USA and Pakistan Sign Trade Deal to Boost Oil Reserves, Market Ties
by Bloomberg | Kamran Haider
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
The US sealed a trade deal with Pakistan as their officials wrapped up talks in Washington, agreeing to develop oil reserves.
The agreement involves a reduction of the so called reciprocal tariffs, especially on Pakistani exports, according to a statement by Pakistan’s finance ministry on Thursday. No details on tariffs were shared by either side.
The agreement will spur US investments in Pakistan’s infrastructure, besides deepening market ties between the partners, the ministry said.
US President Donald Trump said in a post on Truth Social that the two countries will “work together on developing their massive oil reserves”, adding that officials are now selecting the company that will anchor the partnership.
Relations between Islamabad and Washington have been showing signs of easing after prolonged tensions, with President Trump welcoming Pakistan’s army chief, Field Marshal Asim Munir, for rare talks at the White House in June.
Pakistan, which lists the US as one of its top export destinations, had offered to boost American imports, particularly cotton and soybean. The South Asian nation sold over $5 billion worth of goods to the US as of 2024, and imported about $2.1 billion.
The US has also expressed interest in sunrise sectors such as crypto currencies. Pakistan plans to legalize and regulate digital assets as the field gains traction in key Asian markets following Trump’s pro-crypto agenda, Bloomberg News reported.
by Bloomberg | Kamran Haider
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas