Shehbaz Sharif thanks Donald Trump for ‘leadership role' to ink ‘landmark' US-Pakistan trade deal
'I wish to convey my profound thanks to President Trump for his leadership role in finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night,' Shehbaz Sharif wrote on social media platform X (formerly known as Twitter).
'This landmark deal will enhance our growing cooperation so as to expand the frontiers of our enduring partnership in days to come,' he added.
Donald Trump on July 30 announced that the US has sealed a deal with Pakistan to work together on developing the South Asian nation's 'massive oil reserves'.
Pakistan has long claimed to have large oil deposits along its coast, but no progress has been made to tap those deposits, according to a PTI report. The country currently imports oil from the Middle East to meet its energy demands.
According to state-run Radio Pakistan, the breakthrough was reached during a meeting of Finance Minister Muhammad Aurangzeb with US Secretary of Commerce Howard Lutnick and US Trade Representative Ambassador Jamieson Greer in Washington, DC.
In his own post on Truth Social, Donald Trump said the Us deal with Pakistan involves working 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!' he added.
The trade agreement reportedly aims at boosting bilateral trade between the US and Pakistan, expand market access, attract investment and foster cooperation in areas of mutual interest.
'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,' an official statement said.
The deal complements Pakistan's existing efforts to broaden the scope of bilateral economic ties, and also enhances its access to the US market and vice versa.
Additionally, the deal is expected to spur increased US investment in Pakistan's infrastructure and development projects.
The trade agreement underscores the commitment of both nations to deepen their bilateral relationship and explore all avenues for strengthening trade and investment ties, according to the report.
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