US wants deeper Pakistan trade ties: Trump administration eyes critical minerals, hydrocarbons; move after ‘massive oil reserves' pitch
US President Donald Trump's government is looking to deepen its economic ties with Pakistan at a time when trade deal talks with India remain stalled. The US government has expressed its eagerness to enhance collaboration with Pakistan in the fields of critical minerals and hydrocarbons, with a renewed emphasis on economic cooperation in other emerging sectors.
This announcement was made in a congratulatory message for Pakistan's Independence Day. US Secretary of State Marco Rubio emphasized the significance of ongoing partnership between the two countries.
"On behalf of the United States, I extend our warm congratulations to the people of Pakistan as they celebrate their Independence Day on August 14," Rubio said in a release from the US Department of State, according to an ANI report.
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'We are eager to explore new economic collaboration opportunities, such as in critical minerals and hydrocarbons, and to encourage vibrant business partnerships that will ensure a prosperous future for both Americans and Pakistanis," the statement continued.
This message is issued as Washington aims to strengthen its relationship with India's neighboring country.
Trump's 'massive oil reserves' in Pakistan dreams
In July, Trump revealed a trade agreement with Pakistan, highlighting a joint effort to develop the country's oil reserves and suggesting that "someday" Islamabad might sell oil to New Delhi.
by Taboola
by Taboola
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In a Truth Social post, Trump mentioned that the United States and Pakistan are in the process of selecting an oil company for their partnership.
Oil reserves: Pakistan not even a drop!
He had said, "We have finalized a deal with Pakistan, where both countries will collaborate on developing Pakistan's extensive oil reserves. We are currently choosing the oil company to lead this partnership. Perhaps, in the future, they might sell oil to India!"
Trump's claim about helping Pakistan develop large oil reserves for potential exports to India seems overly optimistic.
A TOI report indicates that Pakistan holds only 0.02% of the world's crude oil reserves.
Pakistan produces about 70,000 barrels of oil daily, which is less than 10% of India's production. Instead of being seen as a future energy exporter, Pakistan's current role in the global oil market is quite minor.
A Reuters report states that Pakistan's proven crude oil reserves range from 234 million to 353 million barrels, ranking it 50th in the world for crude oil reserves.
Also Read |
'More likely to happen in Lagaan, than...': Harsh Goenka mocks Trump's 'Pakistan may sell oil to India' suggestion; here's the reality of Pak's 'massive' reserves
Additionally, the Trump administration announced the lowest tariff rates for Pakistani goods in South Asia, with a 19% tariff on Islamabad under the new tariff plans revealed earlier this month. Conversely, India faced a 25 percent tariff under the new plan. Furthermore, Trump announced an additional 25 percent tariff on Indian goods, raising the total to 50 percent, due to India's ongoing oil purchases from Russia.
The Ministry of External Affairs (MEA) has criticized the US's decision to impose additional tariffs, describing it as "unfair, unjustified, and unreasonable." The MEA also stated that New Delhi would take "all necessary actions to safeguard its national interests."
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