Iran Pakistan gas pipeline & U.S stance
Reports indicate that Iran has granted a 180-day extension to the deadline for the Iran-Pakistan gas pipeline project, pushing it to September 2024, with the aim of averting potential legal disputes in international courts. This move seeks to mitigate the risk of litigation and its potential strain on diplomatic relations between Pakistan and Iran, as Tehran might pursue legal action to safeguard its interests in the pipeline venture.
Importing cheaper gas from Iran is crucial, particularly in light of projections indicating that Pakistan’s import bill could nearly double to $31 billion within seven years. The “Peace Pipeline,” a long-term project between Tehran and Islamabad, has been under consideration but faces various challenges at different levels.
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The primary obstacle arises from the opposition of the United States. Just last week, the US expressed its disapproval of the Pakistan-Iran gas pipeline project and warned about the sanctions risk associated with engaging in business with Tehran, as reported by Reuters. However, it’s worth noting that the US stance appears arbitrary. In 2019, the US permitted Iraq to import gas from Iran for the purpose of fueling its power grid. This move contrasts with the sanctions imposed on Iran by the US on August 7, 2018, following the unilateral withdrawal from the nuclear agreement between Iran and five powerful states, and subsequently on November 5, 2018. Despite these sanctions, the US government agreed to allow eight countries, including close allies South Korea and Japan, as well as India, to continue purchasing Iranian oil, as reported by Bloomberg, citing a US official.
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The US is well aware of Pakistan’s economic challenges, including a severe deficit in income generation. The Iran-Pakistan gas pipeline holds tremendous significance for Pakistan’s energy needs. Yet, while other nations were granted exceptions, Pakistan was denied similar privileges.
In August 2023, Iran and Pakistan signed a five-year trade plan, setting a bilateral trade target of $5 billion.
Pakistan’s hands are tied due to dependence on western organizations loans. Also, our “friends” who have recently made IMF support mandatory to financially follow suit.
Pakistan economic team needs serious focus on this issue.
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The writer is a lawyer, academic and political analyst. She has authored a book titled ‘A Comparative Analysis of Media & Media Laws in Pakistan.’ She can be contacted at: yasmeenali62@gmail.com and tweets at @yasmeen_9
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A good reminder and urging to deaf n dumb👍
Our state of economy has gone from bad to worse over the last 15 years. Consequently we are now up against a paradoxical situation of catch 22. Our friends, foes and friend-like foes are fully exploiting our vulnerability.