Pakistan, July 31 -- US President Donald Trump has confirmed a new trade agreement with Pakistan, announcing a joint initiative to explore oil reserves in both countries. He stated that both nations will now work together to develop their massive untapped oil resources. Trump added that they are currently selecting the oil company that will lead the project, hinting that Pakistan may eventually export oil to India.

As part of this deal, Pakistan has granted a major concession by exempting a recently imposed 5 percent tax on foreign tech firms. The tax was initially levied on digital goods and services but has now been lifted, benefitting all foreign companies. A senior Federal Board of Revenue official said the move came after strong pre...