Sharif Thanks Trump for ‘Historic’ Oil Pact
Pakistan’s Prime Minister Shehbaz Sharif on Thursday expressed gratitude toward US President Donald Trump for his "leadership role" in finalizing a “historic” trade agreement between the two nations following discussions in Washington, DC.
“I wish to convey my profound thanks to President Trump for his leadership role in the finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night,” Sharif stated in a post on X.
Labeling the agreement a “landmark deal,” Sharif emphasized that it would enhance bilateral cooperation and “expand the frontiers of our enduring partnership in days to come.”
President Trump also announced the completion of the trade agreement, highlighting plans for collaboration on developing Pakistan’s so-called "massive oil reserves." However, the specific reserves referenced have not been clearly identified.
In a post on Truth Social, Trump articulated, "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!”
There was no immediate official response from Pakistan regarding the agreement. Currently, Pakistan meets its energy needs by importing oil from the Middle East, while reports suggest that unexplored offshore deposits exist, hindered by a lack of technical expertise and funding.
The announcement follows Trump’s declaration of a 25% tariff on all goods from India, which he criticized as “most strenuous and obnoxious.” Trump stated, "All things not good! India will therefore be paying a tariff of 25 percent, plus a penalty for the above, starting on August first."
During his statements, Trump indicated ongoing negotiations with India, asserting, “We are going to see, we’re negotiating with India right now.”
India’s government has acknowledged Trump’s statements, noting that it is reviewing the implications of his remarks. “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," it stated.
The tariffs are set to take effect on August 1, as the trade dynamics between the nations continue to evolve.
