Prime Minister Shehbaz Sharif hails deepening partnership with Washington; Trump unveils plans to tap Pakistan’s oil reserves while imposing sharp tariffs on India
Islamabad, July 31 — Pakistan’s Prime Minister Shehbaz Sharif has thanked former US President Donald Trump for his central role in finalizing a landmark trade agreement aimed at unlocking Pakistan’s oil potential and boosting bilateral cooperation. Announced Thursday, the deal was reached during high-level talks in Washington the previous night and is being touted by both sides as a new chapter in strategic partnership.
In a statement posted on his official X account, Sharif called the agreement “historic,” asserting it would expand economic horizons and pave the way for robust development across multiple sectors.
Trump, in a post on Truth Social, revealed that the pact includes plans for a joint initiative to develop Pakistan’s untapped oil reserves. He noted that selection of the lead oil company is already underway, with the venture potentially supplying oil to India in the future.
The timing of the deal coincides with rising trade friction between the US and India. The Trump administration has announced a 25% tariff and additional penalties on Indian imports, effective August 1, citing long-standing issues with high tariffs and restrictive trade barriers.
Analysts see the Pakistan-US agreement as a significant shift in regional economic dynamics, with energy cooperation at its core. Both leaders hope the partnership will stimulate investment and foster broader stability through shared prosperity.
