Bangladesh, July 31 -- The United States and Pakistan have reached a new agreement aimed at reducing tariffs for Islamabad and launching a joint effort to develop Pakistan's untapped oil reserves, officials from both countries confirmed.

US President Donald Trump announced the deal in a post on his Truth Social platform, stating that his administration had finalized a new trade framework with Pakistan.

Although he offered few specifics, Trump announced that the agreement would involve the development of Pakistan's "massive oil reserves" in partnership with a yet-to-be-selected American oil company.

"We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their ...