President Donald Trump said on Wednesday that Washington and Islamabad have struck a trade deal under which the two countries will jointly develop Pakistan’s oil reserves. The White House has not disclosed financial terms, but Trump noted that an oil company will be chosen to spearhead the venture. The agreement follows last week’s meeting in Washington between US Secretary of State Marco Rubio and Pakistani Foreign Minister Ishaq Dar, who said negotiations were “very close” to completion. Trump added that the partnership could eventually allow Pakistan to export crude to neighbouring India, although no timetable was offered. Bilateral goods trade totalled an estimated US$7.3 billion in 2024, with the United States running a US$3 billion deficit. The new accord is part of a broader US push to deepen economic ties with Asian partners and counter China’s regional influence. Pakistan is designated by Washington as a major non-NATO ally.