New era of economic cooperation between US and Pakistan begins
Former US President Donald Trump welcomed the agreement, stating that the United States is committed to assisting Pakistan in the exploration and development of its vast oil reserves.
Islamabad: In a significant development signaling a new chapter in Pakistan–US economic relations, the two countries have signed a landmark trade agreement aimed at deepening bilateral cooperation across key sectors. Facilitated by Pakistan’s Special Investment Facilitation Council (SIFC), the deal promises enhanced market access for Pakistani products in the United States and reduction in tariffs, potentially boosting exports and foreign investment.
Under the agreement, Pakistan’s largest oil refining company, Cnergyico, has partnered with US-based global energy firm Vitol. This collaboration will not only allow Pakistani products to enter American markets more freely, but also pave the way for broader engagement in strategic sectors such as energy, minerals, information technology, and cryptocurrency.
Former US President Donald Trump welcomed the agreement, stating that the United States is committed to assisting Pakistan in the exploration and development of its vast oil reserves.
Cnergyico currently operates with a daily refining capacity of 156,000 barrels and is considering the upgrade of its refinery and establishment of a second offshore terminal within the next five years.
Officials say the deal is a direct outcome of SIFC’s proactive efforts to attract investment and build long-term partnerships. It is expected to act as a catalyst for sustainable economic growth and sectoral development in Pakistan.
Source: PTV
