Provided by Kanishka Singh, Asif Shahzad and Ariba Shahid
Washington/Islamabad (Reuters) -Jav and Pakistan entered into an agreement to conclude lower rates for the South Asian nation, as well as an agreement to help create Islamabad oil stocks, both sides said.
“We have just made an agreement with the Pakistani country, which will work together in Pakistan and the United States to build our huge oil stocks,” US President Donald Trump wrote in social media on Wednesday.
“We choose an oil company that will lead this partnership.”
The short social media record did not provide more information.
Pakistan’s Foreign Minister Ishaq also approved the conclusion of the agreement in the social media without further removing.
Trump did not mention any tariff agreement. However, the Pakistani Ministry of Finance said Thursday that a trade agreement would “reduce mutual rates, especially Pakistan’s exports to the United States,” but did not provide information on what rates would be.
“This agreement marks the beginning of a new era of economic cooperation, especially energy, mines and minerals, IT, cryptocurrencies and other sectors,” he said.
Pakistan faced a potential 29% rate for export to the US at rates, which in April. Washington has declared it in the world. The rates were later suspended for 90 days, so the negotiations could take place.
Last week, the US and Pakistan were “very close” to a trade agreement, which could take place in a few days after he met the state secretary Marco Rubio on Friday.
Rubis also discussed expanding trade and contacts in critical minerals and mining, both sides said after this meeting. Other Pakistani officials have also visited US negotiations in recent weeks.
According to Trump, Washington has tried to reconnect trade agreements with many countries who have been threatened with what he calls unfair trade relationships. Many economists dispute Trump’s description.
According to the US trade representative’s office website in 2023, the US total trade of goods with Pakistan was $ 7.3 billion in 2024.
In recent years, Washington has also sought to establish stronger relationships with Asian powers to restore its competitors’ China’s influence in the region. Washington applies Pakistan “the main non -NATO ally”.