The United States and Pakistan have announced that they would reach an agreement that will lead to a reduction in customs duties on Pakistan, in addition to an agreement where Washington is assisting, Islamabad, to develop its oil reserves.
“We have just concluded an agreement with the State of Pakistan, as the two countries will work to develop the huge oil reserves of Pakistan,” said US President Donald Trump on social media on Wednesday. “We are now going to choose the oil company that will lead this partnership,” he added. Trump’s publication did not provide more details.
Pakistani Foreign Minister, Isaac, also confirmed on social media to conclude an agreement, without going into its details. Trump did not refer to any agreement on customs duties. However, the Pakistani Ministry of Finance said today, Thursday, that the commercial agreement “will reduce mutual customs duties, especially on Pakistani exports to the United States,” without mentioning the details.
“This agreement represents the beginning of a new era of economic cooperation, especially in the energy, mines, minerals, information technology, digital currencies, etc.,” she added in a statement.
Pakistan was facing 29 percent possible customs duties on its exports to the United States under the customs duties announced by Washington in April (April) before being suspended for a period of 90 days to allow negotiation.
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