Latest news with #US-Pakistan
Express Tribune
28 minutes ago
- Business
- Express Tribune
Provinces must be consulted on oil deals, says Raza Rabbani
Listen to article Former Senate chairman Mian Raza Rabbani has criticised the federal government for failing to maintain transparency in finalising an oil exploration deal with the United States, which was publicly revealed through a tweet by the US president on Wednesday night. In a press statement issued on Thursday, Rabbani said it was 'a sad day for transparency and good governance' when the people of Pakistan had to learn of such an agreement through social media rather than formal government channels. He reminded the federal government that under Article 172(3) of the Constitution of 1973, the provinces have a 50% ownership stake in all lands, minerals, and resources of value. 'Such deals and projects fall under constitutional provisions and cannot be finalised unilaterally,' he said. Calling for greater institutional oversight, Rabbani demanded that the government take Parliament into confidence over what he termed 'Western-oriented initiatives.' He further urged the federal authorities to convene a meeting of the Council of Common Interests (CCI) to engage all provinces in discussions about the oil deal and similar future projects. US struck a trade deal with Pakistan, US President Donald Trump said on Wednesday, hours after announcing 25% tariffs on imports from India in addition to unspecified "penalty" over New Delhi's purchases of Russian weapons and energy. Read: Pakistan, US seal trade deal Trump said that the deal with Pakistan included joint development of the country's "massive" oil reserves. The announcement came as talks continue with other nations, including South Korea, ahead of his self-imposed August 1 deadline. "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 wrote in post on his social media platform of 'Truth Social'. Donald J. Trump Truth Social 07.30.25 03:44 AM EST — Fan Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) July 30, 2025 "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!" the US president wrote in his post, without giving additional details of the deal. Prime Minister Shehbaz Sharif on Thursday expressed his gratitude to US President Donald Trump for his role in finalising a 'historic' trade agreement between Pakistan and the United States. 'I wish to convey my profound thanks to President Trump for his leadership role in the finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington last night,' the prime minister wrote on his X timeline. 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… — Shehbaz Sharif (@CMShehbaz) July 31, 2025 He said that the 'landmark' deal would enhance the growing bilateral cooperation to expand the frontiers of an enduring partnership in the days to come.
Time of India
an hour ago
- Business
- Time of India
‘Enduring partnership in days to come': Pakistan PM Shehbaz Sharif thanks Trump; calls US-Pakistan trade agreement historic
Pakistan's prime minister, on Thursday thanked US President for the "historic" trade deal between Islamabad and Washington. '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. Tired of too many ads? go ad free now This landmark deal will enhance our growing cooperation so as to expand the frontiers of our enduring partnership in days to come,' Sharif said in a post on X. On Wednesday, Trump announced that the United States has reached an agreement with Pakistan to jointly develop the country's 'massive oil reserves.' '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," the US president said in a post on Truth Social. The development comes amidst a meeting between Pakistan's finance minister Muhammad Aurangzeb, US secretary of commerce Howard Lutnick, and US trade representative ambassador Jamieson Greer, as per the state-run Radio Pakistan. Pakistan has long asserted the presence of significant oil reserves along its coastline, but efforts to tap into them have seen little progress. To meet its energy needs, the country continues to rely on oil imports from the Middle East, reports PTI. '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 said. The announcement followed just hours after Trump imposed a 25 per cent tariff on all goods imported from India, along with an additional penalty for India's purchases of Russian military equipment and energy. "I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India — their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together,' Trump said in a post on Truth Social. The tariffs are scheduled to go into effect on Friday.
United News of India
an hour ago
- Business
- United News of India
Trump announces "Massive" oil partnership with Pak
Washington, July 31 (UNI) The United States and Pakistan have reached a new agreement aimed at reducing tariffs for Islamabad and launching a joint effort to develop Pakistan's untapped oil reserves, officials from both countries confirmed. US President Donald Trump announced the deal in a post on his Truth Social platform, stating that his administration had finalized a new trade framework with Pakistan. Although he offered few specifics, Trump announced that the agreement would involve the development of Pakistan's "massive oil reserves" in partnership with a yet-to-be-selected American oil company. '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 wrote. '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!' Finance Minister Mohammad Aurangzeb, who is currently in Washington for a final-stage negotiations on a tariff deal, also began meetings with senior US officials yesterday. The Pakistani delegation is keeping the details of the talks under wraps, but one official said, 'We hope to sign a deal before the (Aug 1) deadline expires,' The Dawn reported. 'We hope to conclude a mutually beneficial trade agreement… hopefully in days, not in weeks,' said Foreign Minister Ishaq Dar during a recent event at the Atlantic Council in Washington as reported by the Pakistani newspaper. Dar, who was recently in New York to address the United Nations, said a committee had been formed to finalise the terms of the proposed deal. 'As long as we are better than or equal to our peers, we should be fine,' Dar said. President Trump made the remarks on US-Pakistan deal after he announced a 25 percent tariff, along with additional penalties on Indian imports, set to take effect from August 1. He cited the US trade deficit with New Delhi and India's continued purchase of Russian oil as key reasons behind the move. In his post, Trump also mentioned that he had held discussions on trade agreements with several world leaders, 'all of whom,' he said, 'want to make the United States extremely happy.' "We are very busy in the White House today working on Trade Deals. I have spoken to the Leaders of many Countries, all of whom want to make the United States 'extremely happy.' I will be meeting with the South Korean Trade Delegation this afternoon. South Korea is right now at a 25 per cent tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is. Likewise, other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!" Trump wrote on Truth Social post. UNI AAB PRS
Mint
2 hours ago
- Business
- Mint
Shehbaz Sharif thanks Donald Trump for ‘leadership role' to ink ‘landmark' US-Pakistan trade deal
Pakistan's Prime Minister Shehbaz Sharif expressed gratitude to United States President Donald Trump for the 'historic' US-Pakistan trade agreement, calling it a 'landmark deal', in a social media post on July 31. '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.
Economic Times
3 hours ago
- Business
- Economic Times
‘Take their dead economies down': Trump rips India-Russia trade, warns Medvedev over war talk
Donald Trump unleashes a fiery attack on both India and Russia calling their economies 'dead' and slapping India with 25% tariffs. He accused New Delhi of unfair trade and coziness with Moscow. In a stunning twist, Trump announces a US-Pakistan oil deal just hours later teasing that Pakistan may 'sell oil to India someday.' As Medvedev warns of war, Trump fires back, escalating tensions across Asia. Show more 09:21 02:30 01:32 01:58 09:32 10:17 02:33 04:25 01:45 10:53 02:27 09:12 05:20 03:27 03:01 08:33 03:13 11:00 04:25 11:07 05:01 03:17 02:18 02:12 01:38 06:44 01:38 02:09 10:01 09:08 06:02
