Pakistan and the United States have signed a trade deal focused on oil reserves, marking what is being called a new era in US-Pakistan relations. Pakistan’s Prime Minister Shehbaz Sharif thanked former US President Donald Trump for the historic agreement and expressed hope for further cooperation between the two nations.
On Wednesday, Trump announced that the US and Pakistan had signed a deal to develop the massive oil reserves in Pakistan. Although Pakistan has long claimed to have oil deposits along its coast, exploration work had not been carried out, forcing the country to rely on oil imports from the Middle East.
Prime Minister Sharif took to social media to thank Trump, writing,
“I wish to convey my profound thanks to President Trump @realDonaldTrump for his leadership role in finalizing the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington last night.
This landmark deal will enhance our growing cooperation and expand the frontiers of our enduring partnership in the days to come.”
A meeting on the oil exploration project was held in Washington, D.C., between Pakistan’s Finance Minister Muhammad Aurangzeb, US Secretary of Commerce Howard Lutnick, and US Trade Representative Ambassador Jamieson Greer.
Acknowledging the trade deal, Trump posted on Truth Social, “We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves. We are in the process of choosing the oil company that will lead this partnership. Who knows, maybe they’ll be selling oil to India someday!”
Reports suggest that this agreement aims to boost bilateral trade and foster cooperation in mutually beneficial sectors. The report states, “The agreement will result in the reduction of reciprocal tariffs, especially on Pakistani exports to the United States. This deal marks the beginning of a new era of economic collaboration, especially in energy, mining and minerals, IT, cryptocurrency, and other sectors.”
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