Pakistan and Iran have decided on Saturday to forge ahead with the establishment of a joint special economic zone.
The decision comes following the Federal Cabinet's approval of the signing of a Memorandum of Understanding (MoU) with Iran, sources familiar with the matter revealed.
The finalised draft of the MoU, which sets the framework for the joint economic venture, has been given the green light by both nations. According to sources close to the development, the MoU is slated to be formally signed during an upcoming visit by the Iranian President.
Situated on the Ramdan-Gabad border, the Special Economic Zone is poised to become a pivotal hub for trade and commerce between the two neighboring countries.
"The economic relations between Pakistan and Iran are set to witness a transformative shift with the establishment of this joint special economic zone," affirmed sources privy to the negotiations.
The zone is anticipated to serve as a conduit for expanding bilateral trade and investment, opening up new avenues for collaboration across various sectors.
