The U.S. and Pakistan have reached an agreement that includes reduced tariffs for Pakistan and a partnership in which the U.S. will assist in developing the country’s oil reserves, officials from both sides announced.
"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," U.S. President Donald Trump wrote on social media on Wednesday.
Pakistani Foreign Minister Ishaq Dar likewise confirmed the agreement on social media but offered no further details.
However, Pakistan's finance ministry said on Thursday that the trade deal "will result in reduction of reciprocal tariffs especially on Pakistani exports to the United States," without specifying the exact tariff changes.
"This deal marks the beginning of a new era of economic collaboration especially in energy, mines and minerals, IT, cryptocurrency and other sectors," it said.
The agreement comes as Pakistan avoided a 29% tariff under earlier U.S. threats, which were paused to allow negotiations.
Talks gained momentum after recent meetings between Foreign Minister Ishaq Dar and Secretary of State Marco Rubio.
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