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PM Shehbaz Sharif reacts to Pakistan-US trade agreement, thanks Donald Trump: ‘Landmark deal’
Pakistan PM Shehbaz Sharif expressed gratitude to US President Donald Trump for his leadership in finalising a significant trade agreement.
Pakistan Prime Minister Shehbaz Sharif on Thursday thanked US President Donald Trump for his “leadership role” in finalising a “historic” trade agreement between the two countries.
“I wish to convey my profound thanks to President Trump for his leadership role in finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night,” Shehbaz Sharif said in a post on X.
Calling it a “landmark deal,” Sharif said it would boost bilateral cooperation and “expand the frontiers of our enduring partnership in days to come.”
Donald Trump has announced sealing a trade deal with Pakistan and said that Washington will work with Islamabad to develop what he described as the South Asian nation's “massive oil reserves”.
It is not immediately clear what massive oil reserves in Pakistan Trump was referring to.
In a social media post, the US President also wondered if Pakistan could sell oil to India "some day".
“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," Trump said in a post on Truth Social on Wednesday.
"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!” the US president added.
There was no immediate reaction from Pakistan on the trade deal with the US.
Pakistan currently imports oil from the Middle East to meet its energy demands, but there are reports about vast offshore deposits that are largely unexplored due to a lack of technical expertise and funds. The country has been trying to lure in investments to tap into these reserves.
The announcement came hours after Trump announced a 25 per cent tariff on all goods coming from India, plus an additional penalty for purchases of Russian military equipment and energy.
In a social media post, Trump termed India's trade policies as "most strenuous and obnoxious".
"All things not good! India will therefore be paying a tariff of 25 per cent, plus a penalty for the above, starting on August first," Trump said.
During the day, he spoke multiple times about the tariffs that India imposes and referred to India’s membership in the BRICS (Brazil, Russia, India, China and South Africa) grouping, which he described as "anti-US".
Responding to a question on negotiations with India, Trump said Washington is talking to Delhi. "...We are going to see, we're negotiating with India right now,” he said, while calling India's tariff "one of the highest tariffs in the world".
Trump said the White House has been “very busy” working on trade deals, and he will be meeting with the South Korean trade delegation.
“Likewise, other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time,” he said.
India said it has “taken note" of Trump’s statement on bilateral trade and the Government is studying its implications.
“India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective,” the statement said.
Trump has set the August 1 date for his tariffs to go into effect.
(With inputs from PTI)
