US wants deeper Pakistan trade ties: Trump administration eyes critical minerals, hydrocarbons; move after ‘massive oil reserves’ pitch

The US authorities has expressed its eagerness to reinforce collaboration with Pakistan.

US President Donald Trump’s authorities is trying to deepen its financial ties with Pakistan at a time when trade deal talks with India stay stalled. The US authorities has expressed its eagerness to reinforce collaboration with Pakistan within the fields of critical minerals and hydrocarbons, with a renewed emphasis on financial cooperation in different rising sectors.This announcement was made in a congratulatory message for Pakistan’s Independence Day. US Secretary of State Marco Rubio emphasised the importance of ongoing partnership between the 2 nations.“On behalf of the United States, I extend our warm congratulations to the people of Pakistan as they celebrate their Independence Day on August 14,” Rubio stated in a launch from the US Department of State, based on an ANI report.Also Read | Donald Trump to assist Pakistan construct ‘massive oil reserves’! How a lot recognized crude oil does it have & how does that evaluate to India? Top factors to know“We are wanting to discover new financial collaboration alternatives, comparable to in critical minerals and hydrocarbons, and to encourage vibrant enterprise partnerships that may guarantee a affluent future for each Americans and Pakistanis,” the statement continued.This message is issued as Washington aims to strengthen its relationship with India’s neighboring country.

Trump’s ‘massive oil reserves’ in Pakistan dreams

In July, Trump revealed a trade agreement with Pakistan, highlighting a joint effort to develop the country’s oil reserves and suggesting that “sometime” Islamabad might sell oil to New Delhi.In a Truth Social post, Trump mentioned that the United States and Pakistan are in the process of selecting an oil company for their partnership.

Oil reserves: Pakistan not even a drop!

He had stated, “We have finalized a cope with Pakistan, the place each nations will collaborate on creating Pakistan’s intensive oil reserves. We are at present selecting the oil firm to guide this partnership. Perhaps, sooner or later, they may promote oil to India!” Trump’s claim about helping Pakistan develop large oil reserves for potential exports to India seems overly optimistic. A TOI report indicates that Pakistan holds only 0.02% of the world’s crude oil reserves.Pakistan produces about 70,000 barrels of oil daily, which is less than 10% of India’s production. Instead of being seen as a future energy exporter, Pakistan’s current role in the global oil market is quite minor.A Reuters report states that Pakistan’s proven crude oil reserves range from 234 million to 353 million barrels, ranking it 50th in the world for crude oil reserves.Also Read | ‘More likely to happen in Lagaan, than…’: Harsh Goenka mocks Trump’s ‘Pakistan may sell oil to India’ suggestion; this is the fact of Pak’s ‘massive’ reservesAdditionally, the Trump administration announced the lowest tariff rates for Pakistani goods in South Asia, with a 19% tariff on Islamabad under the new tariff plans revealed earlier this month. Conversely, India faced a 25 percent tariff under the new plan. Furthermore, Trump announced an additional 25 percent tariff on Indian goods, raising the total to 50 percent, due to India’s ongoing oil purchases from Russia.The Ministry of External Affairs (MEA) has criticized the US’s decision to impose additional tariffs, describing it as “unfair, unjustified, and unreasonable.” The MEA also stated that New Delhi would take “all vital actions to safeguard its nationwide pursuits.”