• No official word from US; PM Shehbaz thanks Trump
• Islamabad says agreement includes reduction of tariffs; diplomatic circles believe US will charge 15-20pc on Pakistani goods
• Trump rails against India, Russia; many countries still in a lurch as tariff deadline expires

WASHINGTON: A day after signing an agreement with the United States to develop “massive oil deposits” in Pakistani territory, Pakistani officials said the two nations had concluded a trade deal on Thursday, establishing a uniform tariff rate for bilateral trade.

“The agreement will result in a reduction of reciprocal tariffs, especially on Pakistani exports to the United States,” said an official statement released by the Pakistan Embassy in Washington.

In a statement issued in Islamabad, Prime Minister Shehbaz Sharif called it “a landmark deal, which will enhance our growing cooperation and expand the frontiers of our enduring partnership in the days to come”.

He also thanked US President Donald Trump “for his leadership role in finalising this historic US-Pakistan trade agreement”.

The embassy noted that the deal would boost bilateral trade, expand market access, attract investment and foster cooperation in areas of mutual interest.

The breakthrough was reached during a meeting between Finance Minister Muhammad Aurangzeb and US Secretary of Commerce Howard Lutnick, along with United States Trade Representative Ambassador Jamieson Greer, in Washington. Secretary Commerce Jawad Paul and Pakistan’s Ambassador to the United States Rizwan Saeed Sheikh were also present.

President Trump announced the trade deal via a post on Truth Social, though he only mentioned the agreement to explore oil deposits. Similarly, the Pakistani statement placed more emphasis on the........

© Dawn Business