ISLAMABAD: Pakistan has decided to lift sanctions against Iran and has devised a strategy to promote trade ties with the oil rich country, a ministerial meeting decided on Friday, DawnNews reported.

According to a notification issued by the Ministry of Foreign Affairs, Islamabad will revive all economic and commercial relations with Tehran, including the areas of trade, investment, technology, banking, finance, energy.

All the previous notifications giving effect to sanctions imposed on Iran by UN Security Council stand repealed with the issuance of this new notification by the foreign ministry, in keeping with the Security Council resolution 2231.

The meeting chaired by Minister of Finance Ishaq Dar ruled that Pakistan had welcomed the Joint Comprehensive Programme of Action (JCPOA) agreed between Iran and world powers and it appreciates the steps taken by Iran for the implementation of the JCPOA.

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With the lifting of restrictions, economic and trade relations between the two neighbourly countries will receive a new boost.

It will enable the two countries to fully reinvigorate various bilateral and multilateral arrangements for promoting investments and cooperation in across all sectors including banking, finance, industry and energy.

Diplomatic efforts to reach a comprehensive, long-term and proper solution to the Iranian nuclear issue culminated in the Joint Comprehensive Plan of Action (JCPOA) concluded on 14 July 2015 by China, France, Germany, the Russian Federation, the United Kingdom, the United States, the High Representative of the European Union (the E3/EU+3) and the Islamic Republic of Iran.

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On July 20, 2015, the Security Council unanimously adopted resolution 2231 (2015) endorsing the JCPOA, which calls for promoting and facilitating the development of normal economic and trade contacts and cooperation with Iran, and having regard to States’ rights and obligations relating to international trade