KARACHI, Pakistan

Pakistan on Thursday said the much-awaited trade deal with the US marks the beginning of a new era of economic collaboration between the two countries, especially in energy, mines and minerals, IT, cryptocurrency, and other sectors.

US President Donald Trump on Wednesday announced that his administration has struck a trade deal with Pakistan, which includes joint development of the country's "massive" oil reserves.

Additional details of the agreement were not immediately available.

A statement from Islamabad's Finance Ministry said the agreement is aimed at boosting bilateral trade, expanding market access, attracting investment, and fostering cooperation in areas of mutual interest.

The agreement will result in a reduction of reciprocal tariffs, especially on Pakistani exports to the US, the statement said.

"The deal complements Pakistan’s existing efforts of broadening the scope of Pak-US economic ties," it added.

The agreement, it went on to say, enhances Pakistan’s access to the US market and vice versa.

Additionally, the deal is expected to spur increased US investment in Pakistan’s infrastructure and development projects.

"This trade agreement underscores the commitment of both nations to deepen their bilateral relationship and explore all avenues for strengthening trade and investment ties," the statement concluded.