The United States and Pakistan hailed a trade deal on Thursday that Islamabad said would lead to lower tariffs and increased investment, but without specifying the level of tariff to be levied on Pakistani exports.

The US sealed a trade deal with Pakistan as their officials wrapped up talks in Washington, agreeing to develop oil reserves.

Pakistan on Friday announced that the US has imposed a 19 per cent tariff on its exports and termed the step as a “balanced and forward-looking” move that enhances the country’s competitiveness in the American market.