the veteran business leader said that the ice between the United States and Iran was melting and if the opposing parties reached a conclusion, sanctions could be lifted, after which Iran could receive one hundred billion dollars of frozen funds.

Moreover, from 2012 to 2016, sanctions have cost Iran 160 billion dollars in oil revenue alone, and if it is allowed to trade, its economy will recover, with Pakistan being one of the biggest beneficiaries.

Therefore, he said, our policymakers should start preparations in this regard without delay. Consideration should also be given to opening more border points between Pakistan and Iran and upgrading the existing border points while PTA can be made functional.

The central bank should also instruct commercial banks to do their homework for forging ties with Iranian banks so that bilateral trade can be increased as soon as it is feasible.

Iranian gas is much cheaper than LNG and a better source of energy security which can be a blessing for Pakistan and it will also help reduce dependence on conventional oil suppliers.

At present, Pak-Iran trade is limited to a few million dollars, while countries that do not share borders with Iran have bilateral trade volumes worth billions of dollars.