Pakistan has signed a trade agreement with the United States on Thursday, July 31, Reuters reported, citing the Pakistan Government.
The statement, according to Reuters, stated that the trade agreement will result in a reduction of reciprocal tariffs, especially on Pakistani exports to the US.
Pakistan was earlier hit with a 29% reciprocal tariff in April. However, the statement does not clarify what the tariff rate will be reduced to.
The trade deal is expected to spur increased U.S. Investment in Pakistan’s infrastructure and development projects, Reuters reported quoting the statement.
“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. 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!” Donald Trump wrote on Truth Social.
The US President has time and again referred to the fact that he was the one who brokered a ceasefire between India and Pakistan in May, which the government has gone on to deny. (CNBC)