US signs deal to develop Pakistan’s ‘massive oil reserves’

In a major development, Pakistan and the United States have concluded a landmark trade agreement aimed at boosting bilateral economic ties, expanding market access, attracting foreign investment, and strengthening cooperation in key sectors.

According to Pakistan’s Ministry of Finance, the agreement was finalised during a high-level meeting between Finance Minister Senator Muhammad Aurangzeb, US Secretary of Commerce Howard Lutnick, and US Trade Representative Jamieson Greer.

Also in attendance were Commerce Secretary Jawad Paul and Pakistan’s Ambassador to the US, Rizwan Saeed Sheikh.

The agreement was formally announced by US President Donald Trump via a post on his Truth Social platform.

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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 wrote.

He further added, “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!”

According to the Ministry of Finance, the agreement includes provisions to reduce tariffs, particularly on Pakistani exports to the US. It is expected to usher in a new era of economic cooperation between the two countries, focusing on vital sectors such as energy, minerals, IT, cryptocurrency, and infrastructure development.

The deal is also seen as a major step toward deepening Pakistan’s trade relations with individual US states and increasing American investment in Pakistan’s development projects.

A statement from the ministry noted that both countries would gain greater access to each other’s markets under the agreement, while also reaffirming the leadership’s commitment to strengthening economic and strategic ties.

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Although the details of the deal are still under wraps, Pakistan had previously offered to increase its US imports to avoid increased tariff rates. 

Welcoming the development, Deputy Prime Minister and Foreign Minister Ishaq Dar posted on social media: “Pakistan concludes deal with USA, Alhamdulillah.”