ISLAMABAD: Pakistan’s Commerce Minister Jam Kamal Khan on Friday welcomed Tehran’s decision to reopen the Strait of Hormuz to commercial shipping, saying it would benefit his country’s exports as global trade routes begin to normalize following weeks of disruption due to the war in Iran.
The reopening of the strategic waterway, through which around one-fifth of the world’s oil and gas supplies pass, comes amid broader regional de-escalation efforts, including a temporary truce in Lebanon.
Iran said peace in Lebanon was part of its two-week ceasefire deal with the United States, even as Israel continued its military campaign in the Arab country and Washington denied Lebanon was part of its understanding with Tehran.
With both countries disagreeing on the scope of the ceasefire agreement, Iran initially decided not to reopen the strait, which it had shut down after the US and Israel started the war on Feb. 28 by bombing Tehran.
“The restoration of maritime routes will reduce global shipping costs, which will benefit Pakistani traders,” Khan said in a statement, adding that improved access to key markets would help boost exports and economic activity.
He said the easing of tensions and reopening of trade routes would remove obstacles to the import of liquefied natural gas and raw materials, while facilitating smoother access for Pakistani goods to markets in the Middle East and Europe.
He also credited Pakistan’s civilian and military leaders for contributing to regional stability, adding they had played a role in restoring confidence in global markets through peace efforts.
“Increased trade activity will have positive effects on foreign exchange reserves and the national economy,” he added.
