Context: 

In a bid to boost cross-border trade, Pakistan and Iran inaugurated the first border market at the Mand-Pashin crossing point of the Pakistan-Iran border.

About the news:

• The newly inaugurated border market, the Mand-Pishin Border Sustenance Marketplace, is one of the six border markets to be constructed along the Pakistan-Iran border.
• The countries had also agreed to inaugurate the Mand-Pishin border crossing point to boost trade — it was the third border crossing point to be opened.

Underlying reasons to open the market:

• Economic crises: Both want to  improve their relationship to deal with common issues such as their respective economic crises —
  1. Iran’s finances are dwindling due to stringent sanctions imposed by the United States.
  2. Pakistan has failed to deal with inflation.

• Normalisation of ties between Saudi Arabia and Iran: Riyadh had been opposed to strong ties between Islamabad and Tehran. 
  • However, now that Iran and Saudi Arabia have finally re-established their diplomatic relations, Pakistan can fully cooperate with its neighbour and benefit from it.

• China emerging as a diplomatic player in West Asia: Both Tehran and Islamabad share a strong relationship with Beijing and, therefore, it becomes obligatory for them to remain cordial with each other.

News Source: Indian Express