&imwidth=800&imheight=600&format=webp&quality=medium "Trump seals oil deal with Pakistan, says 'maybe they'll sell to India'; Here's how Pak PM reacts")
Hours after US president Donald Trump slammed India with a 25 per cent tariff and announced a new trade agreement with Pakistan to jointly develop the country’s oil reserves, Pakistan Prime Minister Shehbaz Sharif thanked Trump for the 'landmark' deal and said that the move will enhance the partnership between both the countries in the days to come.
Taking to X the Pakistan PM wrote, "I wish to convey my profound thanks to President Trump @realDonaldTrump for his leadership role in finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night. This landmark deal will enhance our growing cooperation so as to expand the frontiers of our enduring partnership in days to come."
Pakistani Foreign Minister Ishaq Dar also confirmed the deal without elaborating much on it.
While the Pakistan's finance ministry speaking on the trade deal on Thursday (July 31) said the agreement "will result in 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, mines and minerals, IT, cryptocurrency and other sectors," the ministry further said.
Earlier, after striking the oil deal with Pakistan the US President expressed hope that Islamabad would one day sell to India.
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"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,” Trump said and added, "Who knows, maybe they’ll be selling Oil to India some day!”
US Trade With Pakistan
Notably, Pakistani Foreign Minister Ishaq Dar after meeting Secretary of State Marco Rubio last week said both the countries were on the verge of a "very close" trade deal that would come into effect soon. Several Pakistani officials have visited the US in recent weeks for talks.
According to the website of the office of the US trade representative, the total goods trade between both the countries (US and Pakistan) was an estimated $7.3 billion in 2024. While in 2023 this was around $6.9 billion. The trade deficit that US faced with Pakistan in 2024 was $3 billion, a 5.2% increase over 2023.
Pakistan is designated by Washington as a "major non-NATO ally" by the US that aims to build stronger ties with Asian powers to counter Chinese influence in the region.
