Karachi: Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum and various other leadership positions, has praised the announcement of a two-week ceasefire between the United States, Israel, and Iran as a significant achievement for global stability. He attributed this development to the effective mediation efforts of Pakistan’s leaders. Speaking to the business community, Hussain noted with relief that the deadline for a potential military escalation was avoided through the diplomatic initiatives led by Prime Minister Shehbaz Sharif, Field Marshal Asim Munir, and Deputy Prime Minister Ishaq Dar. He expressed optimism about the “Islamabad Talks,” set to begin on April 10, 2026, as a chance to transition from a temporary ceasefire to a lasting peace agreement.
According to Pakistan Businessmen and Intellectuals Forum, this ceasefire had an immediate effect on global markets. The reopening of the Strait of Hormuz, a crucial channel for 20% of the world’s oil and LNG trade, led to a significant drop in international oil prices. Brent crude prices fell by 15% to approximately $93 per barrel, while stock markets in the US and Pakistan saw substantial gains. Hussain emphasized that this de-escalation prevented a severe downturn in the global economy, which could have resulted in a 1 percentage point drop in GDP growth and jeopardized global energy security and supply chains.
For Pakistan, Hussain described the ceasefire as vital for an economy burdened by the conflict’s pressures. He highlighted that the war had pushed inflation to risky heights. The reopening of the Strait of Hormuz offers relief to Pakistan’s import bill, with every $10 decrease in oil prices saving the country about $1.5 billion annually. Hussain also pointed out that easing regional tensions would secure essential remittances and facilitate the continuation of crucial financial support from allies like China, Saudi Arabia, and the UAE.
Hussain praised the acceptance of a 10-point peace proposal by all parties as a viable foundation for negotiations. He acknowledged the release of American journalist Shelly Kittleson as an important gesture of goodwill that facilitated this breakthrough. He called on the international community to stay constructively involved in the Islamabad Talks, stressing the importance of successful negotiations not only for the Middle East but also for the economic stability of developing countries such as Pakistan, which are susceptible to external geopolitical disruptions.