ISLAMABAD (special crosspondent) – Prime Minister Shehbaz Sharif has expressed strong confidence that Pakistan and Iran are poised to enter a new epoch of prosperity, enhanced economic cooperation, and fortified bilateral relations, following the pivotal signing of the Islamabad Memorandum of Understanding (MoU) between Iran and the United States. Addressing the National Assembly, Prime Minister Sharif declared that Pakistan has garnered significant global recognition for its instrumental role in facilitating this landmark peace agreement, describing the achievement as a moment of profound national pride.

Global Recognition for Pakistan’s Diplomatic Efforts

“Pakistan is being acknowledged around the world for helping bring about this peace deal,” the prime minister stated, emphasizing that this success underscores the nation’s escalating diplomatic stature on the international stage. Prime Minister Sharif extended his gratitude to Field Marshal Syed Asim Munir for his crucial contributions to the peace efforts in the region. He also commended the valuable roles played by Deputy Prime Minister and Foreign Minister Ishaq Dar and Interior Minister Syed Mohsin Naqvi. The prime minister extended an appeal to opposition parties, urging them to unite with the government in projecting a message of national solidarity, asserting that this significant achievement belongs to the entire nation.

Strengthening Pakistan-Iran Ties

The prime minister disclosed that he received a telephone call from Iranian President Masoud Pezeshkian, who conveyed his gratitude to Pakistan and its people for their unwavering support during a challenging period for Iran. Prime Minister Shehbaz Sharif extended an invitation to the Iranian president to visit Pakistan, assuring him of a warm welcome from the entire nation. He also shared that President Pezeshkian had invited him to attend the funeral prayers of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and assured that a Pakistani delegation would be present to honor the occasion.

Economic Benefits and New Petroleum Prices

Prime Minister Shehbaz Sharif articulated his hope that the established ceasefire and ongoing peace initiatives would lead to improved economic conditions for both Pakistan and Iran. He highlighted the noticeable decline in international oil prices subsequent to the ceasefire, a development that has direct implications for the nation’s economy. The prime minister recalled that the government had previously allocated Rs128 billion to mitigate the adverse effects of rising fuel prices and inflation, which were exacerbated by regional tensions. He announced that the government was set to unveil new petroleum prices later in the day, signaling a substantial reduction in fuel rates for consumers.

International Cooperation and Diplomatic Triumph

The prime minister acknowledged and thanked the provincial governments for their cooperative efforts in navigating the prevailing economic challenges. He also recognized the significant support extended by Iran, the United States, Qatar, Saudi Arabia, Turkiye, and China in bolstering the peace initiative. Describing the diplomatic accomplishment as a historic milestone for Pakistan, Prime Minister Sharif expressed profound gratitude for the international respect and commendation the country has received. This diplomatic success is a testament to Pakistan’s evolving role as a responsible global mediator, echoing its previous successes such as the U.S.-Iran Memorandum of Understanding and contributing to its growing diplomatic influence. The positive impact on the economy, particularly concerning oil prices, is reminiscent of the broader economic shifts discussed in analyses such as ‘From Oil Shock to Price Relief’.