Washington (TDI): In a major development, Pakistan and the United States have finalized a trade deal today, for which extensive discussions and negotiations were ongoing for over a month. As Finance Minister flew to the US, it was largely being hoped that a deal is on its way.
The breakthrough was reached during a meeting of Finance Minister Aurangzeb with US Secretary of Commerce, Howard Lutnick, and Trade Representative, Ambassador Jamieson Greer, in Washington, D.C. today.
Pakistan’s Commerce Secretary, Jawad Paul, and Ambassador to the United States, Ambassador Rizwan Saeed Sheikh, were also present during the meeting. President Trump announced the deal via a post on Truth Social.
“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,” Trump wrote.
The deal provides reduction of reciprocal tariff especially on Pakistani exports to the United States, and is the start of expansive economic collaboration in energy, mines and mineral, IT, cryptocurrency and other sectors.
Neither side has yet specified the tariff rate that has been agreed upon but the deal has been projected by both sides as a win and an achievement.
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“The deal was a win-win situation for both nations,” Finance Minister Muhammad Aurangzeb, who led the final round of talks in Washington, said in video remarks, as reported by Reuters.
The deal complements Pakistan’s existing efforts of broadening the scope of Pak-US economic ties and to include partnerships at the US state level. The agreement enhances Pakistan’s access to the US markets and vice versa, a statement by the Finance Ministry said.
Last week, as Pakistan Deputy Prime Minister and Foreign Minister Ishaq Dar was in the United States, he hinted that both sides were very close to reaching a deal. His visit encompassed a direct meeting with Secretary of State Rubio and later a telephonic exchange, while he was still in the country.
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