Trump announces trade deal with Pak to develop oil reserves
The US and Pakistan are currently in the process of selecting the oil company for the partnership, Trump stated in a post 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 some day!," Trump wrote.
The remarks came after Trump announced the new tariffs on imports from India starting Friday, citing Washington's trade deficit with New Delhi and its purchase of Russian oil.
Sources told ET that the trade deal with Pakistan is as amorphous as US' trade deals with Indonesia, Japan and Vietnam. Trump's announcement may be aimed at arm twisting India to agree to a deal by the end of this week, claimed an expert on India-US affairs.
Pakistan's oil reserves remain largely unexplored and it imports most of its crude oil requirements. According to some estimates, Pakistan is ranked 52nd in the world in proven oil reserves.
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